Yellow.ai, formerly known as Yellow Messenger, a conversational AI platform, has recently raised funding of $78.15 million in Series C.
Led by investors such as WestBridge Capital, Sapphire Ventures, and Salesforce Ventures, this round of funding came right after its Series B funding round of $24 million in April 2020. To date, the company has raised total funds of $102.15 million.
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Founded in 2016 by Raghu Ravinutala, Rashid Khan and Jaya Kishore Reddy, Yellow.ai is a CX automation platform that offers an omnichannel conversational AI tool to automate and enhance customer experiences for enterprises. Yellow.ai, with this fresh funding, aims to strengthen its leadership positions in 50+ countries, including India, Southeast Asia, UK, Middle East, Latin America, and the US. The company is also planning to use its recent funding to hire top talents across regions and enhance its R&D applications in hyper-automation.
With a client list including Sephora, MG Motors, Amazon, Bharat Petroleum, and FoodPanda, Yellow.ai has been working on chat and voice-based bots available in 100-plus languages and across 35-plus channels like web, Whatsapp, Instagram, in-app, IVR and contact centre. Alongside, the company enables automated customer support, customer engagement, conversational commerce, employee experience and more.
While pre-pandemic, the company was working with 200 companies, which has now drastically increased to 700 companies from telecom, BFSI and government. The company has also seen a 4x rise in its revenue, with 60% of customers only from India.
The rising demand for more AI-automated customer service and virtual assistants is the key reason for the conversational AI market to reach $15 Bn by 2024. Yellow.ai, with its CX automation platform, is at the forefront of this transformation, helping businesses engage customers across any channel proactively.