Conversational AI Leader, Avaamo Raises $14.2M in Series A Funding Led By Intel Capital

LOS ALTOS, Calif., May 8, 2018 /PRNewswire/ -- Avaamo (https://www.avaamo.com), the AI-driven company specializing in conversational interfaces to solve specific high impact problems in the enterprise, announced today that it has raised a $14.2 million Series A financing round led by Intel Capital with additional investment from Ericsson Ventures, Mahindra Partners, Wipro Ventures and WI Harper. This funding brings the company's total investment to $23.5 million to date. Avaamo will use the latest funding to expand its sales and marketing to meet demand in the enterprise for conversational AI solutions in the growing global market.

"Avaamo's conversational intelligent assistants are already deployed globally in more than 40 countries and even greater global expansion is on the horizon as enterprises seek an AI-based conversational computing solution to improve last mile automation," said Ram Menon, founder and CEO of Avaamo.

The Avaamo platform enables enterprises to deploy omnichannel intelligent assistants in the areas of supply chain, HR, sales support, claims processing and insurance advisory. Operating quietly under the radar for the past three years, Avaamo has built fundamentally new AI technology that automates judgment-intensive, multi-turn responses to complex, domain-specific customer queries with a very high degree of accuracy – even with sparse training data.

Avaamo's full stack conversational AI platform with a specific focus on vertical machine learning, has enabled the company to acquire customers in the finance, mutual funds, telco, retail and healthcare industries, while providing measurable ROI to enterprises driven by high volumes, intense regulatory oversight and stringent security guidelines. Intelligent assistants in these industries require deep domain machine learning, as well as integration to proprietary data residing in legacy systems with support for security, encryption and addressing GDPR and HIPAA requirements.

"Intelligent agents are an emerging area that's already impacting how consumers interact with enterprises, while reducing costs and improving workforce productivity," said Fiaz Mohamed, head of Industry Solutions, Artificial Intelligence Products Group at Intel Corporation. "Because Avaamo's secure architecture allows for easy integration with existing enterprise systems, combining its emerging conversational technology with Intel's platform focus on AI has the potential to provide a disruptive platform for large enterprises. Additionally, Intel is excited to add Avaamo as a member of the recently launched AI Builders program, opening up new channels for marketing and sales enablement for Avaamo." Director Arun Chetty led the investment for Intel Capital and will join Avaamo's board.

Ram Menon and Sriram Chakravarthy founded Avaamo and previously worked together at TIBCO. The team they've assembled at Avaamo has more than 150 years of experience in enterprise software.

Access the Avaamo press kit here.

About Avaamo
Avaamo is a deep-learning software company that specializes in conversational interfaces to solve specific high impact problems in the enterprise. Avaamo is building fundamental AI technology across a broad area of neural networks, speech synthesis and deep learning to make conversational computing for the enterprise a reality.

About Intel Capital
Intel Capital invests in innovative startups targeting 5G connectivity, the data center, artificial intelligence, merged reality, autonomous driving and a wide range of other disruptive technologies. Since 1991, Intel Capital has invested US $12.3 billion in 1,530 companies worldwide, and more than 660 portfolio companies have gone public or been acquired. Intel Capital curates thousands of business development introductions each year between its portfolio companies and the Global 2000. For more information on what makes Intel Capital one of the world's most powerful venture capital firms, visit www.intelcapital.com or follow @Intelcapital.

All trademarks contained herein are the property of their respective owners.

SOURCE Avaamo

Related Links

http://www.avaamo.com