IP Ventures Funded AI Based Smart Enterprise Data Platform
Smart Enterprise Data platform, Resonance has raised an undisclosed angel funding from IP Ventures. The company’s flagship product Rene is a mobile phone-based AI platform that captures and analyses unstructured sales and client data available within the company’s internal systems like emails, calendars, CRM systems and externally on the world wide web. Rene also empowers business teams to capture insights from meetings using voice notes.
Founded in 2017 by Shishir Kapoor and Rantej Singh and later joined by Som Dutta, Resonance has a R&D team based in Gurgaon. Its differentiation is in the proprietary AI tech for deep mining of internal and external sources of structured and unstructured data to identify intelligent threads of relationships, generating an unprecedented level of actionable insights.
Commenting on the investment, Rantej and Shishir said, “IPV team was very professional and helpful throughout our fundraising process. IPV not only carried out a deep due-diligence of our business but also provided us with detailed feedback from senior industry leaders, which greatly helped us in focusing on our strengths and addressing the gaps. IPV has opened many business development opportunities through its networking events.”
Resonance has signed up clients in the US and South-East Asia. It intends to use the funds raised in the hiring of more engineers and the expansion of its sales footprint in international markets.
IPV angel investor Manoj Sohoni said, “Rene’s algorithm captures natural or written conversations and translates it into structured logical data. It also has the capability to interface data with multiple sources and data platforms. Rene generates powerful insights using AI which then can drive enormous productivity, raise sales effectiveness, create highly personalized services, enable new services, markets or geographies. Rene as a business assistant has huge market potential and path-breaking applications in industries such as banking, financial services, insurance and retail.”
The data market is expected to reach $132 billion by 2020. Out of this $50 billion will be on getting data into the hands of their teams. A recent data analytics capability study found that 68% of business users wanted to improved visibility on internal data, 44% wished for more customer data and 28% desired easy access to third party data. Rene’ addresses all these gaps through a fast, user-friendly mobile phone-based product.