Venture Catalysts Back CoRover with USD 4 Mn Funding for Next-Gen Conversational AI Development CoRover will use the new funding to enhance technology, grow its AI team, and accelerate its go-to-market strategy, targeting various sectors while exploring subscription, ad-based, and transaction revenue models.

Bengaluru-based conversational AI startup CoRover has raised USD 4 million in its Series A funding round, led by Venture Catalysts. This round saw participation from several notable investors, including CanBank Venture Capital Fund (CVCFL), IIM Calcutta (Innovation Park), IIIT Delhi (iHub Anubhuti IIITD Foundation), Cogniphy LLC, Karekeba Ventures, and Lead Angels, among others.

This funding builds on an earlier investment in July 2021 from CVCFL, which provided an undisclosed amount from its Fund VI.

The fresh capital will allow CoRover to advance its technology, expand its team of AI experts, and accelerate its go-to-market strategy. With this investment, the startup aims to enhance its offerings across Enterprise (B2G and B2B), B2B2C, and B2C sectors while also exploring new revenue streams through subscription-based models, ad-based revenue, and transaction fees.

Co-founders Ankush Sabharwal and Kunal Bhakhri, said, "With this investment, we are equipped with the required arsenal to advance our GenAI-powered conversational AI, expanding its reach and influence, all while staying true to our commitment to human-centric innovation. Our endeavour is to make technology more human, aptly bridging the gap between man and machine interaction to echo human-to-human interaction."

Founded by Ankush Sabharwal, Kunal Bhakhri, and Manav Gandotra, CoRover offers a comprehensive managed Chatbot as a Service (CaaS), complemented by an AI-based VideoBot platform designed to reduce costs, enhance revenue, and improve customer experience and operational efficiency.

The startup's AI bots are accessible across multiple channels, including websites, apps, WhatsApp, IVR, SMS, Microsoft Teams, and various social media platforms. The platform claims to support over 100 foreign languages and 12 Indian vernacular languages, providing a wide array of communication formats including text, voice, and video.

"CoRover is a composite AI platform built on innovative, patent-pending technology integrating AI, machine learning (ML), natural language processing (NLP), augmented reality (AR), virtual reality (VR), and Internet of Things (IoT) for seamless integration of our conversational AI solutions even across industrial settings. Our vision is for all systems (hardware or software) to communicate as humans do. Our platform leverages BharatGPT, an indigenous sovereign AI (Large Language Model, LLM) renowned for its accuracy, contextual relevance, cultural awareness, and commitment to responsible AI practices," Ankush added.

CoRover has developed several notable innovations, including BharatGPT (LLM), CoroAssist—a secure GenAI-based copilot for enterprises, eSevak for conversational citizen grievances management, AskDISHA at Indian Railways & IRCTC, Ask PAi at NPCI, AskMitra at LIC, Chetna at DMRC, and SEVA at SEBI.

The startup's offerings cater to a wide range of industries, including e-commerce, healthcare, finance, education, BFSI, mobility, and retail. CoRover aims to provide solutions that meet the needs of businesses of all sizes, from small enterprises to large corporations, across various geographic regions.

Apoorva Ranjan Sharma, Co-founder and Managing Director of Venture Catalysts, stated, "CoRover represents the future of human-machine interaction. Their innovative approach to creating human-centric conversational AI aligns perfectly with the growing demand for more natural and effective digital interactions. We believe their platform has the potential to transform how businesses engage with customers across various industries."