Singapore-headquartered Active.Ai, a fintech startup with an R&D lab in Bengaluru, has raised an $8.25-million Series A financing round led by Vertex Ventures, Creditease Holdings and Dream Incubator.
The round was joined by existing investors Kalaari Capital and IDG Ventures India. As part of the round, Ben Mathias, Managing Partner at Vertex Ventures, and Vani Kola, Managing Director at Kalaari Capital, will join Sanat Rao from IDG Ventures India on Active.Ai’s board, while Anju Patwardhan from Creditease will join as a board observer.
Active.Ai’s AI engine, Triniti, uses natural language processing and machine learning to power chatbots used by financial institutions.
The latest round of funding will see Active.Ai expand its AI team and develop its enterprise product to cater to growing demand.
AI is an increasingly crucial element in business operations and technology as its cognitive, problem solving and perceptive capabilities improve. Research firm MarketsandMarkets estimates that the market for AI will grow from $1.33 billion to $7.3 billion by 2022, at a CAGR of 40.4 per cent.
In an official statement, Mathias said, “The threat of fundamental disruption is very real in the financial services space, and companies such as Active.Ai are making it easy for incumbents to not just remain relevant, but to get ahead in an ever-evolving market.”
Founded in early 2016, the startup collaborates with major banks and insurance companies in India, Malaysia, Singapore and North America, with plans to expand into other verticals like wealth management and securities trading.