Singapore-based fintech startup Active.ai (Active Intelligence) has raised US$8.25 million in a Series A round led by Temasek Holding’s Vertex Ventures, Creditease Holdings and Dream Incubator. Existing investors Kalaari and IDG Ventures India will also participate in the round.
Additionally, the company will also receive two new board members: Ben Mathias, Managing Partner at Vertex Ventures and Vani Kola, Managing Director at
Kalaari Capital. Anju Patwardhan from Creditease will join as a board observer.
Active.ai will use the newly-raised financing to scale its operations, hire new talent for its AI team, build up its products.
Founded in 2016, the company builds full stack AI solutions for financial institutions. It offers machine learning, natural language processing and natural language generation tech that can be incorporated into messaging, voice and IoT devices.
The company offers clients the option to deploy the solutions on-premise or in the cloud.
Currently, Active.ai is headquartered in Singapore and has innovation labs in Bengaluru as well as offices in Bangalore. It works with clients such as banks and insurance companies across India, Malaysia, Singapore and the US.
It plans to expand into other financial verticals such as Wealth Management and Securities Trading.
“There is very strong need for banks and financial institutions to evolve fast and empower customers with the ability to do transactions as part of their habitual daily micro-conversations,” said Ravi Shankar, co-founder & CEO of Active.ai.
“The threat of fundamental disruption is very real in the financial services space, and companies such as Active.ai are making it easy for incumbents to not just remain relevant, but to get ahead in an ever evolving market,” said Ben Mathias from Vertex Ventures.
” At Vertex, we have been strong believers in artificial intelligence helping solve problems specific to industry verticals, and that has been a key driver of our decision to partner with Active.ai,” he added.
Image Credit: Active.ai