Recurrent.ai, Chinese artificial intelligence (AI) which provides AI-enabled solutions to improve sales efficiency, announced it has successfully raised US$12 million. The round of financing was led by Sequoia Capital China per the press statement released by the startup.
Existing investor GSR Ventures returned to invest and Wanwu Capital also participated in the round.
The startups total capital exceeds US$22 million as it had previously raised $10 million in its Series A funding round in September last year.
The fresh funds will be invested in improving the startup’s product offerings through research and development as noted by the new website Deal Street Asia.
Recurrent.ai’s products assists companies to efficiently identify hundreds of expressions with the same semantics, and conduct data mining and extraction for mass communication content, by leveraging its NLP and deep learning technologies.
Partner at Sequoia Capital China, Qingsheng Zheng, commenting on the recent funding said, “Founded by the top domestic AI team, Recurrent.ai is committed to improving corporate sales efficiency through voice recognition and natural language processing technologies.”
He also expressed high confidence in the startups founding team, “grasped the demands of business managers for the AI system, and at the same time, they were able to penetrate the work scenes of frontline salesmen, which is very rare for a young enterprise service company.”