The money will go into marketing and sales, as well as developing delivery capabilities, R&D, and improving the company’s goods as it expands internationally.
Skit (previously known as vernacular.ai ), an AI-first SaaS speech automation business, has raised $23 million in Series B financing to help it reach the next level of growth and product innovation.
WestBridge Capital led the funding, which included Kalaari Capital and Exfinity Ventures, as well as an Angelist syndicate managed by Prophetic Ventures’ Aaryaman Vir Shah and a LetsVenture syndicate lead by Sense AI.
The money will be used for marketing and sales, boosting delivery options, R&D to speed up innovation, and improving the company’s goods as it expands internationally, according to the startup.
The funding comes after the company announced its Series A round in May 2020, which was headed by Exfinity Ventures and Kalaari Capital, as well as AngelList, IAN Fund, and LetsVenture. This Series B financing increases the total amount raised by the company to $30 million.
The company intends to expand its activities in both the Indian and worldwide markets. Skit claims to have grown its revenue and client base by over 4x since the last round of funding, thanks to a robust partner network that spans industries including banking, insurance, e-commerce, consumer durables, travel, and logistics, among others. To prepare for future development, it has increased its personnel by more than 6 times.
Skit’s portfolio of voice and language technologies, founded in 2016 by IIT Roorkee grads Sourabh Gupta and Akshay Deshraj, allows businesses to automate their call centre operations.
Its product, Vernacular Intelligent Voice Assistant (VIVA), can presently reply in over 16 languages, encompassing over 160 dialects and recreating human-like conversations, thanks to over 10 million hours of training data.
Sourabh Gupta, CEO and Co-founder of Skit, said of the cash raise, “This investment comes as we make strategic advances into the United States and Southeast Asia. Customers and financiers have acknowledged our product’s distinctiveness and quality, and they continue to have faith in our upward trajectory. By 2027, the global contact centre market is anticipated to have grown gradually to a value of $496 billion.”
“To meet this significant increase, Skit is personalizing caller experiences at customer contact centres utilizing speech bot technology and market insights, resulting in up to a 50% reduction of costs and improved customer experience. We’re motivated by our clients and team’s desire to improve how businesses engage with their consumers ” he added.
“We’re excited to support Sourabh and Akshay as they continue to assist multinational organizations to improve how they offer customer care. Skit’s experience in assisting India’s top corporations positions them well to penetrate the US market, where speech AI solutions are in high demand “Sashi Reddi, WestBridge Capital’s Venture Advisor, stated this.