Mumbai-based conversational AI startup Futwork has recently closed a Series A funding round, raising 20.9 crore rupees to further develop their offerings. The solution helps businesses optimize their customer communication processes through artificial intelligence.
Futwork aims to build and scale virtual customer support teams for companies at zero fixed costs. Their intelligent platform is said to have reduced outbound calling costs by over 50% for clients across industries. Notable use cases supported include lead qualification, reactivating existing users, and addressing drop-offs in processes.
According to regulatory filings, the startup issued shares that were purchased by leading investors like the Michael & Susan Dell Foundation, Artha Ventures and Simile Capital. This will allow Futwork to strengthen research and development of their AI-powered technologies.
Founded in 2014, Futwork rebranded from Frapp in 2020. They currently serve business clients through applications of conversational bots and virtual agents. Automating repetitive communication tasks is said to free up agents for more complex customer issues.
This funding round comes at a time when enterprise solutions incorporating new innovations like AI are in high demand. Investors are actively scouting for startups that can help optimize operations through technological advancement.
With enhanced capabilities, Futwork intends to assist more enterprises in streamlining their customer support and reducing overhead costs. If successful, it could set an example for how AI is transforming traditional business processes.