Blockchain-based data exchange platform, VeriSmart, has announced the acquisition of Delhi-based Conversational AI platform, DolphinChat (formerly CivilCops). VeriSmart will invest Four million US dollars in the DolphinChat platform over the next 24 months. DolphinChat’s core team will join VeriSmart.
“The DolphinChat platform will access millions of consumers who are part of VeriSmart’s industry consortia. VeriSmart is growing rapidly and DolphinChat will only strengthen their overall offering to businesses. said Ashish Sharma, founder and CEO of DolphinChat (formerly CivilCops).
Launched in 2017 by Ashish Sharma and Kusha Kohli with support from Orbit Startups (SOSV) and angel investors Dhianu Das & Dr. Ritesh Malik, DolphinChat (formerly CivilCops) develops AI-based Chatbots and Voice Assistants for Enterprises and SMBs. The platform has included the United Nations, D2C e-commerce brands, state authorities, banks and telecoms as customers. People are used to interacting with each other via messaging apps. Consumers expect the same behavior when interacting with businesses. DolphinChat provides new contextual assistants to businesses that provide more meaningful automated consumer conversations.
Founded by Saurabh Gupta, VeriSmart is on a mission to help organizations realize the true potential of their data, while ensuring end-user privacy. VeriSmart is an end-to-end identity and data access management platform that partners with top banks and telecom companies in India such as Kotak Mahindra Bank, ICICI Bank, Union Bank and Bharti Airtel. The company has seen 450% growth in monthly net income over the past 3 quarters and is now planning to expand into two more geographies.
Commenting the same Saurabh Gupta, Founder and CEO of VeriSmart added “VeriSmart is creating infrastructure for super apps with our industry consortia by enabling businesses to interact with each other in a privacy-compliant way. This enables end consumers to obtain a variety of products and services through the existing service providers. The integration of DolphinChat’s omnichannel communications layer will help extend VeriSmart’s functionality to more effectively manage end-user consent for data use in our data exchange consortia. I am confident that integrating DolphinChat with VeriSmart will create an end-to-end solution for businesses as well as end consumers.
VeriSmart has reached profitability in the last two years and has already connected the data of fifteen million consumers to its various data exchange consortia. VeriSmart powers more than 500,000 daily transactions with $6 million in transactions each month.
“This acquisition marks an important milestone not only for VeriSmart, but also for the real-world applications of blockchain technology, enabling businesses 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 could not wish for a better team to deliver on this mission,” said William Bao Bean, CEO of Orbit Startups.
ABOUT VERISMART
Modern digital transformation has made data an important resource 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 users’ privacy abuses, increase business profits and improve user experience and create a new leading 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 businesses retain data ownership and protect their users from data misuse by third parties. The VeriSmart platform tracks who shared what data with whom, when, by what means and for what purpose, without storing any user data on the platform. The platform helps businesses create a recurring revenue model by monetizing their data with other businesses and third parties on a subscription basis.
