14 November 2017, India:
Active.Ai (Active Intelligence), a Singapore based Fintech startup has raised $8.25 million in a series A round of funding led by Vertex Ventures, Creditease Holdings and Dream Incubator.
Existing investors Kalaari and IDG Ventures also paricipated in the funding round.After this deal, Ben Mathias, managing partner at Vertex and Vani Kola, managing director at Kalaari will join the company’s board of directors. And Anju Patwardhan from Creditease will join the company as a board observer. Sanat Rao from IDG Venturs India is already present in the company’s board of directors.
Active Intelligence was founded by Ravi Shankar, Parikshit Paspulati and Shankar Narayanan in 2016. Active Intelligence is an AI and SaaS-enabled platform which connects consumers with banking partners through micro-conversions.
With the help of Triniti (proprietary AI engine of Active Intelligence), financial institutions can have meaningful engagement with their customers in an intuitive natural format over messaging, voice and IOT devices.
Triniti uses machine learning, natural language processing, natural language generation and IoT.
Ravi Shankar, co-founder & CEO of Active Intelligence told Inc42 that the current funding will be used to scale up the talents and R&D works regarding AI technology in the banking sector. He said that Active Intelligence is currently providing its services to the markets of India, Malaysia, Singapore, North America and Australia, and is looking forward to deepening its presence in the markets.
Ravishankar added, “We are in talks with India’s leading private sector banks regarding the integration of AI-enabled micro-conversations platform and, hopefully, within next three months, we will be able to announce it”
Mathias of Vertex said, “The threat of fundamental disruption is very real in the financial services space, and companies such as Active.ai are making it easy for incumbents to not just remain relevant, but to get ahead in an ever-evolving market”.
This startup was part of Microsoft’s 10th accelerator batch. It had raised $3 million in funding in November last year from IDG Ventures and Kalaari Capital.
(Image – Hackerearth)