ConveGenius has raised $5M USD in Venture Capital funding to grow its conversational AI platform in India and South-East Asian markets.
The company first launched its conversational AI platform in 2020 with a focus on providing a tailor-fit EdTech solution that offers an adaptive Whatsapp-based learning system for K-12 students from lower tier cities, who has been deeply affected by school closures amidst the COVID pandemic. Within a year of launch, Its EdTech solution has blitzscaled to 14 million monthly active users with 35 million daily conversations, catering to 10 different languages and continues to grow at a rapid pace.
With this round of funding, Convegenius.AI aims to expand its products on Whatsapp ecosystem and other Conversational AI based channels beyond EdTech, to service more customers across different verticals and allow developers to launch their solutions on the platform. ConveGenius AI will also continue to strengthen its AI / ML capabilities and is currently in advanced talks with multiple businesses to deliver sector-focused solutions to over 500 million users currently active on different chat platforms.
This funding round was led by new investors, BAce Capital, Heritas Capital and 3Lines Venture Capital as well as existing investor, Michael and Susan Dell Foundation.
Quotes by Stakeholders:
- “As schools were closed over prolonged periods during the pandemic, we believe that ConveGenius is well placed to tackle the learning crisis and gaps that have severely impacted students across India and in other emerging markets in the region. We are pleased to support ConveGenius in their mission to further scale their impactful solutions, providing greater access to affordable quality education for all,” said Ms. Janet Chia, Head of Venture Capital at Heritas Capital.
- “ConveGenius has focused on the broad and hitherto unserved market of 235M students who belong to the first-generation mobile internet users with households using smartphones and mobile devices for the first time. Its focus on mass market users and democratisation of personalised content distribution by building conversational user experiences for mobile devices has created a niche segment for innovation and value creation,” said Pallab Chatterjee, Chairman 3 Lines VC Rocket Fund.
- “The Dell Foundation first invested in the company in 2016 and we believe this is the right time to take the product to millions of children by launching the direct-to-consumer (D2C) version,” says Prachi Windlass (Director, Michael & Susan Dell Foundation).
- “We are excited to execute on our mission to take our value proposition to one billion users globally and make knowledge and content accessible for all in a one-click experience,” said Jairaj Bhattacharya, the CEO of ConveGenius.
SOURCE ConveGenius International