In the world of business, it is important to effectively connect with prospective clients. But for many companies, the traditional methods of interacting with clients, particularly through call centers, often have significant challenges. Recognizing this gap in the market, Bengaluru-based Gen AI Software as a Service (SaaS) startup, Vodex, has set out to revolutionize the way businesses interact with their customers. On its mission, Vodex has as secured $2 million (around INR 16 crores) in seed funding in the funding round led by Unicorn India Ventures and Pentathlon Ventures.
With the capital infusion, Vodex, will go forward with its global expansion plans and extend its footprint across international markets. Additionally, the company also aims to grow its business with a target to expand at least 4 times within the next year.
Shrivastava said, “This investment is a testament to the immense potential of Generative AI in revolutionizing sales. Vodex will invest in building a dedicated and highly trained support team to ensure exceptional customer service. We are confident that we will quadruple our revenue in the near future.”
The startup focuses on using AI to empower businesses in setting up highly efficient sales processes that are capable of engaging in human-like conversations. This technology not only automates sales processes but also eliminates the need for traditional call centers. This AI-driven sales interaction is aimed at helping businesses streamline operations, boost efficiency, and enhance their ability to connect with customers on a deeper level.
Prior to this seed funding round, Vodex had already secured INR 1.25 crores in a pre-seed funding round from 100X.VC. Currently, the company has $1 million in recurring revenue from its growing customer base.
Bhaskar Majumdar, managing partner, of Unicorn India Ventures, said, “We see disruptive capabilities in Vodex to emerge as a formidable player by applying the power of GenAI and SaaS to help enterprises manage their CRM engagements more efficiently.”
Vodex: Revolutionizing Customer Interaction
Founded in 2020 by Anshul Shrivastava and Kumar Saurav, Vodex is a Bengaluru-based startup that specializes in harnessing the power of Generative Artificial Intelligence (AI) to revolutionize outbound calls and customer communication. Vodex is a platform that seamlessly integrates with existing systems allowing for natural, human-like conversations with customers, making each interaction personalized and impactful.
With a team of around 20 professionals, mainly based in Bangalore, Vodex focuses on automating customer communication processes. The platform offers speech recognition accuracy of 98%, making sure that conversations feel genuine and meaningful. Additionally, Vodex integrates seamlessly with Customer Relationship Management (CRM) systems and also provides WhatsApp messaging capabilities.
The Idea Behind the Conversational AI
The spark behind Vodex was fueled by the challenges faced by businesses when it came to reaching out to prospects and customers through phone calls. Kumar and Anshul, the founders of Vodex, had a lot of experience working with Chatbots and Voicebots for over a decade. They noticed a growing demand from businesses for a solution that could automate calls in a way that sounded natural and human-like.
“Many businesses started asking us for a way to have automatic calls that sounded like real people talking. We saw that no one was offering this, so we thought we could fill that need with a new solution that used AI to make the calls feel more personal.” shared Anshul Shrivastava, Co-Founder and CEO, of Vodex.ai.
Businesses were struggling with existing options because of the high costs associated with developing bots or the experiences of IVR (Interactive Voice Response) systems. On the other hand, handling calls manually meant expenses in terms of hiring, training, and retaining human resources. At the same time, the customer experience was often compromised with IVRs unable to address queries adequately and bots frequently responding with “Sorry, I didn’t understand.”
Recognizing this gap in the market, Kumar and Anshul saw an opportunity to create a new platform that utilized the power of Artificial Intelligence (AI) to revolutionize outbound calls. With this vision in mind, Vodex was started as a platform that fully automates outbound calls, delivering a transformative communication experience for businesses. The platform would leverage Generative AI to create conversations that sounded natural, human-like, and tailored to each interaction.
“We are living in this age where AI is no longer a science fiction but is actually being used by various businesses across the globe and we have the potential to build AI-powered products from India which can be used by customers across the world” Anshul Shrivastava, Co-Founder and CEO, Vodex.ai
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