Bengaluru-based artificial intelligence startup Yellow.ai has raised Series A funding of $4 million from Lightspeed Venture Partners and other prominent angel investors for its AI-based chat solution targeted at enterprises.
Yellow.ai plans to use the funds to expand its deep tech capabilities, its customer success teams and its presence in high-potential markets across Asia, the Middle East, and other emerging markets.
The startup offers intelligent conversational bots trained on vertical market and process knowledge, formulated into pre-built ready-to-use bot templates that are customizable for each customer with minimal code.
Angel investors that participated in the current round include Phanindra Sama, founder, Redbus, Anand Swaminathan, senior partner, McKinsey & Co, Prashant Malik, co-founder, Limeroad, and Kunal Bahl, co-founder of Snapdeal among other individual investors.
Yellow.ai’s strength lies in its unique NLP technology that seamlessly understands over 130 languages including English, Hindi, Bahasa, Cantonese, Thai, Mandarin, and Arabic.
The proprietary technology is industry agnostic and it is currently serving 10 industry verticals including retail, travel & hospitality, banking, insurance, pharma & healthcare, energy, and consumer goods.
Some of the biggest brands across these diverse industries have adopted the Yellow.ai technology. Its clients include the likes of Unilever, Schlumberger, AXA, AIG, Bajaj Finance, HDFC Bank, Asian Paints, Dr. Reddy Labs, and Concentrix.
“We believe that Asia’s businesses require fundamentally different solutions for enterprise software, driven by unique organizational structures and consumer expectations, Yellow.ai is tapping into the messaging-centric expectation that Asia’s 4.5 billion consumers have for interacting with large consumer companies in verticals such as banking, financial services, utilities, travel, and e-commerce,” said Dev Khare, Partner at Lightspeed Ventures, in a statement.
“We are excited about partnering with Lightspeed and our eminent angel investors to invest deeply in R&D and expand our global presence to build the most impactful enterprise technology company for the AI era. We’re excited about how enterprises are boosting efficiencies by a significant order of magnitude using our cognitive automation platform – we call them 10x Enterprises,” Yellow.ai’s chief executive Raghu Ravinutala said.
