ORAI Raises INR 3.6 Cr In Pre-Series A From Inflection Point Ventures
Funds raised would be used in international expansion, collaborations, and product development
Enterprise conversational AI platform ORAI announced on Thursday to have raised INR 3.6 crore in a pre-Series A round from Inflection Point Ventures, marking ORAI as its 13th deal in 2021.
The funds raised would be used for international expansion and collaborations, sales and marketing along with product development and enhancements.
"For brands and enterprises, being a leader in one format is simply not going to work in today's connected world which beliefs in an omnichannel approach. New-age brands are aiming to capture their customers at various touchpoints right from their own websites to even social media. Conversation AI and chatbot support is now a necessity. Many globally leading brands are already on this path. ORAI's tech platform is robust and covers top public platforms like WhatsApp, Facebook Messenger, and Google helping their customers build 1:1 relationships with their end-users. Not only this, they enable businesses to improve their response time to real-time, generate leads faster, and save on marketing costs. The experience of the founders in AI and NLP and their vision to grow ORAI beyond India attracted us to invest in the company," said Vinay Bansal, founder, and chief executive officer, Inflection Point Venture.
ORAI is an enterprise conversational AI platform incorporating text, voice, AR/VR, and humanoids in one single platform for Enterprises and SMBs. It also acts as a strong enterprise solution for a variety of use cases like increasing qualified leads and accelerating business revenue, along with improving the customer support teams' efficiency and reduced the incoming calls/emails load by upto 90 per cent. The tools also provide a predictive intelligence dashboard with a score to each lead with its probability to close.
"It feels great to have received the overwhelming support of IPV, we are set for a global play in the time to come. We aim to equip both large enterprise and SMB's with our advanced enterprise Conversational AI platform and help them in creating a phenomenal customer engagement and enhanced experience," commented Swapnil Jain, co-founder, and chief executive, ORAI.
The platform seamlessly integrates with more than 20 digital channels and a variety of CRMs. ORAI is expanding in ME, Europe, the USA, and the Asia Pacific, ORAI is on its way to achieving its goal of being the leader in the Conversational AI Space with constant innovations helping businesses connect better with customers.
"In this ever-evolving digital world where millennials are constantly adopting chat, Voice, Speed, Efficiency, and Conversation, businesses have to harness the technology adoption to keep up the performance. Hence, the customer-centric approach and adopting new-age channels are the key driving factors in the "Voice First and Messaging First" revolution and ORAI will play a very important role here," added Sujit Das Biswas, co-founder, and chief technology officer, ORAI.
The global conversational AI market size is expected to grow from $4.8 billion in 2020 to $13.9 billion by 2025, at a compound annual growth rate (CAGR) of 21.9 per cent during the forecast period.