Telecom major Bharti Airtel on Thursday announced that it has acquired a strategic stake in Voicezen, an early stage startup focused on conversational AI technologies. The acquisition marks the third investment by the company under its Airtel Startup Accelerator Program.
In a regulatory filing, the acquisition will give Airtel early access to cutting edge technologies being developed by Voicezen.
Gurgaon based Voicezen has been working on developing advanced solutions that leverage machine learning, AI, speech to text and voice technologies to offer real time analytics to help brands serve customers better.
Citing a market report, Airtel said that the global Conversational AI Market Size to grow from $4.2 billion in 2019 to $15.7 billion by 2024. The megatrend will be driven by surging demand for AI powered customer support services and omni-channel deployment. Increasing customer engagement through social media platforms and integration of advanced AI capabilities will offer massive opportunities.
“The investment will give Airtel preferred access to Voicezen’s technologies, which can be deployed across its customer touch points in multiple languages. These intelligent solutions will offer real time analytics and insights to make Airtel’s conversations with its customers more engaging and frictionless and enable faster resolution,” Airtel said in the statement.
Voicezen is the third startup to become a part of the Airtel Startup Accelerator Program. By becoming a part of this Program, Voicezen will get the opportunity to deploy its technologies on a massive scale and work closely with Airtel on developing India-first platforms of the future, the company said.
Adarsh Nair, Chief Product Officer – Bharti Airtel said: “AI is a big focus area for Airtel given the deep positive impact the technology can have in transforming customer experience. Voicezen has built some promising products that are very relevant for a market like India,” Adarsh Nair, Chief Product Officer – Bharti Airtel was quoted in the statement.
“With this strategic investment, we will work even more closely with them to continuously improve our AI models and build out an enterprise grade, battle hardened product that will make customer interactions more efficient, especially in this post Covid world where business operations are facing large disruptions,” Apurba Nath, Founder – Voicezen said in the statement.
Airtel Startup Accelerator Program allows start-ups to leverage Airtel’s robust ecosystem, including its core strengths in data, distribution, networks and payments.
This includes access to a vast online and offline distribution network that touches 300m+ customers, deep market understanding and platform of global strategic partners. Further, start-ups also get access to advisory services from Airtel’s executive team. In India, Airtel serves customers across mobile, landline and DTH verticals.