StartupBay, an accelerator, on Wednesday, invested $1.2 million (around 8.9 crore) in Rocket AI to pick up a 10% stake.
Rocket AI is a digital transformation platform that combines low-code/no-code, robotic process automation (RPA) and artificial intelligence capabilities (AI) to help online businesses with incremental growth in traffic and conversions by improving its user acquisition, sales, influencer marketing and customer profiling among other things.
This investment is part of the company's seed funding round, the company said in a statement.
Salil Mehendale, Founder and CEO of Rocket AI said, “We have a technology which is business user friendly and with this partnership, we will be able to take our technologically advanced solutions all in one digital transformation to global markets such as Europe, Asia, Middle East and America.”
“This partnership is not just limited to funding, but StartupBay will also accelerate the existing enterprise-ready Rocket AI platform to bring significant technological advances and build domain-specific solutions configured upon all-in-one digital transformation platform. We aim to make the right investments and effective strategic partnership to help startups scale up their businesses in the long run,” Amit Jain, Managing Partner at StartupBay said.
Operated by Rocket AI Solutions Pvt Ltd, Pune-based firm was founded in 2020 by Salil Mehendale. Its current product portfolio comprises integrated enterprise resource planning (ERP), customer relationship management (CRM) and e-commerce modules that allow firms to take use of online marketing channels. Robotic process automation (RPA) capabilities help to automate painful and extensive data entry operations and workflow management, and its AI capabilities capture data from unstructured data sources.
Before starting Rocket AI, Mehendale was Chief Engineering and Product Officer in US-based Qlytics, he has also worked in Icertis and Automation Anywhere in similar roles, according to his LinkedIn profile.
The StartupBay Accelerator program enables founders with tools and resources to build successful companies. It has enabled over 5,000 founders to date. StartupBay said it will make strategic investments in technology startups and help entrepreneurs scale, the statement said.