Sherpa, a Spanish voice assistant, expands Series A to $15M as it passes 5M users

TechCrunch | 1/23/2019 | Staff
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When we think of the AI platforms that are shaping how we use voice to interact with phones, home devices and other services, we tend to think of Amazon’s Alexa, Apple’s Siri, Google and Microsoft’s Cortana. But there are other players that may prove to have a compelling value proposition of their own. Sherpa.ai, a voice assistant out of Spain that also provides predictive recommendations with a focus on the Spanish language, today is announcing that it has expanded its Series A by $8.5 million to $15 million as it passes 5 million active users of its app.

Investors include Mundi Ventures, a Spanish VC fund focused on AI, and Alex Cruz, the chairman and CEO of British Airways.

Tech - Climate - Startups - Tens - Hundreds

In a still-heated tech climate where were startups are raising tens and sometimes hundreds of millions of dollars in rounds that sometimes happen only months apart, Sherpa’s Series A has been a comparatively slow burn: the startup first announced a Series A of $6.5 million nearly three years ago.

Apart from the fact that European startups do tend to raise and spend more conservatively, Xabi Uribe-Etxebarria, the startup’s founder and CEO, says that it chose to extend this Series A now while it’s still working on closing its Series B for later this year, which will be in the region of $20 million, which will include new investors and likely more detail on how it plans to evolve the business.

Agreements - OEMs - Months - Investors - Amount

“We’re announcing several agreements with big OEMs in the next few months,” he said. “I spoke with our investors and they thought it would be better to get a small amount of capital now to launch those deals to use the momentum to get a better valuation on our Series B.”

The company is already working with Porsche to bring its assistant and recommendation service into...
(Excerpt) Read more at: TechCrunch
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