The infused funds will be deployed towards expansion of its AI Product platform and payments in Asia and North America.
Founded in 2016 by Ravi Shankar, Parikshit Paspulati, and Shankar Narayanan, Active.ai provides a tech platform for banks, wealth managers, and financial services companies to interact with customers. It provides a virtual assistant to its users that is powered by AI that caters to their emergent banking needs.
Shankar Narayan, COO and co-founder, Active.ai said, “Active.ai is helping banks redefine their digital strategy for the future, bringing in automation and intelligent customer engagement to banking and payments. The company’s intelligent and built-for-banking technology uses advanced NLP and machine intelligence to enable customers have natural dialogues over messaging, voice or IoT devices.”
The conversational banking platform from Active.ai is designed to automate customer interactions using insights powered by algorithms. The startup is connected with financial platforms via APIs, messaging interfaces, and IoT devices, thereby automating customer engagement.
Commenting on the investment Sanat Rao, IDG Ventures said, “43% of worldwide mobile phone consumers with a bank account use mobile banking today. The new generation of banking customers are looking for easy, secure and seamless interaction with their financial services provider. IDG Ventures India believes that AI will completely transform the banking industry, and we are very excited to partner with Active.ai to build the world’s largest conversational banking platform.”
In May this year, The startup raised $500K in funding from Kalaari Capital. The investment was done as a part of Kalaari Capital’s accelerator programme Kstart. In the same month, AI-based chatbot platform niki.ai secured an undisclosed amount from Ratan N. Tata.