India's RingG has secured big backing for its voice AI rival to US-based firm Peak XV. The company, which aims to provide advanced virtual assistants and intelligent services, announced on Wednesday that it had raised $10 million in funding from the American venture capital firm. This move is part of the Series A extension.
According to sources close to the deal, RingG was valued at around $1 billion before this round of investment. The new funding will be used to expand the company's research and development efforts, as well as enhance its existing products and services. This influx of capital is expected to help push RingG forward in its mission to become a leading player in the AI market.
The partnership with Peak XV marks a significant escalation in the ongoing voice AI rivalry between India and US-based firms. Both companies have been aggressively investing in their respective platforms, pushing each other to innovate and improve. With this new investment, RingG is likely to be more aggressive in its pursuit of market share, further increasing competition for the traditional virtual assistant players.