Enterprise AI Provider Gupshup Acquires Financial Conversational AI Startup Active.Ai
AI communications provider Gupshup has acquired finance and banking conversation AI platform Active.Ai for an undisclosed amount. Gupshup will absorb Active’s technology and customer base to expand its finance clientele and improve its own portfolio of voice and text-based conversational AI for the industry.
Active.Ai serves as the conversational AI provider for banking and financial services clients in 43 countries. The company claims 95% accuracy of more than 50 million questions posed to its AI. The Singapore-based Active team will join Gupshup and augment the existing platform with more tools shaped specifically for the financial sector. Gupshup will use Active’s platform to provide banking customers with ways to build useful voice, video, and text-based AI, assistants.
“We are changing the way businesses engage with their customers by proving a conversational platform for everyone using mobile messaging,” Gupshup CEO Beerud Sheth told Voicebot in an interview. In the top two or three verticals, banking and finance are always the top one or two. It’s advantageous to customize for that vertical and it was always part of our roadmap.”
Gupshup Goes Up
Gupshup is known for handling an enormous volume of messages with AI assistants. The company claims more than 100,000 businesses and developers as clients through its API across 30 channels, from mobile services to web-based platforms, including its proprietary Gupshup IP (GIP) messaging channel. The company has been rapidly scaling since raising $340 million in two funding rounds last year. In February, Gupshup acquired Indian cloud communications startup Knowlarity Communications and began incorporating its voice AI system into its platform. A few months earlier, Gupshup bought communications platform Dotgo, and there may be more such acquisitions on the horizon. The competition has grown more intense as evidenced by enormous funding rounds of late like Shelf.io’s $52.5 million, Dialpad’s $170 million, Yellow.ai’s $78.15 million, or Uniphore’s $400 million. Gupshup has a strategy to stand out, Sheth said, and the individual industry focus of tech from companies like Active is a key element.
“What we’re trying to do is build a comprehensive messaging suite. Vertical-specific conversational AI takes a lot of effort with unique integrations,” Sheth said. “[Existing options] are standalone patchwork solutions. By combining them and integrating them further, we provide a much richer experience.”