AI enabled chat app MagicX has raised a sum of $1 million from a group of prominent investors.The startup is the second one offering an AI enabled chat app, that is raising funds from investors in barely a week.
The investors include Infosys co-founder Kris Gopalakrishnan, Manipal Education and Medical Group MD Ranjan Pai, Sify co-founder Ramaraj, LionRock Capital founding partner Hari Kumar and CMS Computers MD Aarti Grover.
Well, that is one high-powered group of people and the fact that they have all chosen to invest in MagicX, is certainly reassuring.
Meanwhile, the platform lets its users perform a variety of tasks like purchasing groceries, tickets, bill payments and other utility services through a chat enabled, artificial intelligence platform. Users can simply get on chat, explain their order and voila! The rest is taken care of automatically.
The compamy said that it will use the funds to expand its team and add more categories to its plarform. Although also within its sights are upgrading its technology and marketing its name among the public.
Speaking on the investment, MagicX co-founder and CEO Pratyush Prasanna said
The backing we’ve received from some of the smartest investors and entrepreneurs in the business will help us build on our cutting-edge technology platform. We will also use some of the funds to market MagicX to the right audiences.
The company has partnered with about 20 partners across categories like e-commerce, bill payments, recharges, groceries and travel and will continue expanding its collaborations as well.
MagicX will be competing against the likes of Times Internet backed Haptik, Sequoia Capital-backed Helpchat and Personal task management service dunzo, all of whom have raised significant cash in recent times.
Meanwhile, with Facebook entering the segment through its chatbots, these startups are going to be kept upon their toes. Although the one good thing about Facebook’s entry is that it will introduce more people to AI enabled services. And ofcourse, there is no law stopping vendors from having a presence on multiple platforms.