California-based Cleareye.ai has acquired Aiware.ai to help further its efforts to sell artificial intelligence to banks.
The Indian startup will be renamed Cleareye.ai India Pvt Ltd, serving as the dedicated product development and R&D division of the company.
The Kerala-based office is set to add around 100 staff in domains like data science and artificial intelligence.
More in common than just suffixes
"We marry customer experience and risk management for banks to simplify their operations and increase top line and bottom line growth through our outcomes-driven platform, which can be readily integrated with the banks' existing systems at little incremental cost and minimal disruption to existing technology footprint," Sarath Sasikumar, co-founder and chief program officer at Cleareye.ai, said.
The company's primary focus is on virtual assistants that provide financial advice, sentiment mining, fraud detection, and other banking-related functionality.
“The combined forces of our team in India and the global company will strengthen our ability to offer unique solutions leveraging artificial intelligence, bionic automation, and advanced analytics,” Chandrasekhar Somasekhar, chief architect at Aiware.ai, said.
The company previously sold its solutions to Cleareye.ai, including ConverseWare, a banking conversation tool, as well as credit risk analytics and AI consulting.
"We are incredibly excited about our journey ahead and are looking forward to exploring the wide opportunities this union will bring,” AIWare.ai COO Sachith Sebastian said. Juniper Research reported that AI-powered chatbots alone saved banks $127m in costs in 2019.
Juniper Research recently reported that AI-powered chatbots alone saved banks $127 million in costs in 2019.