Abu Dhabi based ADQ has announced $300 VC investment in Indian startups with Verloop.io, a customer support automation platform, being the first.
Initiated by ADQ-backed Alpha Wave Incubation along with investors IDFC Parampara and Kris Gopalakrishnan, Verloop.io has raised $5 million with its Series-A funding. Backed by New York-based investment firm, Falcon Edge Capital,
In a statement, founder and CEO of Verloop.io, Gaurav Singh said the investment amid the coronavirus outbreak has served as an endorsement of their machine learning capabilities. Further, the capital generated will be used for hiring top faculty and product development roadmap spanning across the Middle East, U.S., and Southeast Asia.
Verloop.io is going places with automating customer support across channels while processing more than 2 billion customer queries. The start-up boasts of over 100 million users, claiming to automating up to 60% within a month.
Co-Founder of Falcon Edge Capital, Navroz D. Udwadia expresses his excitement to back Verloop.io and believes the start-up can drive growth and enable brands in superchanging their support team.
Abu Dhabi has started investing in start-ups to diversify its innovation ecosystem in the capital. Last year, the government set up Hub71, an international technology hub, in association with SoftBank, Mubadala Investment Company, Microsoft, and Abu Dhabi Global Market.