Convin Raises $6.5M in Series A Funding Led by India Quotient

• ByStartupStory     |    August 27, 2024

AI-based conversation intelligence platform, Convin, has successfully raised $6.5 million in a Series A funding round led by India Quotient. The funding round also saw participation from new investor JSW Ventures, along with existing backers Kalaari Capital, Titan Capital, Winners Fund, Sparrow Capital, and 9Unicorns. The funds will be utilized to scale Convin’s core team and expand its distribution channels, the company announced in a release.

Over the past year, Convin has experienced significant growth, tripling its client base and now serving over 80 clients, including prominent brands such as Reliance Nippon, Titan, Puravankara, Thyrocare, and LazyPay.

“We’ve raised funds with two key goals in mind. First, we aim to bring greater predictability in various aspects of our business, particularly in product development and customer acquisition. This will accelerate growth across these areas,” said Ashish Santhalia, CEO of Convin. “Second, we’re focused on strengthening our team by recruiting top talent and building a senior leadership team to guide us through the next phase of growth.”

Founded in 2021 by IIT Delhi alumni Ashish Santhalia, Bharat Patidar, Atul Shree, and Durgesh Choudary, Convin provides AI-driven solutions for customer-facing teams in sales, support, and collections. The platform offers tools to monitor and analyze agent-customer interactions, driving efficiency and improving customer outcomes.

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

Convin’s platform is powered by its proprietary large language model, Convin LLM, which boasts 7 billion parameters. This model is specifically tailored for Indian contact centers and supports over 35 languages, including 23 Indic languages.

“Our team has meticulously pre-trained and fine-tuned a large language model, specifically designed to support Indic languages and adapt to the unique demands of Indian contact centers. The distinct accents, specialized terminologies, and cultural nuances in our communication require a model that is deeply embedded in this context, something that off-the-shelf models simply can’t provide,” Santhalia explained. “We’re now embarking on the development of a more advanced model even beyond 7 billion parameters. Our goal is to deliver a solution that offers ten times the value, driving significant improvements in how we serve our clients and their customers.”

Gagan Goyal, General Partner at India Quotient, expressed optimism about the investment, stating, “At India Quotient, we are optimistic about the transformative potential of AI-driven copilots for the call center industry with Human-in-the-Loop. Convin’s focus on boosting agent productivity and customer retention, backed by a strong team, makes this investment an exciting opportunity.”

Convin LLM has been trained on more than 200 billion tokens, and according to the company, it outperforms GPT-3.5 by 40% and GPT-4 Turbo by 20% in terms of accuracy. With the newly acquired funds, Convin anticipates a 200% increase in customers and a 3x boost in revenue for the 2024-25 fiscal year.

“Convin has rapidly scaled their AI-driven products for customer-facing teams, achieving strong market fit. With this investment, they’re set to reach new milestones in product development, technology, and sales, positioning them to seize opportunities in the AI-driven contact center space,” said Sachin Tagra, Managing Partner at JSW Ventures.

In recognition of its innovative products, Convin was recently featured in G2’s Best Software Awards 2024, securing top positions in the ‘Best AI Products’ and ‘Top 100 Software Products’ categories.

This latest round of funding positions Convin to further its mission of revolutionizing customer interaction and service delivery through advanced AI technology, setting new standards in the contact center industry.

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