True makes first US seed investment; invests in FunnelAI
True, has invested in artificial intelligence (AI) solutions based company FunnelAI as part of a $1.5 million seed series funding round led by San Antonio-based venture capital firm Active Capital. Existing investors Geekdom Fund and several angel investors from San Antonio and Houston also participated.
FunnelAI connects businesses with customers in real-time from any online and social platform through its AI technology. To date it has been focused on establishing a strong foothold in the automotive sector. It will use the new capital to grow its team and develop the product further, not just to create new tools for the automotive sector, but also in preparation for expansion into new verticals, such as the retail and consumer industry,
Sridhar Kamma, CEO and Founder of FunnelAI says: “We’ve just started to scratch the surface with the potential that our tools can offer different businesses within the automotive industry; ranging from dealers through to insurance providers. However, marketing and sales are crucial for businesses in every sector, and our growing footprint within automotive demonstrates strong demand for our tool. This funding will enable us to continue building comprehensive solutions for the auto industry, position us to expand into enterprises, and prepare us for our next steps into different verticals and geographies. We look forward to working with our investment partners to execute on this vision.”
Paul Cocker, Co-founder of True comments: “True’s seed fund looks to invest in enterprise solutions, technologies and products that will support fit-for-the-future retail and consumer businesses – which is what we have found in FunnelAI. We’re proud to call FunnelAI our first US seed investment and are delighted that it’s selected True as its investment partner of choice in the UK as it starts to scale. We’re confident that through our sector specialist Live Network we can support FunnelAI with its international expansion, as well as its growth into new verticals, through our introductions to key decision makers in the retail and consumer sector.”
Pat Matthews, Founder of Active Capital, who led the investment round, added: “FunnelAI is making huge strides in customer acquisition and engagement, especially in the auto industry with their current product offering. Its product growth and adoption across the auto industry is truly exceptional. In just a year, Sridhar Kamma and his team have taken the startup from humble beginnings in San Antonio, to one the fastest growing SaaS businesses in Texas. It’s a very exciting space to be in as we start redefining the intelligent sales and marketing platform, and what it means to acquire customers in real-time.”