DaveAI has secured a fresh wave of investment in a pre-Series A funding round led by Inflection Point Ventures and SucSEED Indovation Fund.
The investment round, which includes equity and debt financing, attracted participation from Soonicorn Ventures, Yes Bank, and Mohan Kumar, Founder of Crestere Technologies LLP. The funds are intended to bolster DaveAI's technology development, extend its partner network, and accelerate its entry into global markets.
DaveAI, established in 2016 by Sriram PH, Dr. Ananth G, and Ashok, offers the GRYD platform to enterprises in automobile, banking, financial services and insurance (BFSI), and retail. The platform provides personalised user experiences, aiming to improve revenue. DaveAI's solutions can be utilised across various platforms, including web, mobile, kiosks, or messaging services, enhancing engagement and conversion rates.
The architecture of DaveAI allows companies to develop enterprise-specific models independently of vendors and cloud services, which is significant in the evolving landscape of generative AI technology.
Sriram PH, CEO and Co-Founder of DaveAI, said, "DaveAI will use this investment to build its proprietary domain-specific Small Language Models focused on industries like Automobile, aiming for a leadership position in AI software for the industry and scaling into new markets such as North America."
Dr. Ananth G, CTO and Co-Founder, commented, "To make a major impact in AI from India and the world, we have to invest in some fundamental technology and domain expertise. We are in line towards making this happen with this pre-series A investment round."
The timing of IPV and SucSEED's investment is aligned with a growing global demand for generative and conversational AI solutions. Mitesh Shah, Co-Founder of Inflection Point Ventures, said, "Companies today face one similar problem on the customer service end, i.e., delivering a personalised and engaging customer interaction at a large scale."
"DaveAI is solving that using advanced AI-powered virtual avatars and conversational intelligence to transform customer engagement across industries to improve the customer service experience. At IPV we believe and support them in their journey to redefine the AI-driven customer engagement market."
Vikrant Varshney, Co-Founder and Managing Partner at SucSEED Indovation Fund, noted, "DaveAI is transforming the way enterprises engage customers using AI-driven virtual avatars and conversational intelligence, addressing a total addressable market exceeding USD 1 trillion. Their ability to personalise sales experiences and drive tangible revenue outcomes makes them a compelling investment."
"We have seen them grow over the years, looking at previous investments with them and with strong market validation, a scalable SaaS model, and a seasoned founding team, SucSEED sees immense potential in DaveAI's growth trajectory."
DaveAI has expanded its reach in regions including India, the Middle East, and North America. The company offers AI solutions designed to revolutionise digital communication. With a forward-thinking team, robust technological base, and expanding market potential, DaveAI can influence the future of AI-facilitated customer interaction.
