yellow.ai, a customer experience (CX) automation platform, “trusted” by over 700 enterprises internationally, reveals that it has acquired $78.15M through a Series C round, which was led by WestBridge Capital along with contributions from Sapphire Ventures, and Salesforce Ventures.
As mentioned in the announcement:
“yellow.ai enables enterprises to leverage its proprietary NLP engine and platform to build chatbots and voice bots, in 100+ languages, across 35+ channels that automate functions like Customer Support, Customer Engagement, Conversational Commerce, and Employee Experience. The platform comes pre-integrated with enterprise applications like Salesforce, Shopify, Cisco, Avaya, SharePoint, and 100 more.”
Since its previous funding round, yellow.ai reports a 470% growth in recurring revenue and the company has secured “hundreds” of new clients as it brings automation to the $1.3T support sector and “expands its prowess to automate end-to-end commerce, marketing, HR, and ITSM.”
Raghu Ravinutala, CEO and Co-Founder at yellow.ai, stated:
“yellow.ai has broken out of the crowded virtual-assistant market with our automation-first with human-assist model, to deliver a higher customer satisfaction and incremental revenue growth to our enterprise clients. 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.”
yellow.ai’s management noted that they intend to strengthen their position in over 50 nations such as India, Southeast Asia, UK, Middle East, and LatAm, and establish a solid presence in the US, “adding 70 employees to its 500+ global headcount.”
With the capital injection, yellow.ai aims to increase investments in its international expansion efforts, “hiring top talent across regions, and applied R&D in hyper-automation.”
At present, the firm’s AI-enhanced bots provide automated CX on more than 35 chat and voice channels, “across 100+ languages, handling billions of interactions every quarter.”
Its virtual assistants have been “credited with learning customer behavior so precisely that one international financial services company was able to leverage virtual assistants powered by yellow.ai to generate $100M in upsell revenue in just three years,” the announcement noted.
Sumir Chadha, Founder and Managing Partner of WestBridge Capital, remarked:
“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. This pattern is a testimony to the platform’s capability of creating an impact across the board thereby becoming a pivotal AI-partner.”
Jai Das, Co-founder, President, and Partner at Sapphire Ventures, added:
“During a time when consumers expect personalization and everything on-demand, yellow.ai is pioneering CX Automation with a platform that not only addresses inbound customer support requests instantaneously but also enables businesses to proactively engage customers across any channel. We’ve looked at hundreds of customer service and experience platforms over the years, but what caught our eye about yellow.ai was their impressive technology and growth, achieving 4x year over year growth despite the pandemic. Sapphire is looking forward to this partnership, and to supporting yellow.ai’s mission to revolutionize customer experience with better service.”
Amy Wu, Partner at Lightspeed Venture Partners, said that yellow.ai is focused on strengthening their market leadership in Asia, the US, and other jurisdictions. As the team continues to show “strong execution,” Wu and her team are bullish about the firm’s “continued momentum and ability to provide cutting edge AI solutions for their customers.”
Dev Khare, Partner, Lightspeed India Partners, said that yellow.ai has had their enterprise-grade platform battle-tested “across several hundred deployments in the most active messaging market in the world, namely Asia.” He added that yellow.ai is now “continuing its growth through global expansion to North America, Latin America, and Europe.”
As stated in the release, yellow.ai’s natural language processing or NLP engine, based on a few-shot learning model, “outperforms well-known vendors in the market by an average of 28% even with 50% less data input.”
The proprietary NLP Engine also allows bots “to be trained in multiple languages without the need for any translation.” These innovations have “increased the enterprise’s time to value vastly to deliver 60% automation in the first 30 days of go-live,” the announcement revealed.