Austin-based Cerebri AI Raises $7 Million

Cerebri AI,which uses artificial intelligence and machine learning to improve customer relations for companies, announced Wednesday that it has raised $7 million in venture capital funding.

The Austin-based startup raised the funds from new investor Arcris Capital Partners and existing investors.

Cerebri AI has raised $16.4 million to date.

The company, founded in 2016, develops and sells CVX, a platform for customer service.

“CVX is a break-through product for banking, insurance, telecom and other large-scale enterprises, and is especially suited for the Asian market,” Afzal M. Tarar, Chairman and Managing Partner of Arcis Capital Partners, said in a news release.

“We are encouraged by the support of our new and existing investors in bringing our revolutionary CVX platform to market,” Jean Belanger, Co-founder & CEO of Cerebri AI, said in a news release.

“We are incredibly pleased to welcome Arcis Capital Partners to the Cerebri AI team,” Arun Prakash, CFO of Cerebri AI, said in a news release. “Arcis has extensive experience in financing software companies like Cerebri AI, and in helping bring complex solutions such as CVX v2 to market.”

Silicon Hills News named Cerebri AI as one of its top 25 Startups to Watch in 2019.

Cerebri AI, an artificial intelligence solutions company, is first tackling the automotive and financial services industries with machine learning and artificial intelligence technology to mine customer data for actionable insights.

The Artificial Intelligence Market is expected to exceed more than $191 billion by 2024, growing at a rate of 37 percent annually, according to Market Research Engine.