Voice AI startup Ringg AI has raised $ 5.5 Mn (INR 48 Cr) in its Series A funding round led by Arkam Ventures, with participation from Groww’s Founder Fund, CRED founder Kunal Shah, White Venture Capital, and existing investor Capital2B.
Ringg plans to deploy the funds to expand its presence in international markets and increase hiring across engineering and product teams. The startup will also focus on developing new products, especially by investing in in-house R&D to reduce costs and improve reliability. Developing products in-house will also allow Ringg to tap large enterprise clients that require higher control, compliance and data residency.
Founded in 2023 by Kali CV, Siddharth Shankar Tripathi and Utkarsh Shukla, Ringg provides a no-code, multilingual voice AI orchestration platform. By leveraging it, enterprises can create and deploy AI voice bots that can interact with customers in a human-like manner, replacing call centres to undertake tasks such as customer support, lead qualification and loan collections.
Ringg’s AI agents can converse in 10 Indian languages, English, Arabic, Spanish, French, German, and Bahasa.
Currently, Ringg works with enterprises in sectors such as BFSI, logistics and healthcare, undertaking roles like booking appointments and follow ups, delivery and return scheduling, fraud detection with real-time authentication, intent detection, and multi-step negotiation for banks and NBFCs.
The startup has three new products in the pipeline, including agents with call-deflection and automatic voice-follow up capabilities. It is also in the process of launching an AI-native customer relationship manager (CRM) with an inbuilt memory layer, which can aid businesses in making conversation more personal.
Ringg aims to scale the number of conversations its AI agents have to 100 Mn in the next two years from nearly 1.5 Mn customer conversations it currently records per month. The startup claimed that nearly 77% of conversations are fully automated end-to-end without human intervention, and its customers have reported a 57% reduction in cost per resolution and a 63% decrease in call-center operating expenses.
Its enterprise clients in India include CRED, PharmEasy, Shiprocket, Flipkart and Shell, and it is testing pilots in the Middle East and North America.
The funding comes at a time when AI voice agents are gaining popularity in India for the multiple use cases they offer for businesses. One key focus area is agents that use data and orchestration to capture raw speech and convert it into insights and workflows. The second is the space Ringg is building in – which is aiding businesses through natural language.
Earlier today, Y-combinator backed Bolna announced a seed raise of $6.3 Mn, while enterprise-grade voice AI developer smallest.ai raised $8 Mn in seed funding in October.Voice AI Startup Ringg Bags $5.5 Mn From Arkam Ventures
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