Kolkata-Based Mihup Raises $1.5 Mn As Part Of Series A From Accel Partners, Ideaspring Capital The startup claimed that it will utilize the fresh capital to expand its team, build new product capabilities and to enter new markets
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Kolkata-based Mihup, a conversational artificial intelligence (AI) platform, on Wednesday announced it has raised $1.5 million in an ongoing Series A round. The investment round was led by Accel Partners Ideaspring Capital, venture capitalists Rajesh Jain's firm Core91 VC, and Jayant Kadambi (founder and CEO YuMe Networks).
The startup claimed that it will utilize the fresh capital to expand its team, build new product capabilities and enter new markets.
Prior to this round, the startup had raised seed funding and pre-Series A funding from Accel Partners and Ideaspring Capital.
Founded in 2016 by Tapan Barman, Sandipan Chattopadhyay and Biplab Chakraborty, Mihup uses AI to empower humans with the ability to seamlessly interact with the digital world around them. The startup claims to work on edge devices and in low-connectivity environments.
The company's interaction analytics solution provides analysis of a call center's customer interactions to receive insights to improve sales, collection and customer services.
Commenting on the latest development, Barman, chief executive officer and co-founder, Mihup, said, "The funding will allow us to push Mihup to greater heights and invest in areas that will be a key to our long-term vision and success, and we are thrilled to have Accel Partners continuing as our investors and welcome Ideaspring Capital as our investor partner. We will soon be launching a new product in the automobile space."
Accel's Subrata Mitra said the startup's value proposition was promising even at a the seed stage and claimed that the company can be a game-changer in addressing the next several 100 million.
Naganand Doraswamy, managing director and founder, Ideaspring Capital, said, "Voice as a medium is seeing an increasing demand in not only consumer applications but in enterprise applications as well. Advancement in voice recognition and translation technology and the advent of language agnostic internet will drive this trend. For example, the voice recognition system market for automotive and Call Centre is projected to be the fastest growing market in Asia. We are very excited to do a follow-on investment in Mihup and work with Accel again on this investment."
The company currently boasts of processing over 100 million customer interactions and claims to have been trusted by Fortune 500 companies.