Conversational AI Startup Wiz.ai Raises $6M in Pre-Series A Funding

Wiz.ai, a Singapore conversational AI startup specializing in customer engagement digitization, has successfully raised US$6 million in a pre-series A funding round. GGV Capital led the investment round with participation from Wavemaker Partners, ZWC Partners, Insignia Ventures, and Orion Fund, managed by K3 Ventures.

The conversational AI startup plans to use this investment to expand product offerings. The company will also grow its teams across Southeast Asia. Wiz employs scientists, researchers, linguists, and dialogue designers. These professionals work from offices in Singapore, China, and Jakarta.

Southeast Asian Language Focus

Launched last year, the startup develops conversational AI for Southeast Asian languages. The company’s solution helps businesses reduce costs. It simultaneously improves customer service through personalized inbound and outbound calls.

Wiz.ai’s front-end talkbot encourages customer engagement in conversations. The back-end system processes data in real time. It stores conversation insights into existing customer relationship management systems. The platform analyzes data at both granular and aggregated levels.

Current Market Presence

The startup currently serves diverse business sectors. These include healthcare, insurance, banking, telecommunications, and ecommerce. Wiz.ai also works with the Singapore government for payment services.

Meng Xiong Kuok, founder and managing partner at K3 Ventures, highlighted automation’s importance for business continuity. This becomes especially crucial during the Covid-19 crisis.

Regional AI Development Landscape

AI development in Southeast Asia still lags behind global hubs like China and the US. However, Singapore currently leads AI implementation across the region. In November last year, the city-state launched a national AI strategy. Singapore committed more than S$500 million (US$354 million) to fund AI activities. This funding supports the Research, Innovation, and Enterprise 2020 Plan.

The conversational AI startup’s success reflects growing investment in Southeast Asian AI solutions. Regional businesses increasingly adopt AI technologies for customer engagement. Wiz.ai positions itself to capitalize on this growing demand.

Currency converted from Singapore dollar to US dollar: US$1 = S$1.41.