What is happening: Founded in 2008 with offices in the U.S., India, and Singapore, Uniphore is a global conversational AI technology company that offers a customer service platform that is powered by AI and automation technologies.
Recently it surpassed the fiscal goal it set for itself for the previous financial year.
Why it matters: The company started in 2008 aimed at a target of $100 million for FY 22 which it has failed to reach but has still managed to stay afloat in the Indian economy considering that it gets 95% of its funding from the US.
Backdrop: The world right now is ablaze with the latest new Artificial Intelligence tool - Chat Gpt-3 by Open AI.
In this context, Uniphore seems to be in a good space with its AI-driven offerings.
The big picture: The firm is also reaping the benefits of a product-driven offering, with incremental revenues coming at relatively lower costs as compared to its early inroads into the market for its offerings.
In an industry heavily dependent on its clients, there seems to be no stopping for Uniphore as it has managed to lay its finger on the pulse of the moment.
The numbers: Uniphore’s operating revenue ballooned 9.4X to Rs 674.6 crore in FY22 from Rs 71.25 crore in FY21, according to its consolidated financial statements with the Registrar of Companies.
What else: The firm had a stretch target of $100 million in recurring revenues by 2022, which it has missed.
However, it has clearly done enough to get there and more in FY2023
Read in short: In a good sign for startups and firms, recently turned unicorn Uniphore hits the $2.5 billion mark recently paving way for a brighter future.
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