Recurrent AI Completes Sequoia-Led USD 12 Mn Financing Round
The Chinese enterprise services company aims to assist the online CRM process.
Recurrent AI (循环智能), an enterprise solution provider in China, has announced a new financing round of USD 12 million. Sequoia China led the investment and GSR Capital and Wanwu Capital jointly followed the round. The fund will be used in product R&D and business development.
The startup was founded in 2016, dual-headquartered in Beijing and Shanghai. Recurrent AI provides enterprises with business development solutions via AI semantic analysis. Its services analyze dialogues or conversations generated between a salesperson and a potential customer to help the sales department make business decisions and take action.
Recurrent AI started its business from financial, education and Internet verticals, where tremendous communications needs are generated. Companies in these sectors, like New Oriental (EDU:NYSE), Zuoyebang and 58.com (WUBA:NYSE) have precipitated a myriad database layer of dialogues and communication, with data that is not structural data in its original format. What Recurrent AI does is to use semantic analysis to catch the keywords, notate the conversation to form structural data and conduct analysis to provide feedback for users to make further business decisions – finally to improve sales performance.
AI is not so much a buzzword for investors in these days as the irrational AI heat has cooled down. AI companies that raised funds in the post-heat time provide problem-solving products to solve practical problems. Semantic analysis solutions offer a good example of how to integrate data collection, data rinsing, data analysis and deep learning technologies to show an AI company’s capability.