Active.AI scores $3m Series A funding
The Singapore-based start-up, Active.Ai, has received a $3 million Series A follow-on round of funding by InnoCells, the innovation hub and corporate venturing vehicle of Banco Sabadell.
Kalaari Capital, Chiratae Ventures (formerly IDG Ventures India) and Vertex Ventures also participated on the round.
This new investment will allow Banco Sabadell to streamline its cost structures by automating tasks like user queries and designing interfaces that improve customers’ engagement.
Active.Ai has developed a conversational AI platform for the financial sector using cognitive technology with its conversational driver, Triniti.ai, to understand complex contexts and conversations and provide intelligent responses through natural dialogues.
‘Banking as a service’ is a solution that can be linked to digital interfaces such as Alexa and Google Home, and messaging apps such as WhatsApp, Facebook Messenger or Skype.
“Active.Ai is privileged to partner with Banco Sabadell and InnoCells’ teams to bring an intuitive and engaging digital experience to their customers. We are pleased to have the backing of a bank with great history and a leading position in European banking,” says Ravishankar, CEO and co-founder of Active.Ai.
“Our investment in Active.Ai will take us one step closer to applying this technology in practice, which is difficult given the high level of vertical specialisation that is required and will allow us to implement solutions that strengthen Banco Sabadell’s commitment to customer experience,” says Julio Martínez, executive director of InnoCells.
The company has also developed specific use cases for the financial industry − commercial and corporate banking, insurance and capital markets − ranging from customer support and information, transaction execution, and even predictions of future requirements, including invoicing, transfers, claims management and shares trading.
