Voice AI startup Skit raises $23 million led by WestBridge Capital
The capital will be used for sales and marketing, building delivery capabilities, as well as for research and development to speed up innovation and further enhance the company's products while expanding globally
PremiumBENGALURU : Artificial intelligence-based voice company, Skit, formerly known as Vernacular.ai, on Tuesday said it has secured $23 million as part of its Series B funding, led by WestBridge Capital to fuel the next level of growth and product evolution.
The investment also saw participation from Kalaari Capital and Exfinity Ventures, Angelist syndicate led by Aaryaman Vir Shah from Prophetic Ventures and Letsventure syndicate led by Sense AI.
According to the company, the capital will be used for sales and marketing, building delivery capabilities, as well as for research and development to speed up innovation and further enhance the company's products while expanding globally.
Skit is an software-as-a-service (SaaS) voice automation company, which enables enterprises to automate their call center operations. Its product called Vernacular Intelligent Voice Assistant (VIVA) can currently respond in over 16 languages, covering over 160 dialects and replicating human-like conversations.
With the Series B funding, Skit has raised a total of $30 million, till date. The company now plans to double down and scale operations in both Indian and global markets.
"This investment comes when we are making strategic inroads into the US and SouthEast Asian markets. Clients and investors alike have recognized the uniqueness and superiority of our product and continue to show confidence in our growth path. The global contact center market size is expected to grow steadily and reach a value of $496 billion by 2027. To address this sizable growth, we at Skit are using voice bot innovation and our market observations to personalize caller experiences at customer contact centers," said Sourabh Gupta, chief executive officer and co-founder of Skit.
The startup had raised $5.1 million as a part of its Series A raise in May, last year, led by Exfinity Ventures
Since the last fundraise, Skit claims to have grown its revenues by four-fold, while making inroads into industries including banking, insurance, e-commerce, consumer durables, travel & logistics, among others.
"We are delighted to back Sourabh and Akshay as they continue to help global companies transform how customer service is delivered. Skit's success in helping India's largest companies, positions them well to enter the US market where there is a massive need for voice AI solutions," stated Sashi Reddi, venture advisor to Westbridge Capital.
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