Traditional voice-based service for call centers is expensive and difficult. Artificial intelligence and voice technology offer enterprises the opportunity to overcome the challenges associated with scale and engagement at customer contact centers. This is what Skit Sourabh, CEO and co-founder of TechCrunch, said.
Gupta stated that the Covid-19 pandemic caused a record increase in calls to bank call centers. Customers tried to manage their portfolios during financial instability and work from home policies. This presented a chance for Skit.
Customers tend to prefer voice-call support to other self-service channels. This has resulted in increased pressure on traditional interactive voice response (IVR) systems as well as support agents to answer all incoming questions, he stated.
Skit, an artificial intelligence SaaS voice technology company based in Bengaluru, was formerly known under Vernacular.ai. It developed its AI-based voice assistant platform VIVA. This allows corporations to automate 90% their call center operations using Natural Language Understanding (NLU). VIVA is available in more than 16 languages, and 160 dialects.
Skit today announced that it closed a $23 million Series B round. This will allow the company to grow in both domestic and international markets, including the US, South East Asia, and improve its voice automation platform.
Two co-founders, Sourabh Gupta, an Indian Institute of Technology alumni and Roorkee alumnus respectively, founded the company in 2016.
WestBridge Capital led the latest round of funding along with existing investors Kalaari Capital, Exfinity Ventures and LetsVenture, IAN Fund and Sense AI. The round also saw participation from angel investors, including Prophetic Ventures AaryamanVir Shah and LetsVenture. Skits now has $30 million in total funding.
Skit will use the new funding to expand its global reach, including sales, marketing and further R&D.
We plan to expand and double down on our operations in India and globally. We also plan to increase our employee count. Gupta explained to TechCrunch that we are looking to establish a strong customer base in North America through our New York headquarters.
According to the company, it has quadrupled its revenue and customers since its last fundraising of $5.1 million Series B in May 2020. Gupta said that the company's average order book has been increasing at a CAGR of 200-300% each year. It currently employs 150 people.
Skit has recently expanded to the US and South East Asia markets.
We found that South East Asia is a potential market for conversational AI. Gupta spoke exclusively to TechCrunch about the fact that these markets are home for a variety of languages and dialects.
Given that language and hyper-personalization are Skits strongest suit, the company is witnessing increase adoption in South East Asia market, where is easier for the company to expand with similar demographics and business challenges as in India, Gupta explained.
It also opened its headquarters in NYC. It is a mature market that has advanced in technology adoption and is ready for strong competition, he stated.
Sashi Reddi, WestBridge Capital's Venture Advisor, stated in a statement that Skits' success in helping India's largest companies positions them well for the US market. There is a huge need for voice AI solutions.
Global contact center market is expected to grow steadily, reaching $496 billion in 2027. Gupta stated that Skit could address the $300 billion market for voice customer service with its voice AI platform VIVA.
Its B2B clients include diverse industries such as banking, insurance and finance, securities, nonbanking finance companies, travels and logistics, food & drink, ecommerce, and finance. According to Gupta, it has more than 25 B2B customers, including Axis Bank and Hathway Bank, Porter and Barbeque Nation.
Call centers have a history of high costs and high attrition rates. The traditional interactive voice response (IVR) system and long wait times for end-users are frustrating. Call drops, long wait times, frequent agent transfers and extensive IVR menus all contributed to customer frustration.
Skits VIVA has more than 10 million hours of training data and can understand speakers intent. It can also translate unique speech characteristics to enable faster query resolutions, Gupta stated.
Skit was listed in Forbes 30 Under 30 Asia Start-ups 2021.
