Customer experience automation platform provider Yellow.ai announced Wednesday, August 4, 2021, that it had successfully raised $78.15 million in a recent Series C investment round. This brings the conversational AI platform provider’s overall funding raised to over $102.15 million.
Founded in 2015, Yellow.ai is a customer experience platform that provides clients access to automated chat services.
Its services are being used by more than 700 enterprises around the world, from sectors such as banking, finance, governments, insurance, telecom, and many others. Venture Beat states it counts Amazon, Biogen, and Sephora as some of its big-name clients.
Yellow.ai’s respective text and voice bots, running on artificial intelligence, are capable of communicating across over 100 languages.
Its platform also makes it possible for companies to handle various customer interactions such as sales and complaints through its automated features such as customer support, customer engagement, and the like. Yellow.ai works with over 100 enterprise applications as well, reveals its press release.
The Series C funding round was led by WestBridge Capital. Other investors who took part in the said investment round include Sapphire Ventures, Salesforce Ventures, and Lightspeed Venture Partners.
Given its fresh funding, Yellow.ai plans to further double down on expanding its artificial intelligence chatbot platform and bringing its presence globally, reports Venture Beat. The Economic Times states that it seeks to strengthen its position across 50 countries in Latin America, the Middle East, Southeast Asia, and the United Kingdom.
Moreover, the company also intends to expand its operations in the United States and add 70 employees to its roster. As of writing, the news site states that the company has more than 500 employees.
Chief executive officer and co-founder of Yellow.ai Raghu Ravinutala said via email to Venture Beat that “Every year, over 400 billion calls are made for customer support globally, and out of those, less than 0.1% have any kind of automation solution implemented.”
“Over the next 10 years, the scope for implementing AI-powered automation solutions across channels is huge, and as a company we aim to capitalize on the opportunity, with a focus on high-quality customer experience. Any enterprise that has over 100,000 customers or over 20,000 calls per month coming to their call center can benefit by deploying a voice bot,” continued Ravinutala.
Through its developments in the field, Ravinutala acknowledges that albeit artificial intelligence does not have the capacity to take the place of humans, it does, however, provide enterprises with the chance to engage with their customers through the use of AI.
Before the company raised $78.15 million in this Series C investment round, the Economic Times reports that Yellow.ai had already raised $20 million in 2020.