Actionable Science, AI Startup Raises ₹6.8 crores

Bengaluru and San Francisco-based Actionable Science has secured ₹6.8 crores ($1 million) in seed funding led by California-based Globevestor and Tri-Valley Ventures.

Other investors that participated in the round include Shyam Maheshwari, Partner at SSG Capital, Jai Mirpuri, MD at Redwood Group, Sukeert Shanker, COO Digital Banking at East West Bank, Puneet Kaushik, Partner at Auctus Advisors, Abhijeet Haroliker, Head of Global Analytics Centre at Paypal, along with Bhahmanand Hegde, Founder at Vistaar Finance.

The freshly infused funds will be used to boost product development, expand customer base, along with strengthening client delivery.

Actionable Science was founded in 2016 by Saurabh Kumar, Manish Sharma, and Udaya Reddy. The startup uses artificial intelligence, natural language processing, and robotics technologies to automate tasks and generate insights from data to create tools that facilitate employees productivity and reduce time and costs involved.

It has built AI-powered ‘Virtual People’, to help the employees be more productive and assist in decision making and enhance customer experience. Some of its Virtual People, specializing in various tasks include ‘Megan’ for customer support, ‘Vera’ for HR support, ‘James’ for IT support, and ‘Emma’ for employee support.

Its services are used across various industries including mortgage, retail industry, insurance industry, credit unions, banks, and consulting & IT services to assist with tasks and to cut costs. The startup also claims to be working on several pilots for leading clientele in the US, Mexico, and Europe.

Other similar startups recently in the news include Racetrack.ai, an AI-driven platform to support sales, had raised ₹34.2 crores. Another SaaS-based customer support and sales startup Freshworks had raised ₹685 crores to enter the elite unicorn club.

PN Raju, Co-founder and Partner at Globevestor, said, “There’s a lot of noise around AI/ML globally and it’s tough for enterprises to shift to the right solution. This is where Actionable Science’s approach of building products around tangible skills, real outcomes and measurable dollar savings is a big advantage. They’re already delivering about 35 to 45 per cent net savings on relevant spends for their clients. With annual enterprise spend on just IT & HR support in North America estimated at about $7 to $8 billion, the company is targeting a huge market.”