Artificial Intelligence (AI) startup Avaamo has raised series A funding of $14.2 million in a round led by Intel Capital with additional investment from Ericsson Ventures, Mahindra Partners, Wipro Ventures and WI Harper. This funding brings the company’s total investment to $23.5 million to date, the company said in a statement.
The startup will use the latest funding to expand its sales and marketing and to grow in global markets. Avaamo’s founder & CEO Ram Menon said that it is already providing solution in 40 countries and hopes to improve last mile automation.
Avaamo was founded by former TIBCO executives, Ram Menon and Sriram Chakravarthy in 2014. The AI platform enables enterprises to deploy chatbots in the areas of supply chain, HR, sales support, claims processing and insurance advisory. The company had raised seed funding of $6.3 million back in 2014 from WI Harper Group, with participation from Rembrandt Ventures Partners, Streamlined Ventures, Eleven Two Capital and Ovo Fund.
Competition
Artificial Intelligence is the new buzz word and is a centre of innovation for giants like Google. Google has introduced Duplex — an automated voice assistant that can do human-like interactions over a phone call, like booking appointments, checking availability etc.
In July last year, Google acquired Bangalore-based Halli Labs, which focuses on Artificial Intelligence (AI), Machine Learning (ML) and Neuro-Linguistic Programming.
Besides, companies across sectors are building their own AI capabilities, like Uber created a new division for research in AI and ML, following the acquisition of a research startup called Geometric Intelligence in December 2016. Apple acquired Hyderabad-based Tuplejump in September 2016, and UK-based Perceptio in October 2015. Twitter had acquired London-based Magic Pony to enhance its machine learning capabilities in image processing, also in June 2016. Facebook acquired Wit.ai, a San Francisco-based startup that developed a speech-recognition platform for different devices and offers it through APIs, back in January 2015.
