AI firm Racetrack.ai raises $5 million, eyes to enter new geographies

Racetrack.ai, a company that gives artificial intelligence support to helps businesses for sales support and customer issues, has raised $5 million pre-series A funding from a clutch of investors, including Biocon founding member Murali Krishna and US-based investor Dov Kagan.

Through this fund, the company would be entering new geographies, such as the US, Singapore and Mauritius, for the first time.

The company’s founder and chief executive officer, Subrat Parida, said the fund-raise will also help the firm break into newer business verticals such as retail, banking and health care. “This boost in our physical presence will open new doors for us to partner with intercontinental brands and decision-makers while helping us to create global footprint in the AI industry.”

Parida also said that the new funding would also be used to launch bot–based kiosks by early next year which will be installed at public places such as hospitals, airports and shopping complexes to guide customers to the right product or destination.

The Bengaluru-based company, which was incorporated in 2015, has two flagship AI-based products – Marvin and Turing. While Marvin is a smartbot that provides sales support to clients, Turing is an online and offline business accelerator that helps in better planning and execution of projects. It has about 29 corporate clients such as holiday lifestyle firm Streling Holidays, online home rental startup NestAway and real estate major Mantri Developers, who utilise Marvin as a sales representative for customer interactions.

The company, which is valued at around $21 million, after the current funding round, had earlier raised $300,000 seed fund in 2016 and would be scouting to raise another round of funding by the end of this year.