- The AI startup will deploy the raised funding in expanding its presence globally, collaborations, and product development.
- Inflection Point Ventures plans to invest Rs 155 crore this year across 60+ startups.
- Previously, It had invested in AnKa SumMor and PumPumPum.
Enterprise conversational AI startup ORAI today announced, it has raised Rs 3.6 crore ($480K) in a pre-Series A funding round led by Gurugram-based angel investment firm Inflection Point Ventures.
This is Inflection Point Ventures’ (IPV) 13th investment in the startup ecosystem in 2021 and it is likely to invest Rs 155 crore this year across 60 plus startups. Prior to this, It had invested in AnKa SumMor and used car leasing startup PumPumPum.
According to the statement, ORAI plans to deploy the raised funding in expanding its presence globally, collaborations, sales & marketing, and product development to drive better growth.
The startup is looking to expand its presence in the US, Middle East, Europe, and Asia Pacific, and is on the way to become the leader in Conversational AI Space with constant innovations helping business connect better with customers, the statement said.
Founded in 2020 by industry veterans Swapnil Jain and Sujit Das Biswas, ORAI’s artificial intelligence (AI) platform is incorporating text, voice, AR/VR, and humanoids for enterprises and Small and medium-sized enterprises (SMBs).
It also acts as a strong enterprise solution for variety of use cases like increasing qualified leads, accelerating business revenue, and improving the customer support teams efficiency and reducing the incoming calls & emails load by up to 90%.
Speaking on the development, Swapnil Jain, Co-Founder and CEO, ORAI, said, “It feels great to have received the overwhelming support of IPV, we are set for a global play in the time to come. We aim to equip both large enterprise and SMB’s with our advance enterprise Conversational AI platform and help them in creating a phenomenal customer engagement and enhanced experience.”
Vinay Bansal, Founder & CEO of IPV, said, “ORAI’s tech platform is robust and covers top public platforms like WhatsApp, Facebook Messenger and Google helping their customers build 1:1 relationship with their end users. Not only this, they enable businesses to improve their response time to real time, generate leads faster and save on marketing costs. The experience of the founders in AI and NLP and their vision to grow ORAI beyond India attracted us to invest in the company.”
The global conversational AI market size is expected to grow from $4.8 billion in 2020 to $13.9 billion by 2025, at a Compound Annual Growth Rate (CAGR) of 21.9% during the forecast period, the statement added.