Wipro Invested $2 Million in AI Startup Avaamo Inc
Wipro Ltd announced it has invested $2.02 million in Avaamo Inc and picked up a 20% minority stake on a diluted basis in the US-based artificial intelligence computing platform.
In a BSE filing, the company stated, “Investment of $2.02 million in this tranche through a fresh infusion of funds into Avaamo.” Reports suggest that the tech giant might convert convertible notes previously issued and add to the initial funding taking the grand total investment to $3.02 million.
Soon after announcing its investment in Avaamo Inc., Wipro rose 0.66% to Rs 295.20 on BSE at 9:22 IST.
Wipro's consolidated net profit fell 11.85% to Rs 1920.10 crore on 1.82% growth in net sales to Rs 13669 crore in Q3 December 2017 over Q2 September 2017.
Avaamo is an artificial intelligence-driven enterpris...