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Coinbase Acquires Indian AI startup Agara worth over $40m, a popular CryptoCurrency Exchange platform Coinbase now owns Indian’s AI Startup Agara.
The new purchase was made in a quest to improve users’ experience and also increase users’ access to its services.
Although Coinbase has not officially disclosed the amount of money that is used to buy the AI, it is estimated to be worth about $40 million and $50 million.
The Currency Exchange company, Coinbase stated that the new transaction is a new dawn and a medium to bring machine learning and language processing to its tech team.
Speaking on, they stated that the plan to influence Agara’s learning technology, making customer’s experience automatically enhanced/improved.
Coinbase also announced that it will deliver 24/7 mobile support and live messaging by the end of the year.
Improving Users Experience continues to be our top priority and if you noticed, our support staff headcount has increased by 5%.
During this time we will be providing our users with new real-time support including personalized and intelligent options.
Manish Gupta one of the leaders in the engineering team added.
The AI focuses on machine learning and processing natural language, a method that it uses to improve user experience.
The beginning of the new revelation has caught attraction from many other companies all over the world offering integrations with a number of popular services.
This service includes:
Cutting across the geo of Indian and the United State
Analyzing Agara, Tracxn stated that the AI had yielded about $7 Million from the following services:
- Blume Ventures,
- RTP Global,
- Kleiner Perkins, and
- UTEC Japan.
Agara Is also planning on shifting its focus to Coinbase after the purchase.
Beginning the firm, two major achievements is our set goal which is gaining a friendly user experience & user support and Machine Learning.
Abhimanyu Singh, Agara’s Co-founder and Chief Executive Officer, added that the idea was to produce an ML tech stack applicable to customer care.”
Automating phone calls have been one of the most difficult things we are still working our heads around to take care of, to handle much if not all of it.
It has been a very busy month for Coinbase in its quest to close various business deals and venture into new spaces.
Coinbase has also announced earlier in October that it is going to launch its official marketplace for NFTs by or before the end of the year.
Coinbase purchasing Agara marks its very first beginning of acquisition in India following its recent notification of beginning a tech hub in India.