BENGALURU: Artificial intelligence startup Racetrack.ai said it has secured $5 million from a group of high net-worth individuals in a funding round that has valued it at $21million.
“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.”
The 50-member startup, founded in 2015, offers two flagship products — a chatbot for sales and support, and a business accelerator that helps in better business planning and execution. “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,” Parida said.
In the booming $100 billion AI market, Racetrack.ai is targeting verticals like BFSI, education, health, hospitality, and real estate, according to Parida. A study by Accenture in December said AI could add $957 billion to the Indian economy or increase the country’s income by 15% by 2035 by changing the nature of work to create better outcomes.
In the first half of 2018, India recorded overall flow of $3.6 billion through external funding rounds made across 411deals in startups.
Also published in Economic Times.