Chennai-based conversational AI startup Uniphore Software Systems has raised $38 Mn in a Series C funding round.
According to the regulatory documents accessed by intelligence platform paper.vc, the round was led by California-based venture capital firm March Capital Partners. National Grid Partners, Sistema Asia Fund, Patni Wealth Advisors, and Chiratae Ventures also participated in the round.
The report estimates the company to be valued at around $130 Mn. Prior to this round, the company has raised $15.8 Mn from investors such as former Cisco chief John Chambers, Kris Gopalakrishnan, IDG Ventures India, India Angel Network, YourNest Angel Fund and Ray Stata.
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Founded by Ravi Saraogi and Umesh Sachdev in 2008, Uniphore is an IIT Chennai-incubated IT-startup developing solutions in speech analytics and virtual assistant verticals such as auMina and akeira. The company enables businesses globally to deliver customer service by providing an integrated suite of software products for Conversational Analytics, Conversational Assistant and Conversational Security.
In an email statement to Inc42, a company spokesperson said, “As a rapidly growing startup, we are seeing an increase in interest from potential customers, employees and investors who see the value our organization is bringing to this market.”
The company planned to use its last round of funding to deepen core research driving product enhancement, upgrade its customer service infrastructure, expand its sales reach to newer geographies and recruit new talent to support its rapid growth.
In 2018, it had claimed to have achieved a $100 Mn valuation. The company is reportedly looking to achieve $100 Mn revenue run rate in the next three years. It had reported a 300% growth last year.
Uniphore competes with the players such as Yellow Messenger and Haptik, which was recently acquired by Reliance Jio. Haptik cofounder and CEO Aakrit Vaish has written that the conversational AI world has come a long way from being just a novelty item for businesses to being a feature with actual, substantial quantitative and qualitative advantages.