Vernacular.ai secures $5.1 million in series A funding led by Exfinity Ventures

"This series A round will be used to fund the company's expansion outside India and to drive innovation through rigorous R&D across multiple verticals of our business," said Sourabh Gupta, Co-Founder and CEO at Vernacular.ai.

Vernacular.ai, an artificial intelligence-first SaaS business, announced on Wednesday series A investment of 5.1 million dollars (about Rs 38 crore) led by Exfinity Ventures and IAN Fund of Kalaari Capital.

AngelList of LetsVenture also participated in the round. The fresh capital will be used to fund the company's global expansion into southeast Asia and the United States and towards R&D to further enhance its proprietary AI-based voice automation platform.

"This series A round will be used to fund the company's expansion outside India and to drive innovation through rigorous R&D across multiple verticals of our business," said Sourabh Gupta, Co-Founder and CEO at Vernacular.ai.

"With situations like the one we are in today, contingency plans have significantly increased dependency on voice automation, and we feel well placed to serve this need globally," he said in a statement.

Innovative technologies like voice AI have already been deployed in enterprise contact centres and is rapidly moving these service-based operations towards higher operational efficiency.

The Bengaluru-based start-up won seed capital investment of the year in 2018 by Venture Intelligence. It currently services leading enterprise clients across banking, financial services and insurance (BFSI), hospitality, food and beverage, and other industries.

( With inputs from ANI )