Blockchain-based data exchange platform, VeriSmart, on Tuesday announced the acquisition of Delhi-based conversational AI (artificial intelligence) startup DolphinChat (formerly known as CivilCops) for an undisclosed sum.
VeriSmart, operated by MetaWing Technologies Pvt. Ltd, said in a release that it will be investing $4 million in the DolphinChat platform over the next 24 months. “DolphinChat platform will get access to millions of consumers that are part of VeriSmart’s industry consortiums,” said Ashish Sharma, founder and chief executive of DolphinChat.
Founded in 2017 by Ashish Sharma and Kusha Kohli, DolphinChat develops AI-based chatbots and voice assistants for enterprises and small and medium businesses (SMBs). This helps its clients to provide automated consumer conversations on their web-based platforms.
Founded by Saurabh Gupta, VeriSmart is a data access management platform that enables businesses to exchange their data with each other in a privacy-compliant manner. The platform helps enterprises retain data ownership and protect their users from third-party data abuse.
The company tracks who shared what data with whom, when, by what means and for what purpose, without storing any user data on the platform. It works with Indian banks and telecom companies, including Kotak Mahindra Bank, ICICI Bank, Union Bank, and Bharti Airtel. The company provides data-related services to its clients.
“The integration of DolphinChat’s omnichannel communication layer will help extend VeriSmart’s functionality to manage end-consumer consent for data use in our Data Exchange Consortiums more efficiently,” said Saurabh Gupta, founder and chief executive of VeriSmart.
The integration will create an end-to-end solution for enterprises as well as the end consumers, Gupta added.
VeriSmart said that over the last two years, the company has bootstrapped to profitability and has connected the data of 15 million consumers to its various data exchange consortiums. The company claims to be powering more than 500,000 daily transactions.
VeriSmart claims that the company has seen a growth of 450% in the monthly net revenue over the last 3 quarters. The company is now planning expansion to two more geographies.