Cision PR Newswire
Yellow.ai Achieves Tenfold Growth in North America Over Two Years
News provided byyellow.ai
Nov 20, 2023, 8:30 AM ET
The conversational AI leader recently ranked the 88th Fastest-Growing Company in North America on the 2023 Deloitte Technology Fast 500™
SAN MATEO, Calif., Nov. 20, 2023 /PRNewswire/ -- Yellow.ai, a global leader in conversational AI, today announced tenfold growth in North America over two years. This remarkable success is attributed to significant customer acquisitions, continuous enhancements in product capabilities — especially in support automation and customer service solutions — ongoing product innovations, strategic partnerships, and key executive appointments. During this period, North America's revenue share surged even as the company doubled in revenue YoY globally.
Amid this growth, Yellow.ai recently ranked 13th in the Bay Area and 88th nationally on the 2023 Deloitte Technology Fast 500™, a ranking of the fastest-growing technology, media, telecommunications, life sciences, fintech, and energy tech companies in North America, now in its 29th year. The recipients of the Technology Fast 500 award are chosen according to the percentage increase in fiscal year revenue from 2019 to 2022. In this period, Yellow.ai experienced remarkable growth, with a staggering 1803 percent increase.
"With enterprises continuing to seek automation for improved customer support and reduced operational costs, our omnichannel customer support automation on chat and voice has been a major growth driver in the North American market. More than 20 enterprises have chosen our support automation solutions to bolster their call centers and enhance customer and employee interactions, ultimately yielding superior outcomes and ROI," said Raghu Ravinutala, CEO & Co-founder of Yellow.ai. "What has worked for us in this market is our 'land-and-expand' strategy. We begin with a single deployment, and as enterprises witness the impact, they opt for our value-added solutions, expanding use-cases and channels, leading to an average deal size of $200K annually."
In North America, specifically, Yellow.ai's key achievements include:
- New deals across industries, such as utilities, hardware and software, finance, consumer goods, and services. Notable customer wins include Randstad, Ferrellgas, and Logitech.
- Regional market share growth through strategic collaborations with reputed technology partners, including Amazon Web Services (AWS), Zendesk, SAP, and Genesys. In addition, the company has also partnered with Telarus, Sandler Partners, Avant Communications, CX Effect, and Bridgepointe, giving North American enterprises the ability to access its conversational AI solutions across its Conversational Service Cloud, Conversational Commerce Cloud, and Conversational EX Cloud.
- Expanding the regional headcount to a 30-member team across sales, marketing, customer success, and product strategy to provide better support for the customers in the region. Yellow.ai has successfully onboarded experienced North American leaders from well-known organizations such as Oracle, Dropbox, SAP, Infosys, Celonis, Cloudera, and more.
- Yellow.ai's growth and momentum in the region has been validated by global analyst firms, being featured in 100+ analyst reports in the last 2 years. Most recently, named a Leader in the Opus Research 2023 Conversational AI Intelliview Report. Yellow.ai is also rated 4.5 out of 5 in the Inaugural Gartner® Peer Insights™ Voice of the Customer for Enterprise Conversational AI Platforms and recognized as a Challenger in the 2023 Gartner® Magic Quadrant™ for Enterprise Conversational AI Platforms.
Talking about the experience of working with Yellow.ai, Jessica Osborn, IT Operations Manager, Randstad USA, said, "Right now, we are just stepping into the AI world for support. We have enabled our employees to call in to receive their W2 in seconds where it was taking much longer before. Imagine sitting and waiting to file your taxes but you don't have your W2 and you cannot get it in real time. The opportunity to provide efficiency and automation was a perfect use case to start."
Yellow.ai's robust product roadmap has played a pivotal role in fueling its growth within the North American market. In April, it introduced the Dynamic Automation Platform (DAP), powered by generative AI, allowing businesses to provide highly personalized customer and employee experiences. Building on this momentum, Yellow.ai launched YellowG, a groundbreaking multi-large language model (LLM) using generative AI and Enterprise GPT to empower enterprises to develop tailored solutions for various industries, streamlining complex workflows, and enhancing existing processes with Zero Setup. It also introduced the LifeCycle Optimizer, which crafts personalized user journeys using generative AI.
In 2024, Yellow.ai will continue to focus on advancing the evolution of customer support. It is currently working to bring to market a fully autonomous customer support stack with its Zero Touch Customer Support system. This model involves the transition from human operators to AI operators, enabling humans to redirect their efforts towards fostering valuable customer relationships. With continued innovations and its customer-centric approach as a foundation, Yellow.ai aims for North America to become its largest revenue base globally. Simultaneously, the company plans to achieve fivefold global growth in the next three years.
"We saw sustained business growth in 2023, with the North American region key to our success. Our growth was further accelerated by the rising adoption of generative AI, piquing the interest of the region's enterprises in our generative AI capabilities," added Ravinutala. "Moreover, we are already seeing interest from enterprises in our vision of driving towards a future of fully autonomous customer support to create memorable conversations, everytime. As such, we remain confident that our growing global scale, market-leading innovation, and legacy of trust will further deepen our customer relationships and fuel steady growth in North America and beyond."
Headquartered in San Mateo, Yellow.ai is a global leader in conversational AI, delivering autonomous, human-like experiences for customers and employees to accelerate enterprise growth. We believe that memorable conversations are at the heart of every meaningful brand engagement. Over 1000 enterprises, including Sony, Domino's, Hyundai, Sephora, Waste Connections, Ferrellgas, and Randstad, trust our generative AI-powered, no-code Dynamic Automation Platform (DAP).
DAP's proprietary multi-LLM AI engine, DynamicNLP™, empowers us to handle 12 billion conversations yearly across 35+ channels in 135+ languages. We're passionate about delivering conversational experiences via our Dynamic AI agents that help enterprises achieve higher customer satisfaction and employee engagement. We were recently recognized as a Challenger in the 2023 Gartner® Magic Quadrant™ for Enterprise Conversational AI Platforms and have raised more than $102M from blue-chip investors with offices across six countries.
PR & Communications,Yellow.ai
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