AI-enabled Avaamo raises over $14 million from Intel Capital, Ericsson Ventures and others

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May 09, 2018 9:59 AM

The Avaamo platform enables enterprises to deploy omnichannel AI-powered assistants in the areas of supply chain, HR, sales support, claims processing and insurance advisory.

AI-enabled Avaamo raises over $14 million from Intel Capital, Ericsson Ventures and others

AI-enabled deep learning virtual assistant platform, Avaamo, has raised $14.2 million in Series A round of investment led by Intel capital with additional investments from Ericsson Ventures, Mahindra Partners, Wipro Ventures and WI Harper. The newly secured funds take 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, the media release stated.

“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 AI-powered assistants in the areas of supply chain, HR, sales support, claims processing and insurance advisory.

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,” he added.

Director Arun Chetty led the investment for Intel Capital and will join Avaamo’s board.

Ram Menon and Sriram Chakravarthy founded Avaamo and have previously worked together at TIBCO.

Intel Capital invests in 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.

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