Rezolve.ai aims $10 million Series A fundraise to fuel expansion
- ByStartupStory | October 23, 2021
Rezolve.ai, a service desk automation startup, is planning a $10 million Series A fundraiser to fuel its expansion business and product innovation.
Founded by Indian founders with a strong focus on the US and European markets, the San Francisco-based company said it aims to strengthen its position in the Indian market over the next 68 months. The B2B SaaS startup already has a small customer base in India but expects to dramatically accelerate its operations due to increased demand for automation from 4,444 corporate offices as businesses move to a digital scale.
“We’ve just hired a team to focus on the Indian market as we’re getting a lot of potential interest from India. We currently have two clients in India, but we plan to have more than 25 customers in the next six to eight months.” To reach Indian customers and many more from Asia in general,” said Saurabh Kumar, co-founder of Rezolve.ai.
Founded in 2017 by three alumni of the Indian Institute of Management (IIM) in Bangalore – Kumar, Manish Sharma and Udaya Reddy – the company competes with AI-based employment support startups Aisera and Moveworks.
“We are now in an idle conversation with investors to raise a Series A by the end of this year. The capital raised will be used to expand and strengthen our technology to grow ten times faster than our current pace. We are currently adding four to five customers a month around the world and expect to have more than 1,000 customers by 2024,” Kumar said. According to him, Rezolve.ai will soon expand its base in the European market.
The global help desk automation market was estimated to be $3.4 billion by 2020. It is expected to grow to $21.8 billion by 2027, with a compound annual growth rate (CAGR) of 30.4%, according to a study by Strategy.com. To date, the company has raised $2.5 million in seed and PreSeries A from TriValley Ventures, Venture Catalysts, 9Unicorns Pentathlon VC, SLO Seed and Sand Hill Angels.
While traditional players target agents in the service desk segment, Rezolve.ai targets employees as end-users, with an emphasis on improving their service experience. Covid19 and the ensuing lockdowns around the world have forced workers to work from home, increasing the need for a support service.
As a result, Rezolve.ai claimed to have seen substantial growth in upcoming requests for service desk automation. Over the past seven to eight months, Rezolve.ai’s monthly traffic has grown 1,700%, signing as many customers in September as it did in all of 2020. Its 30 corporate customers include four Fortune 500 companies in the United States, Canada. and India, among others.
“Employees can get help in seconds by simply chatting with our Rezolve.ai app. They can ask for help with the correct information, a task performed in triaging an issue or creating a ticket on behalf of the employee, and our out-of-the-box solutions provide them solutions as never before”, Saurabh added.
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