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    AI frm Active.ai raises $3 million

    Synopsis

    ​​The existing investors have participated in this round to retain their respective shareholdings.

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    This is Banco Sabadell’s first investment in the fintech space in India.
    Bengaluru: AI startup Active.ai has raised $3 million from Innocell, the venture capital arm of Spanish banking group Banco Sabadell, in an extension of its Series-A funding round.

    With this, its total funding from the current round has touched over $11 million. The startup raised its Series-A in 2017 when Vertex Ventures led a $8.25 million round, along with CreditEase, Dream Incubator, Kalaari Capital and IDG Ventures.

    The existing investors have participated in this round to retain their respective shareholdings. This is Banco Sabadell’s first investment in the fintech space in India, and highlights a growing trend among banks to not only partner with fintech companies, but also invest in them.

    “We have scaled operations and have expanded outside India. With this round of funding and partnership, we will be able to enter Europe,” said CEO Ravi Shankar, CEO, Active.ai.
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