Barely days after Artificial Intelligence (AI) startup Antworks raised $15 mn, another AI startup has joined the fundraising list. This time it is Bengaluru based startup Racetrack, which has raised $5 million from clutch of high net-worth individuals (HNIs). However, names of these investors have not been disclosed.
Racetrack uses the power of AI to help increase the productivity of businesses across the sector. Its AI based solution is capable of increasing sales growth, customer retention, consumer sentiment analysis and efficiently handling of multi-media communication channels.
Commenting about the fundraising, Racetrack’s founder Subrat Parida will use the latest capital infusion to make foray into overseas markets like U.S, Mauritius and Singapore. Parida also added that the company is planning to enter into verticals like retail, banking and healthcare.
Besides, the company is also planning to raise series A funding by end of the current financial year.
Indian economy is all set to disrupted by AI
Although debate continues to rage over whether AI is a hype or reality, majority of experts cutting across the industry unanimously agree that AI will have monumental impact on Indian economy in coming years.
A recent study carried out by IT giant Accenture claims that Ai can add whopping US$957 billion to India’s revenue by 2035. This would be roughly 15% of India’s current gross value in 2035. The study further claims that India is the most competitive country in South Asia on AI front, but lags behind most G20 countries in AI investment.
During last three years, it is estimated that India attracted less than $100 million in AI-oriented venture capital financing.
Some of the top sectors that are expected to be disrupted by AI
- Manufacturing
- Banking, financial services and insurance (BFSI)
- IT/ITeS
- Technology
- Education & teaching