Avaamo secures $14.2m to expand AI-powered chatbot service
Enterprise chatbot platform Avaamo has raised $14.2m in funding for its artificial intelligence (AI)-based conversational computing technology. The investment will be used to grow the firm’s sales and marketing. Intel Capital led funding, and was joined by Ericsson Ventures, Mahindra Partners, Wipro Ventures and WI Harper.

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Enterprise chatbot startup Avaamo announced today that it has raised $14.2 million as the company seeks to expand its artificial intelligence-based chat service.

The round was led by Intel Capital, but also included investment from Ericsson Ventures, Mahindra Partners, Wipro Ventures, and WI Harper. The company has now raised a total of $23.5 million since coming out of stealth in 2014. Partner Arun Chetty led the investment for Intel Capital and has joined Avaamo’s board.

“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, cofounder and CEO of Avaamo, in a statement.

Menon founded Avaamo in 2014 with Sriram Chakravarthy, a former colleague from Tibco. The pair decided to specialize in conversational interfaces that leverage “deep-learning software” to target enterprise users, with a particular focus on supply chain, HR, sales support, claims processing, and insurance advisory.

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Over the past three years, the company claims it has developed a more sophisticated interface to better handle customer questions in those industries. The latest funding will be used primarily to expand sales and marketing.