Fintech startup Active.Ai has secured $8.25 million in a Series A funding round co-led by Vertex Ventures, Creditease Holdings, and Dream Incubator. Existing investors Kalaari Capital and IDG Ventures India also participated in the round.
Following the deal, Vertex managing partner Ben Mathias and Kalaari managing director Vani Kola will join the company’s board of directors. Anju Patwardhan from Creditease will join as a board observer.
Active.Ai has built an AI product platform that can be delivered on-premise or in the cloud. The company’s natural language processing and machine learning algorithms enable banks to effectively engage with their customers in solving complex issues.
Headquartered in Singapore, Active.Ai has an innovation lab in Bengaluru and an office in the US with a team of 35 members. It essentially lets customers interact with the bots to pay bills, check their balance, amongst others.
The Singapore cum Bengaluru based company will deploy proceeds towards hiring technical talents. Last year the company had raised $3 million in funding from IDG Ventures India and Kalaari Capital to strengthen its AI platform and features.
The platform allows banks to respond to queries or complaints sent by customers through messaging apps such as Facebook Messenger and Line. A Triniti-powered chatbot can then engage in a conversation with those customers to try to solve their queries – saving the bank time, money, and manpower, and allowing it deploy its human employees to higher-level tasks.
Besides chatbots, it also plans to apply its AI engine to channels such as voice calls, text messaging, and virtual reality, so that banks can automate more of their customer-facing operations.