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Exclusive: Elevation Capital to lead $5 Mn round in Rumik.ai

EntrackrEntrackr · 1m ago
Exclusive: Elevation Capital to lead $5 Mn round in Rumik.ai
Medial

Exclusive: Elevation Capital to lead $5 Mn round in Rumik.ai Rumik has developed Ira, an AI system built to analyze emotion, understand user intent, and converse in languages such as Hinglish, Bangla, and Marathi. Conversational AI platform Rumik.ai is raising a new round led by Elevation Capital with participation from existing investors, according to two people aware of the matter. "Rumik recently raised $1.5 million from Info Edge, and Elevation is now leading a fresh $5 million in a new round," said a person who requested anonymity, as the details of the deal aren’t public. Sources also indicated that Huddle Ventures and Info Edge invested in April and both are likely to participate in the new round as well. Incorporated in April 2024, Rumik AI focuses on providing its conversational AI platform to enterprises. It has developed Ira, an AI system built to analyze emotion, understand user intent, and converse in languages such as Hinglish, Bangla, and Marathi. The company emphasizes that Ira does more than just process data. It forms memories and experiences to develop human-like intelligence, aiming to bridge the gap between robotic responses and genuine understanding. “The term sheet has been signed, and the money is likely to move soon,” said a second source who requested anonymity. “Given the recent investor interest in conversational AI and speech recognition, Rumik may be targeting a valuation in the range of $25–30 million.” Queries sent to Elevation, Rumik, Info Edge and Huddle did not elicit a response by the time of publication. Last month, Elevation Capital led a $6 million seed funding round in Agentic AI startup Adopt AI, which also features a conversational AI interface that executes tasks using natural language. In December 2024, the venture capital firm appointed former Meta executive Krishna Mehra as a partner to lead investments in software-as-a-service (SaaS) and AI.

Exclusive: Ex-ShareChat CXO Shashank Shekhar’s new startup to raise $4 Mn led by Peak XV

EntrackrEntrackr · 1d ago
Exclusive: Ex-ShareChat CXO Shashank Shekhar’s new startup to raise $4 Mn led by Peak XV
Medial

Exclusive: Ex-ShareChat CXO Shashank Shekhar’s new startup to raise $4 Mn led by Peak XV Shashank Shekhar, a former head of content strategy and operations at ShareChat, is raising $4 million for his new startup focused on AI-led learning, according to two sources familiar with the development. “Peak XV Partners is leading the round with participation from a few early-stage institutional and angel investors,” said one of the sources requesting anonymity. “Shekhar has been quietly building this for the last few months and has early prototypes in place.” According to sources, the startup is currently in stealth and is expected to go live later this year. While details remain limited, its model draws similarities to Seekho, a career-focused learning platform. Entrackr recently reported that Seekho is in talks to raise $25-30 million. Shekhar was Head of Content at ShareChat between December 2016 and May 2018. He then co-founded the hyperlocal information platform Circle Internet, which was acquired by ShareChat in August 2020. Following the acquisition, he served as Head of Content Strategy and Operations at the Google-backed company until his resignation in March this year. “The round is expected to close in the coming weeks. The startup is likely to use the capital to expand its AI and product team, continue development and prepare for an initial rollout,” said another source. The startup’s name could not be confirmed. Queries sent to Shekhar and Peak XV did not elicit a response until the time of publication. While Shekhar’s startup will be the first direct rival to Seekho, platforms like YouTube Shorts and Instagram offer indirect competition through creator-led educational content aimed at the same audience.

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