Racetrack.ai, an artificial intelligence startup has reportedly raised an amount of $5million in pre-series A funding round from a group of high net-worth individuals.
This particular funding round valued the company at $21 million. Through these funds, the company intends to expand its operations in various countries apart from India.
“With the fresh capital, we are now looking forward to announce our next overseas operation base in the USA, Mauritius and Singapore,” Subrat Parida, founder of Bengaluru-based Racetrack.ai, said. “We further plan to raise our Series A by the end of this year.”
Founded in 2015, Racetrack.ai is a company of 50 people that provides services through two flagship products – a chatbot for sales and support, and another one is a business accelerator that assists in better business planning and execution.
In the emerging AI market, the company is focusing mainly on business verticals like BFSI, education, health, hospitality, and real estate, according to Parida. Currently, the artificial intelligence market in the country is worth $100 billion.
According to the reports, AI could add $957 billion to the Indian economy. It would increase the revenue of the country by 15% by the year 2035. This will happen by changing the nature of the work to create better outcomes.
“This move will help us delve into newer business verticals like retail, banking and healthcare. 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,” Subrat Parida added.
In early 2018, India witnessed a net flow of $3.6 billion through external funding rounds made across 411 deals in startups. The AI startups these days are getting a lot of attraction which is forming a major part of their fundraising.