Wipro invests $2.02 mn in Avaamo

Wipro invests $2.02 mn in Avaamo

Wipro invests $2.02 mn in Avaamo

Wipro, the third largest software services firm in India, on Thursday said it has invested $2.02 million in Avaamo Inc, an artificial intelligence-based conversational computing platform.

The company said the investment would give Wipro a minority stake of less than 20% on a fully diluted basis.

In a   regulatory filing, the company stated that it made strategic investment of $2.02 million in the current tranche.

"This along with further infusion of funds and conversion of convertible note issued earlier will take the total investment to $3.02 million," Wipro said in a BSE filing.

According to the company, the cash deal was completed on March 14, 2018. Headquartered at Los Altos in the US, the company is founded in 2014.

Avaamo Inc provides an artificial intelligence (AI) driven enterprise bot platform that simplifies the time needed to design and deploy enterprise bots to corporate employees and their customers.

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