Artificial intelligence-based startup Racetrack.ai announced in a statement that they had raised a funding of $5 million. The list of investors’ participation includes both national and international names. Racetrack.ai is reportedly India’s first AI innovation hub for sales and support and has an estimated worth of $21 million.
Subrat Parida, Founder and CEO at Racetrack.ai, said in a statement, “This is really an overwhelming and positive moment for all of us. We are now looking forward and are excited to announce our next overseas operation base in the US, Mauritius and Singapore…”
“This move will help us delve into newer business verticals like retail, banking and healthcare.”
“This boost in our physical presence will open new doors for us to partner with intercontinental brands and decision makers while helping us to create a global footprint in the AI industry.”
Investors in Racetrack.ai include noted names such as Murali Krishnan, the former president and founding member at Biocon and Dov Kagan, renowned US-based investor. The list also has names of investors from Singapore, Mauritius, and most of its existing investors. In fact, according to an IBM research, chatbots will save businesses over $8 billion per year by 2022.
Ractrack.ai has two noted products in the market — Marvintm, a smartbot for sales and support, and Turingtm, an online and offline business accelerator that helps businesses with planning and execution. The company also deals with:
- AI-driven sales channels
- Predictive business modelling
- Customer retention platform
- Consumer sentiment analysis
- Multimedia communication platform
- Ro.bot analytics
With these products and services, the three-year-old startup is targeting the booming $100 billion AI market.
Chatbots and AI-based assistant are still at the nascent stage. But with its popularity among businesses, they are here to stay. Advances in machine learning and AI will help enhance the technology further in the coming years. This will also increase the usage by businesses to ensure they remain customer-obsessed. As Gartner report suggests, by 2020, nearly 25 percent of customer service and support operations will integrate virtual customer assistant or chatbots across engagement channels.
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