Based in Bengaluru Vernacular.ai, an AI-based SaaS startup, has raised Series A investment of an amount of $5.1 million, led by Exfinity Ventures and Kalaari Capital. AngelList, IAN Fund, and LetsVenture also took active participation in the round.
The startup stated that the capital will be utilized to fund its expansion into Southeast Asia and the US, and towards R&D to further enhance its proprietary AI-based voice automation platform.
Sourabh Gupta, Co-founder and CEO, Vernacular.ai, said that as they develop their voice AI platform VIVA, and move into newer markets, they will continue to disrupt the legacy contact centre model.
Here their solution fits right in, and can assist enterprises automate upto 80 percent of call centre operations and provide a matchless experience.
It was founded in the year 2016 by two IIT Roorkee graduates, Sourabh Gupta and Akshay Deshraj, Vernacular.ai provides an AI-based voice automation platform – VIVA – which helps accelerate engagement strategy, and utilise cutting-edge speech recognition and Natural Language Understanding (NLU) technology to provide superior customer experiences across diverse sectors.
Vernacular.ai’s suite of speech and language solutions enables enterprises to convert audio to text by applying powerful neural network models in an easy-to-use API. The API recognises over 160 dialects in 10 different Indian languages to support the enterprise user base.
In the year 2017, Vernacular.ai secured an unrevealed amount of seed funding from Kstart Capital, the seed program of venture capital firm Kalaari Capital.
Darshit Vora from Kalaari Capital, an existing investor who re-investing in this round stated that Vernacular.ai has established the most advanced and accurate Voice AI platform for Indian language. Strong adoption and quickly rising demand among Indian enterprises is a strong testament of its platform.
Raman Roy, who is taking the board seat on behalf of the IAN Fund, shared that IAN Fund is really excited with the potential Vernacular.ai represents. It is a perfect proposition that leverages the opportunity that COVID-19 and the lockdown has built. Social distancing and digitization are key in the “new normal”, and Vernacular.ai helps enterprises to engage much more effectively and efficiently with their clients.