Artificial intelligence (AI) startup Yellow Messenger has raised Series A funding of $4 million (Rs 27 crores) from Lightspeed Venture Partners and other prominent angel investors, including Phanindra Sama (Founder of Redbus), and Kunal Bahl and Rohit Bansal (co-founders of Snapdeal).
The Bengaluru-based startup plans to use the funds to deepen its tech capabilities, expand its teams and presence in markets across Asia, the Middle East and other emerging markets.
“We are excited about partnering with Lightspeed and our eminent angel investors to invest deeply in R&D and expand our global presence to build the most impactful enterprise technology company for the AI era. We’re excited about how enterprises are boosting efficiencies by a significant order of magnitude using our cognitive automation platform,” said Raghu Ravinutala, CEO of Yellow Messenger.
Founded in 2016, the startup claims to serve close to 100 enterprise customers and has clocked a growth of annual recurring revenue of over five times in the last one year. Its AI platform allows enterprises to enhance efficiencies by deep vertical & process knowledge through customizable bot templates.
The startup’s natural language processing technology understands over 130 languages including English, Hindi, Bahasa, Cantonese, Thai, Mandarin, and Arabic. Its clientele include Unilever, AIG, Bajaj Finance, HDFC Bank, Asian Paints, Dr. Reddy labs, and Concentrix.