Artificial intelligence seems to be the flavour of the season with early stage investors and venture capitalists. The latest beneficiary of this trend is the California-based AI startup Avaamo which has raised $14.2 million in Series A funding, led by Intel Capital. Others who participated in the round were Ericsson Ventures, Mahindra Partners, Wipro Ventures, and WI Harper.
Avaamo will utilise the funds from this round to expand its sales and marketing channels to meet the demand for conversational AI solutions in the growing global market. Currently, it caters to almost 40 countries. With this, Avaamo’s total funding stands at $23.5 million.
Avaamo was founded in 2014 by Ram Menon and Sriram Chakravarthy and has received a total of $23.5 million in funding till now. The company claims to have built new AI technology that automates judgment-intensive, multi-turn responses to complex, domain-specific customer queries with a high degree of accuracy.