Multi-stage venture capital firm Venture Catalysts on Tuesday announced leading a $4 million Series A round in CoRover, a conversational AI startup that offers chatbot services to companies in banking, finance, healthcare, manufacturing, travel and e-commerce sectors. The VC said CanBank Venture Capital Fund (CVCFL), IIM Calcutta (Innovation Park), IIIT Delhi (iHub Anubhuti IIITD Foundation), Cogniphy LLC, Karekeba Ventures, Lead Angels and others also participated in the round.
Founded by Ankush Sabharwal (CEO), Kunal Bhakhri, and Manav Gandotra, CoRover offers conversational AI chatbots, AI voicebots, AI videobots, IVR bots, and WhatsApp bots. Venture Catalysts said the global Conversational AI market is expected to reach $86.42 billion by 2032.
Speaking on the leading the round in CoRover, Apoorva Ranjan Sharma, Co-Founder, and Managing Director of Venture Catalysts said CoRover’s innovative approach to creating human-centric Conversational AI aligns perfectly with the growing demand for more natural and effective digital interactions.
“We believe their platform has the potential to transform how businesses engage with customers across various industries,” he said.
The funding will help CoRover to further develop its technology, expand its team of AI experts, and accelerate its go-to-market strategy. The company plans to focus on enhancing its Enterprise (B2G and B2B), B2B2C, and B2C offerings, while also exploring new revenue streams through subscription-based models, ad-based revenue, and transaction-based fees.
Some of the company’s popular solutions include eSevak (Conversational Citizen Grievances Management), AskDISHA (at Indian Railways & IRCTC), Ask PAi (at NPCI), AskMitra (at LIC), Chetna (at DMRC), and SEVA (at SEBI).
“With this investment, we are equipped with the required arsenal to advance our GenAI-powered conversational AI, expanding its reach and influence, all while staying true to our commitment to human-centric innovation. As it is, the platform, products and services from CoRover stand test of acceptance and scale,” said Ankush Sabharwal and Kunal Bhakhri, Co-founders, CoRover.