The conversational AI and customer experience (CX) automation platform yello.ai announced Wednesday that it has raised $78.15 million in a Series C funding, bringing the total funding of the company to $102.15 million.
The company said that the money will be used to expand its global businesses, hire more talent around the world, and invest in research and technical development in hyper-automation. WestBridge Capital, Sapphire Ventures and Salesforce Ventures led the funding, with Lightspeed Venture Partners also participating in this round.
Thanks to previous funding, yellow.ai has achieved a 470% growth rate in recurring revenue and secured new customers as it brings automation to the $1.3 trillion support sector.
“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, in a press release. “This pattern is a testimony to the platform’s capability of creating an impact across the board thereby becoming a pivotal AI-partner.”
Currently, yellow.ai’s AI-powered bots deliver automated CX on over 35 chat and voice channels in more than 100 languages. The company has served over 700 businesses in 50 countries, including Domino’s, Sephora and Hyundai, etc. Its virtual assistants-powered platform has helped an international financial services company to generate $100 million in upsell revenue within three years.
“Yellow.ai has broken out of the crowded virtual-assistant market with our automation-first with the human-assist model, to deliver a higher customer satisfaction and incremental revenue growth to our enterprise clients,” said Raghu Ravinutala, CEO and Co-Founder of yellow.ai. “With our rapid client and revenue expansion across the world, we’re geared to become 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.”
