AI-Powered Bot Startup, Yalochat, nabs USD $10M Series A

Ai-powered Bot Startup, Yalochat, Nabs Usd $10m Series A
ai-powered bot startup, yalochat, nabs usd $10m series a

ContxtoYalochat, the Mexican/Guatemalan artificial intelligence platform for customer service raised a USD $10M Series A round, led by Sierra Ventures.

The AI-powered startup allows brands to effectively communicate with their customers through Whatsapp, Facebook Messenger and WeChat (in China), using chatbot assistants

Source: Yalochat’s Medium Account

It denominated itself a “conversational AI that builds relationships with your clients”.

Founded in January 2016 by Javier Mata, Edwin Alfredo Allen and Renato Barrios, it has already demonstrated impressive fast-paced progress. By 2017 the company had already generated over USD $750k in revenue.

Yalochat is currently a chatbot supplier to more than 34 clients across Latin America, including Grupo Bancolombia, Diageo, Banco Azteca, Elektra, Banorte, PepsiCo, Xcaret, as well as Aeroméxico and Coppel. Although, they also provide services in China and India.

It is a historic moment for our company. Only in the three months that we have been in tests -with Aeroméxico and Coppel- we increased our traffic and billing 10 times.

Javier Mata, Yalochat CEO

Officially Venture-Backed!

San Francisco-based VC fund, Sierra Ventures, identified the growth potential mainly due to the company’s past results, thus deciding to lead the round.

The capital will be used to consolidate operations in Latin America and India, as well as carrying out its expansion plan through Southeast Asia in the second half of 2019, all of this while internally growing the team. In fact, Kyle Passarelli, Xoom’s ex-Head of Engineering is now Yalochat’s new CTO.

The market research agency Orbis Research estimates that the chatbots industry will grow 37.11% annually between 2017 and 2021. For this reason – and the growing mobile trend in emerging markets – Yalochat was able to take advantage of the industry.

According to Mata’s estimations, companies can save up to 20 pesos per conversation through messaging channels that involve artificial intelligence. Reason why this service has gained popularity in recent years.

– VC

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