Actionable Science, Inc., which operates the artificial intelligence-based automated employee service desk platform Rezolve.ai, has raised $500,000 (about Rs 3.7 crore at current exchange rates) in funding.
The round in the San Ramon, California-based startup was led by startup incubator and accelerator Venture Catalysts, the company said in a statement.
A clutch of individuals also participated in this funding exercise. These include serial entrepreneur Venkat Raju, information technology veteran Shanmugam Nagappan, angel investors Dhrumil Shah and Harshit Shah, and technologist Aloknath De.
Rezolve.ai was set up in 2017 by Saurabh Kumar, Manish Sharma and Uday Bhaskar Reddy. The company says it aims to disrupt the IT support market through its automated query resolution software. To this end, its AI uses five skills to fully automate repetitive tasks in an employee service desk.
“Most employee service desks are still using traditional models, tools, and KPIs (key performance indicators). As a result, employees still waste a substantial amount of time getting simple issues resolved manually,” said Kumar, who is also Rezolve.ai’s chief executive officer.
The company claims to have a first-mover advantage in the market, and says that its platform provides a 45% auto resolution rate.
“The company is well-equipped to capitalize on this market because automation in the IT support domain is largely unexplored to date. This, along with the founding team’s dedication, makes us very confident of the investment,” Venture Catalysts co-founder and president Apoorva Ranjan Sharma said.
Venture Catalysts has been one of the most active early-stage investors this year, with even restrictions and economic slowdown caused by the Covid-19 pandemic not slowing its dealmaking pace.
The incubator and accelerator was set up in 2015 by Sharma, Anuj Golecha, Anil Jain and Gaurav Jain. It invests between $250,000 and $1.5 million in early-stage startups and provides networking opportunities and mentoring to its portfolio companies.
Some of its recent investments include retail-technology startup Gully Network, electric vehicle charging services startup Charge+Zone and business-to-business healthcare product distribution platform Biddano.
At the start of September, it hit the first close of its maiden vehicle – the 9Unicorns Accelerator Fund – at Rs 100 crore (around $13.7 million).