Sriram-partners discuss Series A round for global growth
Maruti Suzuki and Hakuhodo Inc from Japan led a strategic round of investment in DaveAI, a virtual AI avatar which mimics a human sales brain coupled with state-of-the-art 3D Visualization.
GHV, India’s first and biggest industry Co-Creation innovation and investment group for Japan, Singapore and South East Asia, and existing investors Mumbai Angels Network as well as IIIT Seed Fund also participated in the round to finance the growing global demand for assisted digital sales experiences.
“We have scaled rapidly in the last year with these strategic partnerships and are in early discussions about our Series A round to take us through the next phase of global growth,” said Sriram P H, Co-founder & CEO of DaveAI, a Nasscom Deeptech Club Start-up specializing in visual AI.
“This strategic round of investment will help us meet growing global demand for assisted digital sales experiences,” said Sriram.
DaveAI was the winner of Maruti Suzuki MAIL program, powered by GHV India’s largest mobility test bed. Maruti Suzuki, is leading this round by making their first investment through the Maruti Suzuki Innovation Fund.
“The investment would help Maruti Suzuki India (MSI) strengthen its offering to customers by creating a customised sales experiences on the web, virtual reality and augmented reality,” the auto major said in a regulatory filing.
DaveAI’s Virtual AI avatars power Maruti Suzuki’s digital car buying journey across cars delivering >30% increase in sales metrics.
DaveAI witnessed 300% y-o-y growth in revenues in FY 2022. The platform is leveraged by large enterprise customers that include Maruti Suzuki, Hero MotoCorp, BPCL, Landmark Group, Raymond, Karnataka Bank etc.
“Hakuhodo Inc is very bullish on Indian Startups’ Innovation capabilities. DaveAI’s technology will be integrated with Hakuhodo’s Advance MarTech Stack and will be made available in 150 offices across 20 countries, creating an edge for the Global Network,” said Rakesh Yadav, CEO of Hakuhodo Group’s India Digital arm, AdGlobal360.
DaveAI has strong partnerships with leading technology companies such as Intel and SAP. With MSIL &Hakuhodo joining in, DaveAI is all set to build an Industry first platform that will help create next generation of sales experiences.
Talking about DaveAI’s capability in reshaping businesses, Nandini Mansinghka, Co-founder & CEO of Mumbai Angels said, “AI driven retail applications are coming into the limelight as the need for advanced data driven analytics and engagement becomes the norm.
“DaveAl, with its real-time analytics solutions for customized recommendations holds immense potential in boosting retailing KPIs for businesses. I am confident that the fresh capital will enable them not only to scale up but also maximize the profitability of retailing businesses.”
“We have a longstanding association with DaveAI since their early stage when our network investors were mentoring them as part of IIIT CIE’s Avishkar program,” said Viiveck Verma, Co-founder of IIIT Seedfund.
“It is great to see this deep tech platform now being used by several global enterprises and one of them making a strategic investment. As existing investors, we are glad to continue supporting the team at DaveAI as they venture into the next phase of growth.” fiinews.com
