Business

DaveAI, A Nasscom Deeptech Club start-up specializing in Visual AI, raises strategic round of funding by Marquee Investors from Japan and India

May 27, 2022 by Investors and Startups
  • Investment led by Maruti Suzuki, GHV, Hakuhodo Inc., with participation from existing investors Mumbai Angels & IIIT Seed fund
  • First investment made through the Maruti Suzuki Innovation Fund

Bengaluru: DaveAI, a virtual AI avatar led sales experience platform announced a strategic round of investment led by Maruti Suzuki India Ltd – India’s largest automobile brand, GHV – India’s first and biggest industry Co-Creation innovation and investment group for Japan, Singapore, and South East Asia, and Hakuhodo Inc. – A global top 10 Integrated Marketing & Innovation Company. The round also saw participation from existing investors Mumbai Angels Network and IIIT Seed fund.

Talking about the investment, Sriram P H, Co-founder & CEO said “This strategic round of investment will help us meet growing global demand for assisted digital sales experiences. We have scaled rapidly in the last year with these strategic partnerships and are in early discussions about our Series A round to take us through the next phase of global growth.”

DaveAI was the winner of the Maruti Suzuki MAIL program, powered by GHV India’s largest mobility testbed. Maruti Suzuki is leading this round by making its first investment through the Maruti Suzuki Innovation Fund. “The investment would help MSI strengthen its offering to customers by creating a customised sales experiences on the web, virtual reality, and augmented reality,” the auto major said in a regulatory filing. DaveAI’s Virtual AI avatars power Maruti Suzuki’s digital car-buying journey across cars delivering a>30% increase in sales metrics.

DaveAI virtual avatars mimic a human sales brain coupled with state-of-the-art 3D Visualization, which is an industry first. “We are at the forefront of enabling some of the country’s largest brands in retail & banking, to take their first step in creating brand avatar-powered immersive Metaverse experiences,” said Dr. Ananth, Co-founder & CTO of DaveAI.

DaveAI has already leveraged GHV’s Digital transformation Lab & Industry Co-Creation programs to engage & scale with large enterprises in India & South East Asia. According to Mr. Vikram Upadhyaya, founder, GHV Group – “We, as GHV, are delighted to back DaveAI with additional capital, as the company has shown a consistent performance on T.E.S.T.PoC (C), GHV’s proprietary venture evaluation thesis. Further, the company aligns well with GHV’s vision of empowering Deep tech digital portfolios, as a part of its Digital Transformation framework for Enterprises such as Maruti Suzuki. This is one of the first examples of the most successful outcomes of the Maruti Suzuki MAIL program powered by GHV, and I am sure there would be many more to come.”

DaveAI witnessed 300% YoY growth in revenues in FY 2022. The platform is leveraged by large enterprise customers that include Maruti Suzuki, Hero MotoCorp, BPCL, Landmark Group, Raymond, Karnataka Bank, etc. “Hakuhodo Inc. is very bullish on Indian Startups’ Innovation capabilities.

DaveAI’s technology will be integrated with Hakuhodo’s Advance MarTech Stack and will be made available in 150 offices across 20 countries, creating an edge for the Global Network” – Rakesh Yadav, CEO of Hakuhodo Group’s India Digital arm, AdGlobal360, said.

DaveAI has strong partnerships with leading technology companies such as Intel and SAP. With MSIL & Hakuhodo joining in, DaveAI is all set to build an Industry first platform that will help create the next generation of sales experiences.

This round also saw participation from DaveAI’s existing investors Mumbai Angels – India’s premier platform for private investment that holds an AUM of USD 130 Mn and a 200+ strong portfolio spanning a wide range of sectors, & tech startup investor IIIT Seedfund.

Talking about DaveAI’s capability in reshaping businesses, Nandini Mansinghka, Co-founder & CEO of Mumbai Angels said “AI-driven retail applications are coming into the limelight as the need for advanced data-driven analytics and engagement become the norm. DaveAl, with its real-time analytics solutions for customized recommendations, holds immense potential in boosting retailing KPIs for businesses. I am confident that the fresh capital will enable them not only to scale up but also maximize the profitability of retailing businesses.”

Talking about the investment, Mr.Viiveck Verma, Co-founder of IIIT Seedfund said “We have a longstanding association with DaveAI since their early stage when our network investors were mentoring them as part of IIIT CIE’s Avishkar program. It is great to see this deep tech platform now being used by several global enterprises and one of them making a strategic investment. As existing investors, we are glad to continue supporting the team at DaveAI as they venture into the next phase of growth.”