Fyeing further expansion into foreign markets, a Gujarat-based startup which makes artificial intelligence (AI)-driven chatbots and voicebots is set to raise $5 million (approximately Rs 36 crore) by the end of September. The founder of the Bhavnagar headquartered startup, Floatbot, is already in talks with investors for the series-A round of funds.
“We are looking at strengthening our overseas expansion plans particularly in Singapore and USA. We aim at investing in Research and Development (R&D) quite heavily and are looking to hire more people in our company’s R&D and sales teams,” said Jimmy Padia, founder and CEO of the startup, which was incorporated in 2017.
On a hiring spree, the startup is also eyeing to expand its workforce from the existing team of 25 people to 100 people by the end of 2021-22.
Floatbot is a conversational AI-based platform that is able to communicate in 150+ languages and helps develop AI-enabled voicebots and chatbots. The startup presently works with clients in the banking, financial services and insurance (BFSI) sector.
“We have worked with Andhra Bank, Manappuram Finance, African Development Bank, and several large insurance firms. That apart, we have worked with the Dubai government, the IT ministry in Qatar government and an insurance company in Singapore, among other clients,” said Padia.
Besides the BFSI sector, the startup has also catered to smart city projects with municipal corporations in Pune and Rajkot. In fact, the startup’s contracted revenue (earned through acquired projects), has grown 20-fold in the past six months.
Padia is an engineering graduate from VJTI, Mumbai and worked with General Electric for five years in Indian as well as global markets before starting his own venture.
“In 2010, I started with an IT services firm which made manual chat and voice bots. That is when I realized the need for AI-driven bots and eventually went on to get the startup venture rolling from 2017 onwards,” said Padia, whose firm has not just won accolades but is thus far self-funded and profit-making.
The startup was selected to be part of Nasscom Deep-tech Club Cohort 5 and has also been showcased as InsurTech by Boston Consulting Group and several forums in the USA.