Bangalore based DaveAI has raised an undisclosed amount in its pre-Series round of funding led by Mumbai Angels Network. The round also saw particpation from GHV Accelerator, IIIT Technology Venture Partners, and Mohan Kumar, CEO of Crestere Technologies.
DaveAI is a sales augmentation platform with a vision to democratise AI for enterprises. DaveAI can be used by brands to create sales experiences on web, VR, and AR. The patent-pending platform uses Empathetic AI with a blend of technologies like speech and NLP, facial detection, visualisation, and a multi-dimensional affinity engine.
The startup was founded in 2016 by Sriram, Ananthakrishnan Gopal and Ashok Balasundaram. While Gopal had in the past worked with electronics giant Samsung’s R&D team, Sriram was a client partner at HCL. Balasundaram was a retail entrepreneur prior to co-founding DaveAI.
Speaking on the investment, Sriram, Co-founder and CEO, DaveAI said, “We are pleased to be backed by investors who understand technology and believe that world-class deep technology products can be built in India. DaveAI is an enterprise-grade AI platform for creating the next generation of sales experiences. This investment will help us enter new markets and sustain this growth at a global scale.”
The company claims that DaveAI delivers increased conversion rates, optimised product mix and increases average order value per customer. DaveAI can also be used by brands to create sales experiences on the web, virtual reality and augmented reality.
Nandini Mansinkha, Co-promoter and CEO Mumbai Angels Network, said, “Innovation using digital human avatars for digital conversations is the best way to merge the physical and digital world. We believe this innovation will progress in the future by transforming enterprises. AR/VR technology has a vast market that offers a potential new way of interaction between customers and the world around us.”
From replacing chat bots with virtual avatars to creating contactless experiences in physical spaces, the startup’s patent pending Empathetic AI technology is creating a new dimension for product discovery moving away from the traditional websites and four walls of stores & banks. DaveAI’s avatars can be deployed on web, Kiosks, VR and AR. DaveAI is a Nasscom Deeptech club member and part of Intel’s Maker Lab.
Talking about the investment, Vikram Upadhyay, Chief Mentor of GHV Accelerator said, ‘DaveAI faired extremely well to showcase the impact of their technology with Maruti Suzuki MAIL, powered by GHV Accelerator, a signature industry co-creation program. This not only gave DaveAI a strong Industry validation, but also a confidence to GHV about their potential. DaveAI forms a part of GHV’s AI vision, where we would be deploying along with other co-investors INR 100 crore from our network, out of which 25% is already executed.’
According to a statement by the company, DaveAI recorded 230 percent revenue growth last quarter amidst a global slowdown with clients like Maruti Suzuki, Pidilite Industries, Landmark Group and some leading banks.
Talking about their engagement with DaveAI, Shashank Srivastava, Executive Director (Marketing and Sales), Maruti Suzuki, said, “We at Maruti Suzuki are constantly working towards bringing innovative solutions to provide a superior experience to our customers. We are collaborating with DaveAI, winner of our MAIL program (cohort 2), to implement multiple AI-based solutions to enrich the customer experience on our digital platforms. We are confident that with this partnership, we can set new benchmarks to enhance business performance and improve customer interface.”
Deals in the AI segment
Overall investor and strategic interest in startups employing frontier technologies such as AI and machine learning has risen in the past several years.
In July, enterprise AI platform NextBillion AI raised $7 million (around Rs 52.89 crore) in a Series A funding round co-led by Lightspeed Venture Partners and Falcon Edge Capital.
In May, AI-based photography firm Spyne secured pre-Series A funding from AngelList, along with participation from the Smile Group.
Also in May, multilingual AI business platform Vernacular.ai raised $5.1 million in its Series A funding round. The exercise was led by Exfinity Ventures and the IAN Fund.
In April, Inflection Point Ventures bet $400,000 on Vogueme Technologies Pvt Ltd, which operates video meta-tagging and analysis platform Toch.