Narayan AmmachchiAI startup Netomi Inc, whose chatbots automate customer services, has raised US$30 million, vowing to expand operations to markets around the world.
Founded by Indian tech professional Puneet Mehta, Netomi uses artificial intelligence (AI) to automate customized messages, and its chatbots talk with customers like humans, answering their questions about the availability of products and their prices.
On its website, Netomi claims that its chatbots automatically resolve over 80% of routine queries, freeing agents to focus on much more important jobs.
“Customer service is going through a crisis – it’s expensive for businesses, frustrating for customers, and inconvenient for everyone,” says Mehta. “The only proven option to provide 24/7, immediate and omnichannel support and build profitable customer relationships is with AI.”
The fundraising values the company at $210 million, with Mehta saying that he will use the funding to open offices in London, Singapore, Toronto, and Montreal.
As automation grows, so does Netomi’s revenue. Its income has grown threefold this year alone. Now, with new cash on hand, the startup says it will double its headcount in the next six months.
Netomi launched the first-ever bot on Facebook Messenger for Sony Pictures’ $100 million movie Goosebumps. Later it teamed up with Facebook and Tommy Hilfiger to build bots for the retailing industry.
“We believe Netomi’s AI-powered platform can deliver transformational impact..,” said ChenLi Wang, General Partner at WndrCo, which led the startup’s latest fundraising round.
Netomi is headquartered in San Mateo, Calif., but most of its employees work from its other offices in New York City and Gurugram, India.
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