WestBridge Capital, Sapphire Ventures, Salesforce Ventures, and Lightspeed Venture Partners join the Series C Round as yellow.ai surpasses 700+ global enterprise customers
yellow.ai is pioneering Customer Experience automation for some of the largest brands like Domino’s, Hyundai, MG Motors, Swiggy, Bajaj Finserv, Bharat Petroleum and Tata Capital
Bengaluru, NFAPost: Yellow.ai, the world’s leading customer experience (CX) automation platform, trusted by 700+ enterprises globally, announced it has raised $78.15M in Series C, led by WestBridge Capital along with Sapphire Ventures, and Salesforce Ventures. Lightspeed Venture Partners again participated in this round, which brings total funding raised so far to $102.15M.
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 prior funding round, Yellow.ai has grown 470% in recurring revenue and secured hundreds of new customers as the company brings automation to the $1.3T support sector and expands its prowess to automate end-to-end commerce, marketing, HR, and ITSM.
Commenting on the development, Yellow.ai CEO and Cofounder Raghu Ravinutala said Yellow.ai has broken out of the crowded virtual-assistant market with 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 in India and 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,” said Raghu Ravinutala.
Yellow.ai will strengthen its dominant leadership in 50+ countries including India, Southeast Asia, UK, Middle East, and LatAm, and establish a strong presence in the US, adding 70 employees to its 500+ global headcount. With the fresh infusion of capital, yellow.ai will deepen investments in global expansion, hiring top talent across regions, and applied R&D in hyper-automation.
Currently, the company’s AI-powered bots deliver automated CX on 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.
WestBridge Capital Founder and Managing Partner Sumir Chadha said what impressed WestBridge 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,” added Sumir Chadha.
Sapphire Ventures Co-founder, President, and Partner Jai Das said during a time when consumers expect personalizstion 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,” said Jai Das.
The rise in the adoption of AI and the importance of virtual assistants, already recognized prior to the pandemic, continues to accelerate as organizations are challenged with handling increasing customer queries in a digital environment more effectively with existing teams.
One of the largest globally recognized pizza delivery chains has moved 100% of its customer service to “Dom,” an omnichannel AI assistant developed by yellow.ai on voice and text channels. Dom personalizes offers and recommendations for millions of customers, while reducing customer support resolution time by 70%, resulting in higher CSAT and cost savings for the company.
Lightspeed Venture Partners Partner Amy Wu said yellow.ai continues to solidify their market leadership in Asia, the US, and beyond. “As the team continues to show strong execution, we are bullish about the company’s continued momentum and ability to provide cutting edge AI solutions for their customers,” said Amy Wu.
Lightspeed India Partners, a long-standing investor in yellow.ai, Dev Khare said with its enterprise-grade platform battle-tested across the world.
It is deployed several hundred client places in the most active messaging market in the world, namely Asia. Yellow.ai is now continuing its growth through global expansion to North America, Latin America, and Europe,” Dev Khare.
In measures of learning and training, yellow.ai’s 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.