Conversational AI and voice biometric firm Gnani.ai seeks $100M in fundraising
Gnani.ai, a conversational AI and voice biometrics provider supported by Samsung Ventures, is looking to secure $100 million in in tranches over the next 12 months, according to a report by Tech in Asia.
The first tranche in the funding round is expected to close in the next three to four months, and Gnani.ai says it will go towards scaling its sales and marketing teams to reach new voice biometrics customers, and further strengthening its research and development capacity.
The Bangalore, India-based company was part of an $8.5 million fundraising round by Samsung Ventures in 2019 that invested in four Indian startups. Gnani.ai provides solutions with conversational AI in customer service, and software named armour365 that uses voice biometrics for customer identity authentication. Gnani.ai counts PepsiCo, Tata Motors, P&G, Maersk, and Max Life Insurance as its customers.
Ganesh Gopalan, Gnani.ai’s CEO and co-founder, says the funding will increase the company’s sales and marketing efforts, and boost its research and development team. Gopalan also has his eyes set on the U.S., telling Tech in Asia that, “We expect close to 50 percent of our revenue generation from the U.S. markets by the end of 2022, which currently stands at nearly 25 percent.” The company also seeks to multiply its revenue eightfold to tenfold from 2021 by the close of the financial year ending March 2022.
Gnani.ai says that the increased demand for biometric fraud detection and prevention systems across banking, financial services, and insurance industry will raise the global adoption of voice solutions. The company adds that reducing authentication and verification costs will play a part in the demand as well.
The company’s fundraising announcement follows its recognition by the Nasscom Emerge 50 Awards 2021, where it was named one of India’s top 50 emerging software companies of last year.