Active.Ai has raised $3 Mn from InnoCells, the Barcelona-based innovation hub and corporate venturing vehicle of Banco Sabadell in a Series A follow-on round. Kalaari Capital, Chiratae Ventures (formerly IDG Ventures India) and Vertex Ventures also participated in the latest funding round. This takes the total funding raised by the AI-focussed fintech startup to $14.8 Mn.
This new investment will allow Banco Sabadell to streamline its cost structures by automating tasks, such as user queries, and designing interfaces that improve customers’ engagement. Also, it will help the fintech startup to further expands its international footprints.
Active.Ai has developed a conversational AI platform for the financial sector, which can be linked to digital interfaces, such as Alexa, Google Home, and messaging apps such as WhatsApp, Facebook Messenger and Skype.
“Our investment in Active.Ai will take us one step closer to applying this technology in practice, which is difficult given the high level of vertical specialisation that is required, and will allow us to implement solutions that strengthen Banco Sabadell’s commitment to customer experience,” said Julio Martínez, Executive Director of InnoCells.
More On Active.Ai
Founded in 2016 by Ravi Shankar, Parikshit Paspulati, and Shankar Narayanan, the Bengaluru-based startup provides a tech platform for banks, wealth managers, and financial services companies to help them engage with customers.
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Active.Ai has developed a conversational AI platform for the financial sector using cognitive technology with its conversational driver, Triniti.ai, to understand complex contexts and conversations and provide intelligent responses through natural dialogues.
The fintech startup has also developed specific use cases for the financial industry − commercial and corporate banking, insurance and capital markets − ranging from customer support and information, transaction execution, and even predictions of future requirements, including invoicing, transfers, claims management and shares trading.
In March this year, the fintech startup also launched its new product, One.Active.Ai a secure platform running on AWS Cloud, enabling digital leaders, CMO’s, and CIO’s of financial institutions to offer Conversational AI Banking services within weeks instead of months.
The Road Ahead
Ravishankar, CEO and cofounder of Active.Ai, highlighted that digital customer engagement is going through a transformational shift globally with AI enabled interfaces, driving engaging, predictive and contextual conversations with customers.
As Shankar mentioned in his latest blog post, the financial services sector is undergoing a rapid transformation. He further highlighted the challenges posed by the market segment to Active.AI three years back, which included unstructured data, open banking and open infrastructure, rising Gen Z and more.
In the last three years, building for an AI first world, Active.AI has introduced a future-ready technology for the partner institutions and technology companies. From serving in an omnichannel way via Web, Apps, SuperApps, Messaging platforms to IoT in multiple languages to helping in creating new-digital institutions, Active.AI has come a long way.
“In the next three years, we are readying for the challenge of over 50 Mn users to be accessing our platforms, the challenge of customers in over 4 continents accessing services through their financials and continuing to innovate and build better Conversational AI for our clients,” added Shankar.
Active.AI was part of the 2018 edition of the most coveted list of India’s most innovative startups — 42Next by Inc42.