Rezolve.ai plans $10 million Series A fundraise

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Mumbai: Service desk automation startup Rezolve.ai is planning a $10 million Series A fund-raise to fuel its expansion activities and product innovation.
Founded by Indian founders with a significant focus on the US and European market, the San Francisco-based firm said it is looking to strengthen its position in the Indian market over the next 6-8 months. The B2B SaaS-based startup already has a small client base in India at present but expects to considerably ramp up operations on the back of increased demand for automation of enterprise desks as businesses are going digital.

“We just hired a team to focus on the Indian market as we are getting a lot of prospect interest from India. We currently have two customers in India, but we expect to get to more than 25 Indian customers in the next six-eight months, and many more from Asia at large,” said Saurabh Kumar, cofounder of Rezolve.ai.

The company, founded in 2017 by three Indian Institute of Management (IIM) Bangalore alumni – Kumar, Manish Sharma and Udaya Reddy–competes with AI-based employee enablement startups Aisera and Moveworks.
“We are now in active conversation with investors to raise a Series A by the end of this year. The capital raised will go towards expanding and strengthening our technology to grow ten times quicker from our current pace. We are currently adding four to five customers every month globally and expect to have over 1,000 customers by 2024,” said Kumar. According to him, Rezolve.ai is also expanding its base in the European market soon.

The global market for helpdesk automation was estimated to be worth $3.4 billion in 2020. It is projected to zoom to $21.8 billion by 2027, at a compounded annual growth rate (CAGR) of 30.4 per cent, according to research by Strategyr.com. So far, the company has raised $2.5 million in seed and Pre-Series A from, Tri-Valley Ventures, Venture Catalysts, 9Unicorns Pentathlon VC, SLO Seed, and Sand Hill Angels.

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While traditional players target agents in the service desk segment, Rezolve.ai targets employees as their end-users, focusing on improving their servicing experience. Covid-19 and the resultant lockdowns worldwide, saw employees having to work from their homes, giving a boost to the need for service desk helpdesks.
As a result, Rezolve.ai claimed to have witnessed substantial growth in queries coming for automation of the service desk. In the last seven-eight months, monthly traffic at Rezolve.ai grew 1,700%, while in September, it signed up as many customers as it did during entire 2020. Its 30 enterprise customers include four Fortune 500 companies situated in the US, Canada, and India, among other places.

“The employees can receive support within a matter of seconds by just conversing with our Rezolve.ai application. They can seek support through the right information, a task being performed, triaging an issue or creating a ticket on behalf of the employee, and our out-of-the-box solutions provide them solutions as never before”, Saurabh added.

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