Avaamo, an AI technology platform, has raised $14.2m in its Series A round led by Intel Capital.
Contributions to the round also came from Ericsson Ventures, Mahindra Partners, Wipro Ventures and WI Harper. This capital injection brings Avaamo’s total funding efforts to $23.5m.
Avaamo is a deep-learning software company that supports the supply chain, HR, sales support, claims processing and insurance advisory processes. Industries utilising Avaamo’s technology include financial services, insurance, healthcare, retail, and telecommunications.
Its AI platform helps financial services with wealth management services, enabling banks to offer customers account checking, transaction management and finance statement reviews.
The platform helps to access different payment types including digital currencies, mobile payments and biometric identification. Avaamo helps to verify digital identities and detect fraud and money laundering activities.
The company’s technology is used across more than 40 countries and Avaamo hopes to further grow its global footprint.
Insurance firms can use Avaamo to automate advisory processes, claim management tools and underwriting support.
Equity from the round will be used to expand its sales and marketing efforts to meet the growing demand for its AI solutions.
Intel Corporation head of industry solutions, AI products Fiaz Mohamed said, “Intelligent agents are an emerging area that’s already impacting how consumers interact with enterprises, while reducing costs and improving workforce productivity. Because Avaamo’s secure architecture allows for easy integration with legacy enterprise systems, combining its emerging conversational technology with Intel’s platform focus on AI has the potential to provide a disruptive platform for large enterprises.
“Additionally, Intel is excited to add Avaamo as a member of the recently launched AI Builders program, opening up new channels for marketing and sales enablement for Avaamo.”
As part of the transaction Intel Capital director Arun Chetty will join Avaamo’s board.
Copyright © 2018 FinTech Global