tech
Malaysia's AI agent-powered messaging app Respond.io raises $62.5M, eyes acquisitions
Respond.io, one of Malaysia startups to watch, uses AI agents to handle high volumes of customer inquiries and charges per convo, not per seat.
TL;DR
- Respond.io, a Malaysian startup headquartered in Kuala Lumpur, raised $62.5 million in Series B funding.
- The company's software helps businesses manage customer conversations across messaging apps using AI agents.
- Respond.io charges based on conversation volume, not per user seat, a model that benefits from increased AI usage.
- The company has $35 million in annual recurring revenue and a 30% profit margin.
- Funds will be used for hiring, organic growth, and strategic acquisitions, with a focus on North America and Western Europe.
- Respond.io aims to capture market share from incumbent platforms that are less messaging-focused.
- The company cites a 'data flywheel' effect, where more messages lead to better AI, attracting more customers.