Active.Ai, a finance technology startup, has raised its Series A round of funding worth around ₹54 crore, led by Vertex Ventures, Creditease Holdings and Dream Incubator.
Along with them, existing investors of the startup — Kalaari Capital and IDG Ventures India have also participated in this new funding round.
Further, as a part of this new funding round, Vertex’s managing partner Ben Mathias and Kalaari’s managing director Vani Kola will join the company’s board of directors. Anju Patwardhan from Creditease will join as a board observer.
Ben Mathias, Managing Partner at Ventex Ventures, 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.
Founded in 2016 by Ravi Shankar, Shankar Narayanan and Parikshit Paspulati, the startup uses artificial intelligence (AI) to deliver virtual assistant banking services. It was a part of Microsoft’s 10th accelerator batch and now claims to be working with some top-tier banks and insurance companies in India, Malaysia, Singapore and North America.
The company is also planning to expand into other verticals like wealth management and securities trading. It has developed an AI engine — Triniti, which helps banks and other financial institutions to engage with their customers through messaging, voice and Internet of Things devices.