Yellow.ai, a Bengaluru-based conversational AI platform, announced that it has raised $20 million in Series B funding from Lightspeed Venture Partners and Lightspeed India Partners.
Yellow.ai will use the funds to expand globally and strengthen its multi-lingual voice bot platform.
“This investment will help us scale operations to Europe, US and Latin America, and also deepen our technology platform,” said Raghu Ravinutala, CEO and co-founder, Yellow.ai.
The fresh capital will also be used to expand enterprise integrations and partnerships and to launch a developer marketplace for virtual assistants, said Ravinutala.
“We anticipate demand for the company’s platform to accelerate as consumer expectations of real-time conversations with their brands deepen,” said Amy Wu, Partner, Lightspeed Venture Partners.
“One in every three companies globally is implementing conversational AI and chatbots… we have seen how the company has taken advantage of this market pull with its rapid time-to-value, transactional platform and multi-language support for global rollouts,” said Dev Khare, Partner, Lightspeed India Partners.
Yellow.ai provides multi-lingual chatbots in 120 languages which enterprises can deploy across various customer and employee communication channels like Slack, Teams and WhatsApp.
The company claims that leading enterprises globally are deploying Yellow.ai as a conversational Artificial Intelligence channel for customer engagement and customer experience to drive higher NPS, sales growth and superior customer service.
Yellow.ai is backed by Microsoft, Accenture, SAP and TCS. The company currently processes 30 million conversations every month for customers like Accenture, Flipkart, MG Motors and Dominos India.