Singapore-based AI startup Active.ai, that provides an enterprise AI platform for finance players is in the news for raising $3 million from InnoCells, the hub of new digital ventures and corporate venture arm of Spanish banking group Banco Sabadell. Reportedly, this is the Spanish group’s first venture investment in fintech in India and also in line with Banco Sabadell’s vision of moving closer to new digital business models in fintech and helps the banking major build core capacities with a faster time-to-market. With this latest round of funding, Active.ai has raised $11 million in capital. Current investors include Kalaari Capital, Vertex Ventures, Dream Incubator, Chiratae Ventures, CreditEase Fintech Investment Fund, and Dream Incubator.
Founded by Ravi Shankar, Parikshit Paspulati and Shankar Narayanan, the fintech startup has built an advanced conversational AI platform that can be deployed for banks, insurance and capital markets. Their AI engine, called Triniti leverages NLP and natural language generation and helps create meaningful dialogue with end users. As per a company statement, InnoCells is doing strategic digital and technological investments that will bring Banco Sabadell closer to new technology, talent and knowledge. In particular, InnoCells carries out direct retail investments and acquisitions, with the objective of moving closer to new digital business models and building core capacities with a faster time-to-market, as well as investments in third party funds. In 2018, the hub led a €1 million investment round in seed capital in voice biometrics startup Biometric Vox. Furthermore, it invested 5 million euros in Antai Venture Builder, and it has invested 7.5 million euros and 10 million dollars in the Hispanic-Israeli fund Cardumen Capital and in the U.S. fund Base10.
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Richa Bhatia is a seasoned journalist with six-years experience in reportage and news coverage and has had stints at Times of India and The Indian Express. She is an avid reader, mum to a feisty two-year-old and loves writing about the next-gen technology that is shaping our world.