Convin Secures $6.5M in Series A Funding to Accelerate AI-Driven Customer Interaction Solutions

In a significant stride towards revolutionizing customer interaction, AI-based conversation intelligence platform Convin has secured $6.5 million in a Series A funding round. The round was spearheaded by India Quotient, with participation from new investor JSW Ventures and existing supporters, including Kalaari Capital, Titan Capital, Winners Fund, Sparrow Capital, and 9Unicorns. The fresh infusion of capital will bolster Convin’s core team and broaden its distribution network, marking a new chapter in the company’s growth.

Convin’s rapid expansion over the past year has been impressive. It has tripled its client base and now proudly serves over 80 clients. The platform has gained the trust of prominent brands such as Reliance Nippon, Titan, Puravankara, Thyrocare, and LazyPay, further solidifying its position in the market.

Ashish Santhalia, CEO of Convin, shared the company’s strategic vision following the funding round. “Our primary focus is to enhance predictability across critical areas, particularly in product development and customer acquisition. This funding will accelerate our efforts in these domains, driving our growth forward,” Santhalia explained. “We’re also committed to strengthening our team by bringing in top-tier talent and building a senior leadership team that will guide us through this next phase of expansion.”

Founded in 2021 by IIT Delhi alumni Ashish Santhalia, Bharat Patidar, Atul Shree, and Durgesh Choudary. Convin specializes in providing AI-powered solutions tailored to customer-facing sales, support, and collections teams. The platform’s tools monitor and analyze agent-customer interactions, ultimately enhancing efficiency and improving customer outcomes.

At the heart of Convin’s offerings are three flagship product suites: the Real-Time Suite, Post-Interaction Suite, and Convin Insights Suite. These products address common challenges such as agent inefficiencies, misselling, low conversion rates, and suboptimal customer experiences across sectors like banking, insurance, finance, e-commerce, edtech, and retail.

The driving force behind Convin’s innovation is its proprietary large language model, Convin LLM, which boasts an impressive 7 billion parameters. This model is uniquely optimized for Indian contact centers, supporting over 35 languages, including 23 Indic languages. Santhalia emphasized the importance of this tailored approach: “We’ve meticulously designed Convin LLM to cater specifically to the diverse linguistic and cultural nuances of Indian contact centers, something generic models simply can’t match.”

Looking ahead, Convin is already working on the next iteration of its language model, aiming to deliver even greater value to its clients. “We’re pushing the boundaries with a more advanced model that will provide ten times the value, significantly enhancing how we serve our clients and their customers,” Santhalia added.

The Series A funding round has fortified Convin’s financial position and attracted industry confidence. Gagan Goyal, General Partner at India Quotient, expressed his optimism about the investment. “Convin is perfectly positioned to transform the call center industry with AI-driven solutions that empower agents and improve customer retention. This investment is an exciting opportunity to support a team already making significant strides.”

Convin’s proprietary LLM has been trained on more than 200 billion tokens and is reported to outperform industry giants like GPT-3.5 and GPT-4 Turbo regarding accuracy. With the newly acquired funds, Convin is poised to increase its customer base by 200% and triple its revenue in the upcoming fiscal year.

Convin’s innovative approach and rapid growth have not gone unnoticed. The company was recently recognized in G2’s Best Software Awards 2024, earning top honors in the ‘Best AI Products’ and ‘Top 100 Software Products’ categories.

As Convin moves forward, this latest round of funding will fuel its mission to set new customer interaction and service delivery standards through cutting-edge AI technology, positioning the company at the forefront of the contact center industry’s evolution.