Main Highlights
- Yellow.ai has raised $78.15 million in a Series C round headed by WestBridge Capital, with participation from Sapphire Ventures and Salesforce Ventures.
- Enterprises may use the startup’s patented NLP engine and platform to create chatbots and speech bots in 100+ languages and across 35+ channels to automate activities.
- Yellow.ai claims that their AI-powered virtual assistants can answer questions in over 100 languages and across more than 35 text and speech channels.
- Yellow.ai claims to have gained 470 percent in recurring revenue and won hundreds of new clients since its previous investment round.
Yellow.ai (previously known as Yellow Messenger) announced on Wednesday that it has raised $78.15 million in a Series C round headed by WestBridge Capital, with participation from Sapphire Ventures and Salesforce Ventures. This round included participation from Lightspeed Venture Partners once again, bringing the total capital raised to $102.15 million. According to the firm, the new cash will be used to increase investments in global expansion, hire top personnel across regions, and apply R&D in hyper-automation.
“yellow.ai has broken out of the crowded virtual-assistant industry with our automation-first with human-assist approach, to offer greater customer satisfaction and incremental revenue growth to our corporate clients,” said Raghu Ravinutala, CEO and Co-founder of yellow.ai. With our rapid client and revenue growth in India and throughout the world, we are on track to become the worldwide leader in the CX Automation sector, and we are confident in our product, partnerships, people, and community to fully democratize AI in the near future.”
How does yellow.ai create bots?
Enterprises may use the startup’s patented NLP engine and platform to create chatbots and speech bots in 100+ languages and across 35+ channels to automate activities such as customer service, customer engagement, conversational commerce, and employee experience. The platform includes pre-integrated enterprise apps such as Salesforce, Shopify, Cisco, Avaya, SharePoint, and 100 more.
Yellow.ai’s natural language understanding engine, which learns from billions of sales, marketing, and employee engagement conversations every month, uses intent to drive consumers to conversion. Yellow.ai claims that their AI-powered virtual assistants can answer questions in over 100 languages and across more than 35 text and speech channels. The technology monitors trends and analyses sentiment to assist companies in understanding consumer requirements, providing resolutions to improve user experiences, and transferring to live agents as appropriate.
Speech Bot Deployments
Yellow.ai claims to have over 700 live speech bot deployments (up from 200 pre-pandemic) in telecom, banking, finance, insurance, and governments, including Amazon, Biogen, and Sephora. Revenue has increased fourfold over the previous year, with about 40% coming from foreign clients and 60% from Indian consumers.
Yellow.ai claims to have gained 470 percent in recurring revenue and won hundreds of new clients since its previous investment round, as the firm introduces automation to the $1.3 trillion support industry and expands its capabilities to automate end-to-end commerce, marketing, HR, and ITSM.
“What most impressed us was how rapidly clients implemented yellow.ai for support automation and swiftly extended to commerce, HR, and other use-cases. This trend attests to the platform’s capacity to make an effect across the board, allowing it to become a crucial AI-partner,” stated Sumir Chadha, Founder and Managing Partner of WestBridge Capital.
Jai Das, Co-founder, President, and Partner at Sapphire Ventures, added, “At a time when consumers expect personalization and everything on-demand, yellow.ai is pioneering CX Automation with a platform that not only addresses inbound customer support requests instantly but also enables businesses to proactively engage customers across any channel.”
“Over the years, we’ve looked at hundreds of customer support and experience systems, but what drew us to yellow.ai was their amazing technology and growth, reaching 4x year over year growth despite the pandemic.” Sapphire is excited by this collaboration and supporting yellow.ai’s aim to transform customer experience via better service,” he said.
