3 days ago
Conversational AI platform Rifa AI raises $1.1 million from Seaborne Capital
Agencies Rifa AI, a conversational artificial intelligence (AI) platform building human-like voice AI solutions for enterprises, has raised $1.1 million in a funding round led by Seaborne Capital. Founded by IIT Bombay alumni Sameer Fulzele and Shubham Khoker in 2023, the startup's platform is used to automate customer interactions for companies across sectors like insurance, healthcare, and financial services, replacing call centres.
It deploys voice AI agents at scale, integrating with an enterprise's existing systems. Rifa AI offers real-time, autonomous voice interactions. It claims to reduce the volume of calls handled by human agents by up to 70%, while enabling up to 60% of queries to be resolved end-to-end through AI voice agents. 'If you had a 500 team in a call centre in the Philippines, with Rifa, you could have a 10-person team in the US achieving the same results. Instead of 500 less-trained workers, you can work with 10 highly efficient, trained people and our network of voice agents for customer interactions,' cofounder Khoker told ET. The fresh capital will be used to scale the startup's operations in North America and enter new sectors, he said. The company currently services three clients based in the US, including health insurers, underwriters, and debt collection competes with the likes of Leena Ai, NimbusWeb, and Yellow Ai, which also operate in this space in the US. Khoker acknowledged concerns around hallucinations with the platform, especially as it works with companies in highly regulated sectors. Hallucinations are when AI models provide inaccurate or misleading information.'We offer an augmented solution. Whenever there's a hallucination, our bot tries some damage control measures. If that doesn't work automatically, the call gets routed to a human at a back office,' Khoker added. The Rifa AI team comprises over 20 members, located in Mumbai and San Francisco. Elevate your knowledge and leadership skills at a cost cheaper than your daily tea. Can Coforge's ambition to lead the IT Industry become a reality?
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