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“A virtual assistance for banking services.”
Active Intelligence Pte Ltd also called as Active.Ai; a fintech company uses Artificial Intelligence (AI) to deliver Conversational Banking services. Active.Ai works on Natural Language Processing and Machine Intelligence, a platform allowing banks to interact with the customers through messaging and voice.
Foundation and Founders
Active.Ai, a private fintech startup company, is founded on February 16, 2016, by 3 key people Ravi Shankar, Shankar Narayanan, and Parikshit Paspulati. Based in Singapore with an innovation lab in Bengaluru, India with 65 employees as per 2017 stats. The fintech company is built for banks by redefining their digital strategy for the future bringing automation and insightful the customer engagement.
Ravi Shankar is a former Group Executive Vice President at Yes Bank. He also co-founded Nevales Networks Pvt Ltd.
Mr.Parikshit co-founded 2 companies TAGIT Pte. Ltd. in 2004 and MobileStruct.
Narayan Shankar worked as Senior Vice President and Compliance Officer at Mahindra & Mahindra Ltd. till October 26, 2006
Active.Ai built own IP with an AI product platform that can be delivered on the cloud. The main focus is to solve complex issues by connecting to the banks through API’s making it reach to the customers in a friendly and cost-effective way.
The omnichannel platform enables its application on messaging channels like FB Messenger or IoT devices like Alexa. The startup company collaborated with Infosys Finacle, IBM, Microsoft and EdgeVerve Systems to offer banking services with 24*7 assistance through Messaging and Voice based interfaces.
Axis Bank is the first client to Active.ai, and there are other five banks namely CIMB Bank, Income, FWD insurance, IndusInd Bank, Hdfc securities, and SouthEast Asia.
The two main products used by Active.Ai
Morfeus, Active.Ai’s middleware engine developed at innovation lab in Bangalore, India runs as the Java app for a web server. It connects front-end channels helping banks to engage with their customers via mobile, chat or voice using AI.
Triniti and AI engine is a combination of NLP and NLG elements for financial institutions connecting with the customers in a natural format. It is designed to automate particular functions like transactions and customer service between customers and other banks. To save banks time, money and manpower, Triniti powered chatbots are used to try solving queries.
Active.Ai runs on Software as a Service(SaaS) based subscription model to foster revenue.
Active.Ai rapid increasing and recognition in the banking sphere has gained a lot of engagement and trust between the clients providing a robust and secure functioning between Banks and Customers.
Funding and Revenue
Active.Ai raised a total of $11.8M with 3 lead investors and 6 investors.
- Kalaari Capital
- Vertex Centures
- ID ventures
- Dream Incubator
- Chiratae Ventures
Id Ventures India and Kalaari Capital funded $3M in November 2016 and Vertex centures, Creditease and Dream Incubator funded $8.25M. And has $3.5M in revenue annually.
- Thomson Reuters