Gupshup Extends Acquisition Streak With Ecommerce Conversational AI Startup AskSid
Enterprise AI platform Gupshup has purchased ecommerce and retail conversational AI startup AskSid for an undisclosed amount less than a month after picking up Active.ai and its finance-focused portfolio. AskSid supports Gupshup’s ambitions to embed its conversational AI in more verticals and augment its market expertise after raising $340 million in two funding rounds last year.
Gupshup’s latest spending spree garners it a stake in commerce comparable to Active’s work with financial institutions. AskSid’s Retail AI Brain applies natural language understanding and machine learning to helping personalize shopping experiences based on previous interactions and casual phrasing. The Indian startup claims its models can automate 92% of support conversations and cut related costs 25% even while upping order rates by nearly a third. The acquisition will fold AskSid’s tech and team into Gupshup.
“We are changing the way businesses engage with their customers by proving a conversational platform for everyone using mobile messaging. What we’re trying to do is build a comprehensive messaging suite,” Gupshup CEO Beerud Sheth told Voicebot in a previous interview. “Vertical-specific conversational AI takes a lot of effort with unique integrations, [Existing options] are standalone patchwork solutions. By combining them and integrating them further, we provide a much richer experience.”
Gupshup’s AI communications platform connects AI assistants to more than 100,000 businesses and developers as clients through its API. The company embeds its services across 30 channels, from mobile services to web-based platforms, including its proprietary Gupshup IP (GIP) messaging channel. AskSid and Active join other new additions to Gupshup’s library like voice AI developer Knowlarity Communications and Dotgo, with more potentially coming later this year. Each acquisition also serves as ammunition for Gupshup against the growing number of rivals. The competition has only grown more intense of late 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.