Avaamo raises $14.2mn to expand sales, marketing

New Delhi: Avaamo, an artificial intelligence (AI)-driven company specialising in conversational interfaces to solve specific high impact problems in the enterprise, announced that it has raised USD 14.2 million in 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 USD 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’s conversational intelligent assistants are already deployed globally in more than 40 countries and even greater global expansion is on the horizon as enterprises seek an AI-based conversational computing solution to improve last -mile automation,” said Ram Menon, founder, and CEO of Avaamo.

The Avaamo platform enables enterprises to deploy omnichannel intelligent assistants in the areas of supply chain, HR, sales support, claims processing and insurance advisory. Operating quietly under the radar for the past three years, Avaamo has built fundamentally new AI technology that automates judgment-intensive, multi-turn responses to complex, domain-specific customer query with a very high degree of accuracy – even with sparse training data.

The company’s full stack conversational AI platform with a specific focus on vertical machine learning has enabled the company to acquire customers in the finance, mutual funds, telecom, retail, and healthcare industries while providing a measurable return on investment to enterprises driven by high volumes, intense regulatory oversight, and stringent security guidelines.

Avaamo also announced that Arun Chetty, who led the investment for Intel Capital, will join the company board. (ANI)