Wipro invests in US-based AI startup Avaamo
Software and IT outsourcing major Wipro Ltd has acquired a minority stake in US-based artificial intelligence startup Avaamo Inc. In a filing to the stock exchanges, Wipro said it is making a strategic investment of USD2.02m through a further infusion of funds and the conversion of convertible notes issued earlier, taking the total investment to USD3.02m. This will give the India-headquartered technology firm a minority stake of less than 20%. Founded in 2014, Avaamo provides an artificial intelligence-driven enterprise bot platform that simplifies the process to design and deploy enterprise bots for corporate employees and their customers.
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