Mumbai, 25th September 2024: Venture Catalysts, India’s first Multi-Stage VC today announced leading a $4 million Series A round in CoRover, an innovative company revolutionizing the Conversational AI landscape with its human-centric, Generative AI-powered platform. Other key participants included CanBank Venture Capital Fund (CVCFL), IIM Calcutta (Innovation Park), IIIT Delhi (iHub Anubhuti IIITD Foundation), Cogniphy LLC, Karekeba Ventures, Lead Angels and more. This investment marks a significant milestone in CoRover’s journey to elevate enterprises and impact over 1 billion lives worldwide. This collective of investors brings a wealth of experience and resources to support CoRover’s growth trajectory.
Founded by Ankush Sabharwal (CEO), Kunal Bhakhri, and Manav Gandotra, CoRover has quickly established itself as a leader in the Conversational AI space. The company’s cutting-edge platform empowers businesses to create engaging and personalized conversational experiences across various channels, including AI chatbots, AI voicebots, AI videobots, IVR bots, and WhatsApp bots.
Dr. Apoorva Ranjan Sharma, Co-Founder, and Managing Director of Venture Catalysts++, commented on the investment, “CoRover represents the future of human-machine interaction. Their innovative approach to creating human-centric Conversational AI aligns perfectly with the growing demand for more natural and effective digital interactions. We believe their platform has the potential to transform how businesses engage with customers across various industries. This investment underscores our commitment to supporting groundbreaking technologies that have the power to revolutionize industries and create new opportunities for businesses worldwide.”
CoRover’s platform is designed to cater to a wide range of industries, including e-commerce, healthcare, finance, education, BFSI, mobility, and retail. The company offers solutions for businesses of all sizes, from small enterprises to large corporations, across various geographic regions. With its innovative patent-pending technology encompassing AI, machine learning, natural language processing, augmented reality, and virtual reality, CoRover is well-positioned to capitalize on the rapidly growing global Conversational AI market, which is expected to reach USD 86.42 billion by 2032.
Ankush Sabharwal and Kunal Bhakhri, co-founders of CoRover, expressed their vision for the company, “With this investment, we are equipped with the required arsenal to advance our GenAI-powered conversational AI, expanding its reach and influence, all while staying true to our commitment to human-centric innovation. As it is, the platform, products and services from CoRover stand test of acceptance and scale. Going forward, our endeavour is to make technology more human, aptly bridging the gap between man and machine interaction to echo human-to-human interaction.”
Ankush added, “CoRover is a Composite AI platform built on innovative, patent-pending technology integrating AI, machine learning (ML), natural language processing (NLP), augmented reality (AR), virtual reality (VR), and Internet of Things (IoT) for seamless integration of our conversational AI solutions even across industrial settings. Our vision is for all systems (hardware or software) to communicate as humans do. Our platform leverages BharatGPT, an indigenous Sovereign AI (Large Language Model, LLM) renowned for its accuracy, contextual relevance, cultural awareness, and commitment to responsible AI practices.”
The Series A funding will enable CoRover to further develop its technology, expand its team of AI experts, and accelerate its go-to-market strategy. The company plans to focus on enhancing its Enterprise (B2G and B2B), B2B2C, and B2C offerings, while also exploring new revenue streams through subscription-based models, ad-based revenue, and transaction-based fees.
CoRover’s impressive track record includes impacting over 1 billion users across 100+ languages and 20+ channels, making it a trusted partner for 100+ enterprises worldwide. Some of the company’s popular innovations include BharatGPT (LLM), CoroAssist (a secure Gen AI based copilot for enterprises), eSevak (Conversational Citizen Grievances Management), AskDISHA (at Indian Railways & IRCTC), Ask PAi (at NPCI), AskMitra (at LIC), Chetna (at DMRC), and SEVA (at SEBI).
As businesses increasingly rely on AI-driven solutions to improve customer experiences and operational efficiency, CoRover is well-positioned to play a crucial role in shaping the future of human-machine interactions. By offering solutions that can improve top-line growth through lead generation and engagement, enhance bottom-line results by automating up to 70% of customer support, and elevate customer experiences through personalization and multi-format capabilities, CoRover is set to make a lasting impact on the Conversational AI landscape.
About Venture Catalysts
Venture Catalysts is India’s first integrated incubator. It typically invests $250K – $2 Mn in early-stage start-ups with the potential to create enduring value for over a long period of time. Founded in 2016 by Dr Apoorva Ranjan Sharma, Anuj Golecha, Anil Jain and Gaurav Jain, Venture Catalysts has invested in over 300+ startups since inception. The cumulative valuation of the startups invested by Venture Catalysts is $10 Bn+. Venture Catalysts has its presence across 55 cities in 9 countries and is one of the most active early stage investor globally.
About CoRover
