funding

Intel Capital leads $14.2 Mn Series A round in conversational AI platform Avaamo

funding
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Artificial intelligence startup Avaamo has raised $14.2 million in a series-A round of funding led by Intel Capital. With this fundraising, the company has, so far, raised $23.5 million.

The company had raised $6.3 million in 2014 from WI Harper Group along with Rembrandt Ventures Partners, Streamlined Ventures, Eleven Two Capital and Ovo Fund.

Based out of Bengaluru, California and Los Altos, Avaamo also saw participation from Ericsson Ventures, Mahindra Partners, Wipro Ventures, and WI Harper in the current round.

Following the round, Intel Capital’s director Arun Chetty will join Avaamo’s board. The startup plans to use the fresh capital to expand its sales and marketing, reveals the press statement.

Founded by Ram Menon and Sriram Chakravarthy, Avaamo enables enterprises to deploy omnichannel AI-powered assistants in the areas of supply chain, HR, sales support. It also helps enterprises to deploy conversational interfaces on their portal, social media channels, Alexa, and Google assistant.

Also Read: NITI Aayog pilots deployment of Artificial Intelligence across sectors

The startup’s conversational intelligent assistants have used by clients across sectors including pharma, e-commerce (logistics & supply chain), manufacturing, real estate and healthcare where workers spend a majority of working hours away from their desk.

Besides customer-facing, Avaamo app can also be built for employees and suppliers to automate various tasks.

Intel Capital was set up in 1991 by Les Vadasz, and Avram Miller. It primarily invests in startups targeting 5G connectivity, the data center, artificial intelligence, merged reality, autonomous driving and a wide range of other disruptive technologies.

Since inception, Intel Capital has invested $12.3 billion in 1,530 companies worldwide, and more than 660 portfolio companies have gone public or been acquired.

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Amount: INR 3,19, 000 (After Adding 18% GST and Deducting 2% TDS)
Bank Name: ICICI Bank
Account Type: Current
Account Name: Bareback Media Private Limited
Account Number: 002105023595
IFSC Code: ICIC0000021
 
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