Strategic investment has been made in Silicon Valley-based SaaS business LokiBots by HRtech startup ZingHR.
With the funding, ZingHR will be able to expand the capabilities and features of its human capital management (HCM) products by utilizing its AI-based software bots, conversational AI, and document AI. It would further help ZingHR to expand its AI-based products and services.
The investment, according to ZingHR, would also enable it to boost the effectiveness of its HRtech solutions by 95–100%.
The financing comes almost a year after Tata Capital Growth Fund gave ZingHR $10 Mn in return for 33% of the startup’s shares.
The Mumbai-based firm, founded in 2014 by Prasad Rajappan, provides small and medium-sized businesses with cloud-based human capital management (HCM) solutions, covering talent acquisition, talent management, payroll, and alumni management, among others.
ZingHR announced that it has enhanced its current products and business services with machine intelligence, deep learning, and blockchain technology.
“Our aim with such strategic relationships is to set a new standard in speed, efficiency, and productivity in the HRtech industry and deliver unparalleled value to our clients. This can be also leveraged by our customers for many of their non-HR processes like Accounting, Sales, Procurement, and many others,” said, Prasad Rajappan, founder and MD of ZingHR.
The HRtech start-up claims to have 1000 clients and provides services in 26 different languages.
LokiBots, on the other hand, is a four-year-old startup that helps non-tech-savvy people create software bots and automate repetitive computerized tasks.
Using ML-based forecasts and predictions, document AI, and conversational AI, LokiBots also makes digitization possible.
“Our goal has always been to bring the power of intelligent automation to businesses of all sizes, and with ZingHR’s vast clientele and financial support we will be able to strengthen our Go-To-Market initiatives. It will also enable us to accelerate our mission of democratising intelligent automation for businesses,” said Srilatha Charuvu, cofounder and CEO of LokiBots.
