Marketing technology provider Netcore Solutions has acquired India-based chatbot developer Quinto Technologies for an undisclosed amount, providing an exit to kitchen operator Rebel Foods.
Quinto has created a conversational, artificial intelligence-powered chatbot engine called Quinto.ai which began life in 2015 as a food recommendation service, before the company pivoted to focus on a conversational AI platform.
Co-founder Hrishikesh Rajpathak has been appointed Netcore’s chief data scientist in connection with the deal, which was managed by investment bank Equirus Capital through deal-making platform Propeluss.
Kalpit Jain, CEO of Netcore, said: “With the growth of chat platforms, such as WhatsApp and Facebook Messenger, voice assistants like Siri and Alexa, as well as smart speakers, it is no surprise that Gartner predicts that by 2020, customers will manage 85% of their relationship with an enterprise without interacting with a human. We believe that conversational AI will be a strategic asset for marketers.”
Rebel Foods, which was formerly known as Faasos Food Services, has not disclosed a direct investment in Quinto, though co-founder and CEO Jaydeep Barman was reported as investing an undisclosed amount in the company in 2015.
