yellow.ai funding: yellow.ai raises $78.15 million in Series C round

Customer experience automation platform
yellow.ai said it has raised $78.15 million in Series C funding, led by WestBridge Capital along with Sapphire Ventures and Salesforce Ventures. Lightspeed Venture Partners again participated in this round, which brings total funding raised so far to $102.15 million.

yellow.ai provides an NLP engine and platform that allows enterprises to build chat bots and voice bots in over 100 languages to automate customer support and conversational commerce.

Prior to this, the company had
raised $20 million in 2020 and said it has grown 470% in recurring revenues since the earlier round of funding.

“With our rapid client and revenue expansion in India and across the world, we are 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,” said Raghu Ravinutala, CEO and co-founder of
yellow.ai.

The company will use the funds to strengthen its position in over 50 countries across Southeast Asia, the UK, Latin America and the Middle East and establish a stronger presence in the US. Asia Pacific is a large market for conversational AI, currently contributing nearly 75% to the company’s revenues.

“What impressed us the most is the speed at which customers deployed
yellow.ai for support automation and quickly scaled to commerce, HR and other use-cases,” said Sumir Chadha, founder and managing partner of WestBridge Capital. “This pattern is a testimony to the platform’s capability of creating an impact across the board thereby becoming a pivotal AI-partner.”

The company currently has over 500 employees, which it will increase over the next few months, including 70 in the US and another 100 in R&D and product development.
yellow.ai will deepen investments towards global expansion, hiring top talent across regions, and applied R&D in hyper-automation. The rise in the adoption of AI and the importance of virtual assistants, already recognised prior to the pandemic, continues to accelerate as organizations are challenged with handling increasing customer queries in a digital environment, more effectively with existing teams.

“During 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 instantaneously but also enables businesses to proactively engage customers across any channel,” said Jai Das, co-founder, president and partner at Sapphire Ventures. “What caught my eye about
yellow.ai was their impressive technology and growth, achieving 4x year-over-year growth despite the pandemic.”

The company currently works with over 700 enterprises in 50 countries, including global brands like Domino’s, Sephora and MG Motor.



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