Artificial intelligence-backed automation firm Ushur on Tuesday said it has raised $50 million (around Rs 413.3 crore) in its Series C funding round co-led by Third Point Ventures and Iron Pillar.
The round also saw participation from 8VC, Aflac Ventures and Pentland Ventures, the company said in a statement, adding that all the existing investors doubled down on their investments in this fundraise.
However, Ushur did not disclose the valuation post this funding round.
The fresh funds will be deployed for expanding the company’s experience automation portfolio, developing AI-led innovations, expanding to new regions and industry verticals.
With this round, Ushur has raised nearly $92 million in total funding till date. Iron Pillar participated in the startup’s extended Series B fundraise, making its one of the first bets from the second fund. The $30 million Series B round was led by Third Point Ventures.
Ushur was founded by Simha Sadasiva and Henry Peter. It seeks to eliminate friction between enterprises and customers with conversational artificial intelligence (AI) and intuitive workflows. It offers its customer experience automation (CXA) platform for short engagements. It says that its no-code platform can be used by non-technical users, especially in highly regulated industries such as healthcare, insurance and financial services, to visually create AI-powered workflows.
As India continues its growth as an enterprise market, our plan is to invest in growing the local enterprise customer opportunities, to bring our CXA solutions that have already been proven highly valuable to large global enterprises,” said Sadasiva, the co-founder and chief executive officer (CEO), adding, “we aim to make Ushur's battle-testing, enterprise-class AI-powered CX automation a house-hold name in India.”
It is looking to jump into new industry verticals including government sector, and military, among others, keeping its focus on highly regulated industries.
The company also claims to count Fortune 500 companies including Aflac, Cigna, CVS, Irish Life, United Healthcare and Unum Group among its clientele. It claims to have improved customer engagement rates by about 85%, and slashed customer issue resolution times by about 90%.
