Singapore – Global customer experience (CX) platform yellow.ai has announced the conclusion of its Series C funding, which has raised around US$78.15m, which brings the total funding raised so far by yellow.ai to US$102.15m.
The company aims to use the funding to strengthen its leadership in more than 50 countries including India, Southeast Asia, UK, Middle East, and Latin America, as well as establishing a strong presence in the U.S., adding 70 employees to its more than 500 global headcounts.
Said funding was led by WestBridge Capital along with Sapphire Ventures, and Salesforce Ventures, as well as renewed participation from Lightspeed Venture Partners.
For Raghu Ravinutala, CEO and co-founder at yellow.ai, the company has ‘broken out’ of the crowded virtual-assistant market with its automation-first with a human-assist model, to deliver a higher customer satisfaction and incremental revenue growth to it’s enterprise clients.
“With our rapid client and revenue expansion in Singapore and across the world, we’re geared to becoming the global leader in the CX Automation space and are bullish on building our product, partnerships, teams, and community to truly democratize AI in the near future,” Ravintula stated.
With the fresh infusion of capital, yellow.ai will deepen investments towards global expansion, hiring top talent across regions, and applied research and development (R&D) in hyper-automation. Currently, the company’s AI-powered bots deliver automated CX on more than 35 chat and voice channels, across more than 100 languages, handling billion interactions every quarter.
According to yellow.ai, one international financial services company was able to leverage its virtual assistants to generate US$100m in upsell revenue in three years.
As part of this large endeavor and to support the global war against COVID-19, yellow.ai also launched ‘yellowAI Cares’, a CSR initiative to empower organizations with COVID-19 help-related omnichannel chatbots. With no prerequisites or conditions attached, any NGO, hospital, support group or business in SEA can get an AI chatbot built by yellow.ai to drive crisis efforts.
yellow.ai will provide access to an omnichannel chatbot on any text platform for COVID-19 related use cases. These could support real-time services like providing medical information related to plasma donation, oxygen/hospital bed availability, vaccine registrations, scheduling appointments, collecting patient data, mental health assistance, handling insurance queries and more.
When designed and deployed effectively, chatbots may help prevent misinformation, aid in symptom detection, engender infection-limiting behaviors, encourage positive health impacting behaviors, while reducing psychological damage caused by fear and isolation.