Yellow Messenger, a communicational AI-based start-up, has managed to raise a whopping $20 million in a Series B round. The Series B round was led by the reputed VC firm, Lightspeed Venture Partners and Lightspeed India Partners. The company, in a statement, said that they will use this fund to propel international growth and finance in-house product innovation.
About Yellow Messenger
Yellow Messenger was founded in 2015 by Raghavendra Kumar Ravinutala and Jaya Kishore Reddy. The company's main focus is to provide a cognitive engagement cloud - an interface where a user can directly interact with the company, with a conversational AI bot in place. These AI bots can be placed over software and applications like Microsoft Team, WhatsApp and Slack- thus serving as an essential tool for a company to engage with its user base, without requiring additional manpower.
Since its inception, Yellow Messenger has established themselves to be a pioneer in providing cognitive recognition AI to business enterprises. Their clientele boasts of 100+ commerce giants, the likes of which include companies like Tata Consultancy Services, Tech Mahindra, Alstom, Indigo, Asian Paints, Bajaj Allianz, HDFC Bank and many more.
The firm who led the Yellow Messenger's Series B funding, Lightspeed Ventures, expects that the company's increased appeal to the clients should lead to a diversification of their already existing cognitive engagement cloud tool. The company has stated that they would use the funds to power international growth and forge a deep-market partnership with conglomerates having a global outreach.
They are also exploring the possibilities of implementing a multi-lingual AI communication bot to break the language barrier as well as a developer-centric marketplace for AI assistants.
Since its inception in 2017, Yellow Messenger's product has witnessed a meteoric rise in demand. Their conversational AI platform has seen a five-fold increase in bookings from top Indian firms. This investment fund will aid Yellow Messenger to cater to more clients without having to worry about the sufficiency of resources.
Yellow Messenger’s footprint
Yellow Messenger’s unique cognitive engagement tool, an AI-powered company bot Programmed to engage with customers, currently offers no less than 120 languages in which conversations can be carried out (using either voice or text). The company is currently powering 30 million conversations over chatbots for more than 100 clients across the world. The company also aims to initiate go-to-market partnerships with tech giants like Microsoft and Facebook.
The prospect of cognitive AI and chatbots are unending, with one out of three companies implementing them as a mode to communicate with their ever-growing user base. Yellow Messenger has managed to capture this market with their commitment to development, meeting their client's diverse demands and implementing multilingual chatbots to break language barriers.
Last year, Yellow Messenger managed to bag a $4 million Series A round led by Lightspeed India and some stand-alone seed investors including the likes of Snapdeal’s co-founder Kunal Bahl and LimeRoad co-founder Prashant Malik.
Yellow Messenger’s Coronavirus initiative
With the coronavirus’ rampage and lockdown disrupting daily life and bringing businesses to a standstill, Yellow Messenger has extended help to combat the pandemic. In partnership with FB Messenger, the National Health Authority of India has appointed the company to provide chatbots to the state governments of Madhya Pradesh, Punjab and Rajasthan as an interactive medium to make citizens aware of the current situation and the precautions that must be taken.
The aggressive maneuvers taken by Yellow Messenger to make its outreach known to elite companies with their AI cognitive tool is the prime reason why they could secure a Series B round worth $20 million. With AI reshaping business dynamics, Yellow Messenger has made sure they get a piece of the action and benefit from the projected boom with their unique AI chatbot tool.
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