Twixor raises $2.4M & Vitraya Technologies raises $2M in total respectively
Season Two Ventures continues its India investment spree into AI and ML, the latest catches being customer experience automation platform, Twixor and InsureTech platform Vitraya Technologies. Season Two has committed to an investment of $1 Million in Twixor, and $1.5 Million into Vitraya.
Founded in 2014, Twixor simplifies the way businesses integrate consumer interactions and engagements into their business processes through AI-driven omni-channel customer experience. Twixor has 6 global patents in the sector. Having experienced 100% revenue growth in 2021, the company is on track to double its revenue again in 2022.. The new funding will allow Twixor to further invest in platform development and NLP technologies, strengthen new and existing strategic partnerships, serve customers in new verticals and regions, along with strengthening hiring across functions. They also plan to launch their global SaaS platform, ‘Twixor AIM’, an omni-channel messaging engine, and to advance the AI and integration capabilities of ‘Twixor Compute’, a process automation engine.
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Vitraya, an InsureTech platform led by Mrinal Sinha, ex-COO of MobiKwik and IIT-Madras, Harvard Business School alumnus enables automated, real-time pay-outs and settlements on health insurance claims between healthcare providers and insurers. Through the integration of AI and Blockchain capabilities in transforming customer experience, Vitraya Technologies aims to revolutionize insurance processing in India and has displayed almost 10x growth in the past 12 months. The company offers a multitude of benefits to its users including quick settlement of claims, automated documentation and filing, peer reviews for patients to verify the disease and treatment etc. The funds raised in their seed round will be deployed in enriching their tech talent, enabling product innovation by strengthening their tech capabilities and bringing in next-generation advances in distribution and underwriting.
“Both Twixor and Vitraya are a fit with our core investment hypothesis of digitalisation in BFSI; we are committed to invest in start- ups that leverage on the latest advancements in AI and ML, especially in BFSI and health-tech. We believe that digital transformations will shape the future of insurance and banking. We found both Mrinal and Ashok to have a very good understanding of what it takes to succeed in their areas of interest; we are glad to be a partner on their journey to create globally scalable business models” said Sajan Pillai, Managing Partner, Season Two Ventures.
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“Twixor was formed with a vision of making structured information (data) access simple and ubiquitous through conversations at (internet) scale. With the mainstreaming of AI/NLP and digital channels (social & instant messengers), we are getting there. I am excited for Season Two to have joined our journey as an investor and partner, as we look to scale our platform offering to address the global markets and expand our customer base. Our partnership with Season Two Ventures is an important milestone in Twixor’s journey. With an incredible team and partnerships in place, and more colleagues being hired, and partners being on-boarded, we look forward to good times ahead”, Ashok Anand, CEO, Twixor.
“Season Two Ventures is experienced with InsureTech businesses, and they understand the nuances of execution at a B2B SaaS company. Within Health-tech and InsureTech, few investors are as supportive and move as quickly as Season Two. They are currently in the process of helping us take our technology stack to global markets”, Mrinal Sinha, CEO, Vitraya Technologies.
Season Two, an Indo-US corridor VC firm is focused on tech-enabled, early stage start-ups in the enterprise SaaS, Health-tech, FinTech, logistics/supply chain and retail space. The fund has already invested in 10 start-ups in the past 12 months. Some of the other investments in India include Warehouse Now which is creating the Amazon Web services equivalent model for flexible warehousing in India. Warehouse Now has scaled 40 times in revenues over the past year while processing nearly 1.2 million products at their facilities. Ambee, another Season Two portfolio start-up is a global pioneer in the use of satellite and sensor based data models for climate change predictions and air pollution. Uvik, one of the first investments of the fund, is India’s first NPCI, Mastercard and Visa certified contactless mobile payment solution, with three international customers in its first year of operations.
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