Enterprise conversational AI platform ORAI has raised Rs 3.6 crore in a Pre-Series A from Inflection Point Ventures, an angel investment network.
This is IPV’s 13th deal in this year. The funds raised would be used for international expansion and collaborations, sales and marketing along with product development and enhancements, the company said.
ORAI is YCC Future Stars’ 1st runner up last year, hosted by IIT Delhi Alumni Association. ORAI also won Technoviti 2021 Award for Innovative platform for Conversational AI.
With over 50 clients from SMB (Small and Mid-size Businesses) and Enterprise segment, ORAI has been expanding its clientele globally as well. Some of the marquee names ORAI is working with are GMR Delhi, Group Landmark, BMW Munich Motors and Sayaji Hotel.
The global conversational AI market size is expected to grow from $4.8 billion in 2020 to $13.9 billion by 2025, at a CAGR of 21.9% during the forecast period. This shows tremendous growth potential of ORAI.
Inflection Point Ventures Founder and CEO Vinay Bansal said, “For brands and enterprises, being a leader in one format is simply not going to work in today’s connected world which believes in omni-channel approach.”
“New age brands are aiming to capture their customers at various touch points 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 relationship with their end users,” he said.
“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,” he added.
ORAI is a unique 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 variety of use cases like increasing qualified leads and accelerating business revenue, along with improving the customer support teams efficiency and reducing the incoming calls/emails load by up to 90%.
The tools also provide predictive intelligence dashboard with a score to each lead with its probability to close. The platform seamlessly integrates with more than 20 digital channels and a variety of CRMs. ORAI is expanding in ME, Europe, USA and Asia Pacific.
ORAI Co-Founder and CEO Swapnil Jain said, “We aim to equip both large enterprise and SMB’s with our advance enterprise Conversational AI platform and help them in creating a phenomenal customer engagement and enhanced experience.”