Julio Martínez, Executive Director of InnoCells

Corporate venturing hub of Banco Sabadell, InnoCells, has invested in Singapore-based AI fintech Active.Ai in its $3 million series A follow-on along with other investors namely Kalaari Capital, Chiratae Ventures and Vertex Ventures. According to Banco Sabadell, the new investment is expected to simplify its cost structures through task automation for user queries and interface design for customer engagement.

Julio Martínez, Executive Director of InnoCells, emphasised that: “Active.Ai offers a business solution based on conversational artificial intelligence, which will have a profound impact on the future of the financial sector”. He also added: “Our investment in Active.Ai will take us one step closer to applying this technology in practice, which is difficult given the high level of vertical specialisation that is required, and will allow us to implement solutions that strengthen Banco Sabadell’s commitment to customer experience”.

Founded in 2016, Active.Ai has developed a conversational AI platform along with its conversational driver, Triniti.ai. The platform is designed to understand complex contexts, conversations and to provide intelligent responses through natural dialogues. The platform can be linked to digital interfaces such as WhatsApp, Facebook Messenger and Skype.

Ravishankar, CEO and co-Founder of Active.Ai, highlighted that: “Digital customer engagement is going through a transformational shift globally with AI enabled interfaces, driving engaging, predictive and contextual conversations with customers. Active.Ai is privileged to partner with Banco Sabadell and InnoCells’ teams to bring an intuitive and engaging digital experience to their customers. We are pleased to have the backing of a bank with great history and a leading position in European banking”.

Recently, InnoCells was one of the investors in the UK-based fintech Bud’s Series A funding round.

InnoCells carries out strategic digital and technological investments which aim to bring Banco Sabadell closer to new technology, talent and knowledge. In particular, InnoCells carries out direct retail investments and acquisitions, with the objective of moving closer to new business models and core capacities with a faster time-to-market, as well as investments in third party funds.

by Megha Bhattacharya
Market Analyst at IBS Intelligence
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