Enterprise AI startup Zoom.ai raises additional $3.1 million to accelerate growth and bring intelligent automation to enterprises globally
Enterprises are beginning to embrace artificial intelligence (AI) as they recognize the value associated with integrating artificial intelligence (AI) into their businesses. The adoption of enterprise AI and the rising demand for AI-based solutions and platforms are expected to drive the growth of the enterprise AI market. According to research company Markets and Markets, the global enterprise AI market is forecast to grow from $625.0 million in 2016 to $6,141.5 million by 2022. There are more than 100 big companies leading the AI revolution. However, there and new and upcoming startups leading the way in providing enterprise-grade workplace automation solutions to global enterprises. One of these startups is Zoom.ai.
Toronto-based startup, Zoom.ai, grew out of the need to minimize distractions at work from menial tasks that limit productivity. Ava Zoom is an automated virtual assistant that helps customers offload menial tasks, such as meeting scheduling, meeting preparedness, introductions, and travel logistics. Founded in 2016 by Roy Pereira, Zoom.ai automates virtual assistant for enterprises. Zoom.ai provides a chat-based productivity tool that helps employees to offload and automate everyday tasks. Zoom.ai has won many notable awards including IDC Research’s Top 5 Canadian Artificial Intelligence Innovator and OpenText’s Best Enterprise Software
The company announced today the it has raised additional a $3.1 million seed extension financing round. The funding is led by Evolution Equity Partners with participation from existing investors Betaworks, BDC, Good News Ventures, Two Small Fish Ventures, North Spring Capital. The extension follows the initial seed round in early June 2017 and brings the total seed investment to $5.2M. The additional capital will be utilized for product development, as well as expanding its sales to meet increased demand for its solution in US and Europe.
“Zoom.ai is leading a new approach to tackling the complexity of the modern workplace,” said Roy Pereira, CEO and Founder of Zoom.ai. “Enterprises are seeking new ways to engage and empower their employees — Zoom.ai brings secure, intelligent automation to the workplace and enables enterprises and employees to cut down on time spend on menial task and focus in on work that drives business. This seed extension financing round will enable us to grow our team to meet demand and expand our presence in both the European and the US markets. Partnering with Evolution Equity Partners will help us emphasize our commitment to enterprise security.”
This funding follows on the heels of the company’s announcements of partnerships with both Microsoft and Google as well as receiving several awards including Best New Startup at Canadian Innovation Awards.
“Zoom.ai is uniquely placed to extend its category leadership position internationally and across Enterprise sectors by revolutionizing how corporate work is done and their data is managed. Zoom.ai has built-in from the ground up often neglected attributes that an enterprise ready solution needs – security of data, cross-platform reach, the innate ability to not only dive into much of an enterprise’s high value data applications and knowledge storage but also to increasingly apply machine learning to stitch together, amplify insights and to present disparate corporate information through chat as a common and easily understood interface.
We are honored to help drive Zoom.ai’s growth in adoption by global corporates that are demanding real ROI and work efficiency support for their employees and teams. A first mover in this type of enterprise application this funding will ensure Zoom.ai customers receive a unique and evolving product and the enterprise level support that they need to be successful.” said Dennis Smith, Founder and Managing Partner at Evolution. Smith will join the Zoom.ai Board of directors.
Zoom.ai improves workplace productivity issues and enables employees to work better through automating searching files, scheduling meetings, generating documents and much more. On average, Zoom.ai saves employees 10+ hours a month and boosts productivity by 14%. The Zoom.ai automated assistant acts as an intelligent layer that rests between a company’s preferred chat application and their entire tech stack. Zoom.ai can centralize any organization’s data, knowledge and applications in singular access point.