We have seen a full graph from digitalization to e-commerce to tech-enabled services and now artificial intelligence. The studies claim that the entire market segments associated with this domain are expected to grow at a rate of 17.4% in the year 2021. The growth rate for coming years is at 18.4% and the revenue will surely reach $ 37.9 billion by the year 2024.
Amongst such glittering figures; what can we expect apart from funding?
The AI start up Uniphore gets in a raise of $ 140 million. Let’s get into details for more information.
MORE ABOUT UNIPHORE
The company was founded in the year 2008 by Umesh Sachdev & Ravi Saraogi. The inception was done in IIT Madras. It basically sells software for conversational analytics, conversational assistant & security. It has offices across the globe. The major products are:
The customer engagement is on point as they will help to integrate & transfer data between various channels. The business also meets the need to maintain strategic technological alliances.
The prominent partners are Motilal Oswal, Genpact, NTUC, NTT Data, Sitel Group, Tech Mahindra, Bajaj and FE Credit. The company recently acquired Robotic Process Automation and video AI technologies that will help them to engage the foot fall across all the voice & video based engagements. The company has been on quite a good track since the last 12 months and is expected to grow at quite good speed.
WHAT IS EXACTLY CONVERSATIONAL AI??
It is basically the communication system between computers & humans. It is basically the set of technologies that make human-like interactions more feasible & efficient. There is a process that is followed which contains of various technologies like Automatic Speech Recognition (ASR), Natural language Processing (NLP) and Machine Learning.
It is basically a tech process that comprises of listening, comprehending, forming response and offering response.
DETAILS ABOUT RAISE
The company raised $ 140 million in Series D funding. The latest round was led by the companies Sorenson Capital Partners. There are additional investors too from the regions of Europe& Middle East.
This is by far the largest funding round that has been witnessed by the company. “We saw this years ago and have been delivering innovation to areas such as contact centres, to enable better customer experiences,” said Umesh Sachdev, CEO and co-founder of Uniphore.”
The founder also added that the injection of capital will obviously fuel growth and help us to combat the competition. It will improve customer experiences in order to make the things more better & brighter.
2020 was the year that kind of demanded digital things & initiatives. By demanded; you are left with no option. You have no option and that is exactly the situation. You are just left with the option to excel in the respective field.
AI is such a phase. Big data is now the new normal that has entered every possible domain.A $ 500 million market is ready to serve its players but the efficient one.
The company is looking forward for a huge raise but it will be profitable only when the step taken is the best one.