Blockchain-Based Data Privacy Platform VeriSmart Acquires Conversational AI Communication Platform DolphinChat (Formerly CivilCops)
Blockchain-based Data Exchange Platform, VeriSmart has announced the acquisition of Delhi-based Conversational AI platform, DolphinChat (Formerly CivilCops). VeriSmart will be investing Four million US Dollars in the DolphinChat platform over the next 24 months. DolphinChat’s core team will be joining VeriSmart.
DolphinChat (Formerly CivilCops) launched in 2017 by Ashish Sharma and Kusha Kohli with backing from Orbit Startups (SOSV) and angel investors Dhianu Das & Dr. Ritesh Malik, develops AI-based Chatbots and Voice Assistants for enterprises & SMBs. The platform has onboarded United Nations, D2C eCommerce brands, State Governments, Banks & Telecoms as customers. People are habitual to interacting with each other over messaging apps. Consumers expect the same behaviour when interacting with businesses. DolphinChat provides new-age contextual assistants to businesses that provide more meaningful automated consumer conversations.
Founded by Saurabh Gupta, VeriSmart is on a mission to help organizations to realize the true potential of their data along with ensuring end-user privacy. VeriSmart is an end-to-end Identity & Data Access Management Platform that is working with the top Banks & Telecoms in India like Kotak Mahindra Bank, ICICI Bank, Union Bank, and Bharti Airtel. The company has seen a growth of 450% in the Monthly Net Revenue over the last 3 quarters and is now planning expansion to two more geographies.
Commenting on the same Saurabh Gupta, Founder & CEO of VeriSmart added “VeriSmart is creating infrastructure for super apps with our Industry Consortiums by enabling businesses to interact with each other in a privacy-compliant manner. This enables end consumers to get a multitude of products and services through the existing service providers. The integration of DolphinChat’s omnichannel communication layer will help extend VeriSmart’s functionality to manage end-consumer consent for data use in our Data Exchange Consortiums more efficiently. I am confident that integration of DolphinChat with VeriSmart is going to create an end-to-end solution for enterprises as well as the end consumers”.
VeriSmart has bootstrapped to profitability over the last two years and has already connected the data of fifteen million consumers to its various Data Exchange Consortiums. VeriSmart is powering more than 500,000 daily transactions with 6 million USD in transactions each month.
“This acquisition marks a major milestone not only for VeriSmart but also for the real-world applications of blockchain technology, enabling enterprises to harness the true potential of blockchain and data. Having worked with both companies since their early days, we are excited about this development and can’t wish for a better team to deliver on this mission,” said William Bao Bean, Managing Director of Orbit Startups.
Modern digital transformation has made data a key asset in our data-driven economy, but most of the data is trapped in proprietary silos. Enterprise data sharing is the need of the hour to protect user privacy abuse, increase business profits and enhance user experience and create a new lead business model.
VeriSmart is a blockchain-based data exchange platform that enables businesses to exchange their data with each other in a privacy-compliant manner, helping enterprises retain data ownership and protect their users from third party data abuse. VeriSmart platform tracks who shared what data with whom, when, by what means & for what purpose, without storing any user data on the platform. The platform helps businesses to create a recurring revenue model by monetizing their data with other enterprises and third parties on a subscription basis.
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