Agara, which operates an artificial intelligence-powered customer support platform, is being acquired by Coinbase, according to the two companies, as Coinbase tries to simplify the process of joining the service and seeking assistance.
According to Coinbase, Agara’s deep expertise in machine learning and natural language processing will become part of Coinbase’s engineering team.
The firm is buying Agara, a support platform powered by artificial intelligence with operations in India and the United States, for an undisclosed amount. Financial terms of the deal were not disclosed, but it is worth between $40 million and $50 million.
“We plan to leverage Agara’s powerful Deep Learning and Conversational AI technology to automate and enhance our customer experience (CX) tools. Improving our CX remains a top priority for Coinbase — in the past few months we have increased our support staff headcount by 5x and announced that we’ll deliver 24/7 phone support and live messaging by end of year. Through this acquisition, we’ll be able to provide our customers with new personalized, intelligent, and real-time support options” Coinbase EVP-Engineering Manish Gupta wrote in a blog post.
Tracxn reports Agara raised $7 million from Blume Ventures, RTP Global, UTEC Japan, and Kleiner Perkins before the acquisition. The four-year-old company began operations in India and is also based in the U.S.
Coinbase, which went public in April of this year, also backed domestic crypto exchanges like CoinDCX and CoinSwitch Kuber, both of which, in this year, became part of the country’s startup unicorn club.