Callveriq Secures $6.5M in Series A Funding to Revolutionize Call Center Customer Interactions

August 2024 – Bengaluru, India: Callveriq, a leading AI-powered conversation intelligence platform, has successfully raised $6.5 million in its Series A funding round, led by India Quotient, with participation from prominent investors, including JSW, Titan Winners Fund, Kalaari Capital, Sparrow Capital, and 9Unicorns.

We empower customer-facing teams–sales, support, and collections—with AI-backed tools to track and analyze agent-customer interactions.

Pioneering AI in the Contact Center Domain

Callveriq's platform is meticulously segmented into three core product suites: the Real-Time Suite, the Post-interaction Suite, and the Callveriq Insights Suite. These suites tackle critical challenges such as agent inefficiencies, misselling, poor conversion rates, and suboptimal customer experience across various industries, including Insurtech, Fintech, E-commerce, Edtech, Retail, Hospitality and Travel, Real Estate, Healthtech, BPOs, Banks, and Airlines.

At the heart of Callveriq's innovation is its proprietary Callveriq LLM (Large Language Model) and the Generative AI product suite. The 7-billion-parameter Callveriq LLM is explicitly tailored for Indian contact centers. This model supports over 35 languages, including 23 Indic languages, and has been trained on over 200 billion tokens. Its performance surpasses leading models like GPT-3.5 by 40% and GPT-4 Turbo by 20%, offering unparalleled accuracy and reliability in processing diverse and complex customer interactions.

Accelerating Growth and Market Expansion

"With this new infusion of capital, we’re ready to significantly expand our team and distribution channels. Callveriq’s growth has been nothing short of remarkable—we’ve tripled over the past year, serving 80+ clients, including major brands like Reliance Nippon Puravankara, Titan, Thyrocare, and Lazypay. Our expansion extends beyond India, into Southeast Asia, and with our enhanced AI capabilities, we’re projecting a 200% increase in customer acquisition and a 3x revenue boost in 2024-25." — The speaker

Recent Recognitions and Product Innovations

Callveriq’s excellence in the AI and contact center domains has not gone unnoticed. The company was recently honoured in G2’s Best Software Awards 2024, securing top positions in the "Best AI Products" and "Top 100 Software Products" categories. These accolades underscore Callveriq's commitment to delivering top-tier solutions that drive real business results.

Investor Confidence

Commenting on the investment, Gagan Goyal, General Partner at India Quotient, expressed confidence in Callveriq's potential to reshape the call center industry. "At India Quotient, we are highly optimistic about the transformative potential of AI-driven Human-in-the-loop copilots for the call center industry, encompassing sales, support, and collections. Callveriq aims to enhance agent productivity, thereby boosting revenues, improving upsell and cross-sell opportunities, and increasing customer retention. Our enthusiasm for this investment is further fueled by the founders' deep domain knowledge and proven track record of successful execution."

Adding to India Quotient's comment, Managing Partner at JSW Ventures, Sachin Tagra said, "Callveriq has made impressive strides with their AI-driven products for customer facing teams, achieving product-market fit and scaling revenue quickly. With this investment, they’re poised to reach new milestones in both product development and technology, while also enhancing their sales capabilities. This positions them well to tap into the extensive opportunities in the AI-driven contact center space"

Callveriq has quickly become a cornerstone for contact centers seeking to improve operational efficiency and customer satisfaction through data-driven decision-making. With its recent funding and ongoing innovation, Callveriq is poised to lead the next wave of AI-driven transformation in the contact center industry.