Enterprise conversational AI platform ORAI has raised Rs 3.6 crore in a Pre-Series A round of funding from Inflection Point Ventures (IPV), an angel investment network, marking ORAI as its thirteenth deal in 2021. IPV plans to invest Rs 155 crore this year across more than 60 startups.
The funds raised would be used for international expansion and collaborations, sales and marketing along with product development and enhancements.
Vinay Bansal, Founder and CEO, Inflection Point Ventures said,
“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. 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.”
Founded in 2020 by Vinay Bansal and Sujit Das Biswas, ORAI is incorporating text, voice, AR/VR, and humanoids in one single platform for enterprises and SMBs. It also claims to act as a strong enterprise solution for a 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 percent.
The tools also provide a 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.
“We aim to equip both large enterprise and SMBs with our advance enterprise Conversational AI platform and help them in creating a phenomenal customer engagement and enhanced experience,” added Swapnil Jain, Co-founder and CEO, ORAI.
ORAI claims that it is expanding in the Middle East, Europe, the US, and Asia Pacific, and is on its way to achieve its goal of being the leader in the conversational AI space with constant innovations helping business connect better with customers.
According to the startup, the global conversational AI market size is expected to grow from $4.8 billion in 2020 to $13.9 billion by 2025, at a compound annual growth rate (CAGR) of 21.9 percent during the forecast period.