Corporate services firm Recurrent AI on Monday announced its completion of a new round of financing worth $38 million. Acting as lead investors in this round are Boyu Capital and Sequoia China, while co-investors are existing shareholders Jinshajiang Venture Capital, Eminence Ventures, Zhen Fund and Zoo Capital.
The new investment is to be directed towards product R&D and market development, as well as deeper involvement in finance, real estate, automobiles and other industries. It will accelerate the commercial application of AI in the field of sales tech.
Founded in 2016, Recurrent AI is headquartered in both Beijing and Shanghai, and has expanded with additional branches in Shenzhen and Wuxi. It focuses on sales tech, supports enterprises that communicate with customers online and offline through large staff teams, and helps front-line business workers realize higher efficiency and in growing their business.
Recurrent AI has won the trust of nearly 100 clients from the banking, insurance, real estate and automobile industries, including the Industrial and Commercial Bank of China, China Merchants Bank, SAIC Group and China Eastern Airlines.
In addition, Recurrent AI has accumulated rich sales growth practices, sales analysis models and best communication materials in all walks of life. At present, it handles hundreds of millions of conversations every day, and has produced more than 10,000 AI data models for business processes across various industries.
In terms of industry competition, U.S.-based Gong.io is now a leading manufacturer, mainly working on remote sales analysis of the SaaS industry. Several companies are engaged in real-time auxiliary tools in the communication process between sales personnel and customers, such as CRESTA and Balto. Specifically, within the Chinese market sub-sector, Recurrent AI is competing with intelligent customer service providers based on digital technology.