Fintech startup Active.Ai today said it has raised $8.25 million Series A financing led by Vertex Ventures, Creditease Holdings and Dream Incubator. The current round also saw participation from existing investors Kalaari and IDG Ventures India, who previously invested $3 million in November 2016.
Vertex Ventures Managing Partner Ben Mathias, Vani Kola (Managing Director at Kalaari Capital) will join Sanat Rao from IDG Ventures India on the company’s board of directors, the statement said. Anju Patwardhan from Creditease will join as a board observer
Active.Ai was founded in early 2016 by Ravi Shankar, Shankar Narayanan and Parikshit Paspulati. The startup uses artificial intelligence (AI) to deliver virtual assistant banking services to the top-tier Banks and Insurance companies in India, Malaysia, Singapore and North America. Further, it is planning to expand into other verticals like Wealth Management and Securities Trading.
Ravi Shankar, Co-founder & CEO of Active Intelligence said, “I am excited by the future possibilities of AI and how this technology will shape the banking and financial world. There is very strong need for banks and financial institutions to evolve fast and empower customers with the ability to do transactions as part of their habitual daily micro-conversations. With the fresh injection of funds, Active.ai will scale up and continue to hire talented people for the AI team and focus on building the best enterprise product in the market.”
Headquartered in Singapore with an innovation lab in Bengaluru, Active.Ai has a proprietary AI engine, Triniti that enables financial institutions to have a meaningful engagement with their customers in an intuitive natural format over multiple apertures covering messaging, voice and IOT devices. This full-stack solution has been built ground-up and comprises Machine Learning, Natural Language Processing and Natural Language Generation. Keeping in mind the requirements of financial institutions, the company offers a flexibility of deployment: on-premise or in the cloud and it aims to become the AI platform of choice for leading Financial Services companies across the world.