We are excited to announce that Convin AI, has successfully raised a $6.5 million Series A round. The round was led by India Quotient, with participation from JSW Ventures and existing investors Kalaari Capital and Titan Capital.
This round, which comes only 28 months after the company raised its seed round in March 2022 is a testament to the exceptional work that has been done by Ashish, Atul, Bharat, Durgesh and the broader team to revolutionize the contact center and customer success space with their deeply integrated AI solutions.
Progress since our Seed investment in 2021
In July 2022, Convin started its journey as a product to record, transcribe and analyse customer calls. This tremendously helped companies in auditing a large number of customer calls and at the same time uncovering which sales pitches resulted in the best conversion rates.
In their initial days Convin gathered interests and customers from select sectors like Ed-tech, Lead-gen and Hospitality; and the company was focused on serving India and SEA customers.
Fast forward to today, this offering has expanded multifold and become the ‘real-time’ intelligence assistant for all stakeholders in customer support and sales space. They’ve come up with new and innovative products like Real time agent and supervisor assist, Customer Intelligence and Data Labs; these solutions have had significant impact on Sales (21% Increase), CSAT (27% Increase), Ramp up time for agents (60% Decrease), Collection rate (17% Increase), and more which has added significant value for their customers.
With a strong focus on the B2C industry, Convin now proudly serves over 60 customers which has expanded across BSFI, Consumer Products, Healthcare, Real Estate and many more sectors including some marquee names like Asian Paints, Akash and Acko Insurance.
Convin has earned its place as a standout performer in the conversational intelligence arena. Recognized as an Enterprise Software Leader by G2, the company has impressed users with its swift implementation and impressive results. The platform’s excellence is further validated by an exceptional 4.7 out of 5 rating on the software marketplace, based on over 500 organic user reviews.
This validation, along with the traction are a testament to the progress made by Convin’s team to win customers in a highly competitive category.
Next Steps Post Funding: The Roadmap Ahead
The field of conversational intelligence is advancing rapidly with the introduction of more sophisticated AI models, particularly in the LLM (Large Language Model) and SLM (Small Language Model) domains. Generative AI is on the brink of revolutionizing the traditional contact center, evolving it from a human-only operation to a hybrid model where AI and human Agents work together.
Human interactions provide crucial training data for AI, enabling it to serve as the first point of contact for customers. This improves the filtering of complaints, allowing Humans to focus on more complex issues, thereby boosting their efficiency and performance while providing superior customer experience.
Convin has consistently stayed ahead of the curve by embracing cutting-edge technologies. With the launch of their new 7-billion parameter LLM designed specifically for Indian contact centers, the founding team anticipates a substantial boost in business output, aligning with their ambitious revenue growth targets for the upcoming year.
We couldn’t be more thrilled for the suite of products and solutions that Convin has in store which ranges from Multilingual AI chatbots and Voice Bots to Gamification, Incentivization and better training of customer agents.
With this Fundraise they plan to expand their market reach and have a stronger presence in the US by doubling down on the team, product and customer acquisition strategies; this will help them in achieving shorter go-live cycles, enhanced onboarding processes, and a broader geographical reach.
With their ambitious revenue and product milestones they have set for themselves, it makes us more excited than ever to witness the remarkable growth Convin is poised to achieve in the coming years.
On the fundraise, Ashish Santhalia (Founder, CEO) commented –
“This funding round is a testament to the belief our investors have in Convin’s vision and the impact we’re making in the contact center industry. With more resources we’ll focus on accelerating our growth trajectory, driving innovation in conversation intelligence and expanding our footprint across India and Southeast Asia. We’re excited to leverage our enhanced AI capabilities to redefine customer interactions and deliver exceptional value to our clients.”
Kiran Vasireddy, Partner at Kalaari Capital said –
“We have had the opportunity to work with Ashish and team since leading their seed round in 2022, and we remain just as excited to continue supporting their journey in the current round. Their deep domain expertise and scalable AI solutions position them perfectly to lead innovation and redefine customer interactions. We believe Convin will continue to scale to become a leading global player in the conversational intelligence space.”