Narayan AmmachchiAmerican artificial intelligence (AI) startup Ojo Labs has raised US$20.5 million in venture capital, with plans to double down on operations.
This is the second round of fund raising for the Austin-based startup, following its US$9 million in the first round.
This round was backed by Realogy, the Royal Bank of Canada, Northwestern Mutual Fund Ventures, and ServiceMaster. Returning investors LiveOak Venture Partners and Silverton Partners, two Texas venture capital firms, also contributed.
Ojo Labs says it will use the new financing for hiring talent for data science and engineering teams.
The company has a larger workforce in Saint Lucia than it does in the United States, reportedly employing around 70 people. Considering the company’s statement, the headcount at the Saint Lucia office will soon be doubled.
Founded in 2015, Ojo Labs has developed an AI bot that can interact with real estate consumers to answer questions about the home buying process. The caller’s intent and preferences are then shared with associated real estate companies.
Ojo Labs’ technology team is in fact led by former Google engineer Peter Kappler, who was instrumental in developing the AdWords platform for the search engine giant.
“I’ve looked at numerous technology startup opportunities since I retired from Google, but none as exciting as Ojo Labs,” says Kappler.
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