Conversational AI Leader, Avaamo Raises $14.2M in Series A Funding Led By Intel Capital
India – May 9th, 2018: Avaamo (https://www.avaamo.com), the AI-driven company specializing in conversational interfaces to solve specific high impact problems in the enterprise, announced today that it has raised a $14.2 million Series A financing 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. Avaamo will use the latest funding to expand its sales and marketing to meet demand in the enterprise for conversational AI solutions in the growing global market.
"Avaamo’sconversational intelligent assistants are already deployed globally in morethan 40 countries and even greater global expansion is on the horizon asenterprises seek an AI-based conversational computing solution to improve lastmile automation,” said Ram Menon, founder and CEO of Avaamo.
The Avaamoplatform enables enterprises to deploy omnichannel intelligent assistants inthe areas of supply chain, HR, sales support, claims processing and insuranceadvisory. Operating quietly under the radar for the past three years, Avaamohas built fundamentally new AI technology that automates judgment-intensive,multi-turn responses to complex, domain-specific customer queries with a veryhigh degree of accuracy – even with sparse training data.
Avaamo’sfull stack conversational AI platform with a specific focus on vertical machinelearning, has enabled the company to acquire customers in the finance, mutualfunds, telco, retail and healthcare industries, while providing measurable ROIto enterprises driven by high volumes, intense regulatory oversight andstringent security guidelines. Intelligent assistants in these industriesrequire deep domain machine learning, as well as integration to proprietarydata residing in legacy systems with support for security, encryption andaddressing GDPR and HIPAA requirements.
“Intelligentagents are an emerging area that’s already impacting how consumers interactwith enterprises, while reducing costs and improving workforce productivity,”said Fiaz Mohamed, head of Industry Solutions, Artificial IntelligenceProducts Group at Intel Corporation. “Because Avaamo’s secure architectureallows for easy integration with existing enterprise systems, combining itsemerging conversational technology with Intel’s platform focus on AI has thepotential to provide a disruptive platform for large enterprises. Additionally,Intel is excited to add Avaamo as a member of the recently launched AI Buildersprogram, opening up new channels for marketing and sales enablement forAvaamo.” Director Arun Chetty led the investment for Intel Capitaland will join Avaamo’s board.
“Ericssonhas time and again proven instrumental in enabling newecosystems. Conversational AI technologies is one such ecosystemthat we believe is expected to experience rapid growth," said AlbertKim, Head of Ericsson Ventures. "We are very excited to partner with otherstrategic investors in supporting Avaamo’s revolutionary journey going forward,as it continues to disrupt large existing markets while creating adifferentiated technology stack.”
“We took an early position in Avaamoafter being impressed with their technology. Since then, we have achievedsignificant joint customer traction in the Finance, Telco and Retail verticalsworldwide. We continue to be excited about Avaamo’s technology and customertraction and pleased to support in expanding their footprint,” said VenuPemmaraju, co-head of Wipro Ventures.
“MahindraPartners enjoys helping entrepreneurs to build great companies,” said ParagShah, Managing Partner of Mahindra Partners, the $1 billion private equity armof the Mahindra Group. “We were impressed with Avaamo’s strong focus onexecution, the partnerships and emerging ecosystem Avaamo is building in theconversational AI market for large enterprises and are excited to partner withthem to support further expansion.”
Ram Menonand Sriram Chakravarthy founded Avaamo and previously worked together at TIBCO.They have assembled a team with over 150+ years of experience in enterprisesoftware.