Indian AI startup Uniphore raises $51m led by March Capital Partners

Uniphore, a global conversational AI (artificial intelligence) technology company, on Tuesday said it has raised $51 million in a Series C funding round led by Los Angeles-based venture capital firm March Capital Partners.

The round, which marks Uniphore’s largest financing to date, also saw participation from Chiratae Ventures (formerly IDG Ventures), Sistema Asia, CXO Fund, ITP, Iron Pillar, Patni Family, and other investors, the company said in a statement.

Uniphore will use the funds to accelerate its go-to-market in North America, invest in R&D for the next wave of innovation on its platform and grow its employee base globally, the statement added.

“This funding will accelerate our vision to redefine customer service through AI-enabled conversational service automation. With this round, we will be able to accelerate our global expansion and better serve our customers by developing and delivering innovative CSA solutions to more organizations around the world,” said Umesh Sachdev, CEO and co-founder, Uniphore.

Founded in 2008 by Sachdev and Ravi Saraogi, Uniphore has offices in the U.S., India and Singapore.

The current funding comes 20 months after Uniphore last raised capital.

In October 2017, Uniphore had raised an undisclosed amount in Series B round, which saw the participation of most existing investors, including IDG Ventures. The round also saw participation from John Chambers, chairman of USISPF and executive chairman of Cisco, who made the investment in his personal capacity.

Earlier, it had secured angel funding from a group of investors including Nagaraja Prakasam, M.V Subramanian, Ray Stata, and Yournest Angel Fund.

According to Crunchbase, Uniphore has raised $66.8 million in funding so far.

Most recently, Sachdev moved to Silicon Valley to expand the company’s reach in North America, and make new hires. Annie Weckesser, veteran of Cisco and NIO, has been roped in as chief marketing and people officer in April while Jafar Syed has joined as chief strategy & growth officer from NTT Data. In July, Ashwin Chalapathy joined as managing director in India and senior vice-president, services, Asia Pacific.

In 2018, the company claims to have posted 300 per cent year-over-year growth.