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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. Augmented Voice Intelligence Platform that helps businesses modernize their contact centers and CX.
Vernacular.ai is an AI-first SaaS business driven by the mission to end bad call center experiences. We help enterprises in enhancing customer experience through intelligent voice conversations by automating call center queries.
VIVA (Vernacular Intelligent Voice Assistant) is our Voice AI-powered call center automation platform that helps enterprises streamline contact center operations and enhance customer experience & engagement.
Empowered by our speech recognition engine and natural language understanding the technology, you can now hold human-like conversations every time and Increase your self-service effectiveness.
Customers are unwilling to put up with poor CX and are even willing to pay a premium for better experiences. But companies confronted with various challenges need to improve CX while reducing costs.
The factors that make voice conversations challenging for voice-bots, such as urgency and latency, spoken language imperfections, and environmental challenges.
Inherent to voice conversations is the problem of background noise
Low-quality Audio Data from Telephony
Spoken Language Imperfections
Proprietary Tech Stack- The results are tangible and impressive. As Skit.ai’s ASR is significantly better at short-utterance, at instances where the conversational experts expect them, Skit.ai’s ASR kicks in for higher accuracy and performance.
The latest funding was led by WestBridge Capital, along with existing investors Kalaari Capital and Exfinity Ventures, IAN Fund, LetsVenture, and Sense AI. Angel investors including Prophetic Ventures’ Aaryaman Vir Shah also participated in the round. The Series B round brings Skit’s total funding to $30 million.
The company said it has quadrupled its amount of revenue and number of customers in 2020-2021 since its previous fundraising, a $5.1 million Series A, in May 2020. Its average order book has also been growing by CAGR 200-300% every year, Gupta added. It currently has 150 employees.
Skit recently expanded into the U.S. and Southeast Asia markets.
The global contact center market size is expected to increase steadily and reach $496 billion by 2027. Skit will potentially address the $300 billion voice customer service market with its voice AI platform VIVA, Gupta said.
With more than 10 million hours of training data, Skit’s VIVA replicates human-like conversation and understands the speaker’s intent, and can translate other unique speech characteristics that enable more efficient query resolutions, Gupta said.
Skit has been listed in Forbes 30 Under 30 Asia startups 2021.
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