Cue team. (Image: Provided)
Artificial intelligence ([–>AI) is a customer service platform powered by Cue.[–>secured A $5 million (R82 million) primary funding round co-led by Knife Capital and FAM Investments.
The funding will support deeper investments in product development, international expansion, voice, security and enterprise integration, according to a statement.
Headquartered in Cape Town, Cue says it is powering conversations with more than 500 corporate customers across automotive, retail, insurance, finance and education in the UK and South Africa. We currently process over 500 million messages and conversations annually across our platforms.
Additionally, it said average recurring revenue increased more than 160% year-over-year in its most recent fiscal year.
As a result, the company says it is building a second-generation AI agent to solve customer service problems end-to-end. When human assistance is still needed, the platform hands over to Cue’s unified inbox and ticketing desk with full context for high-value interventions.
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“This is an exciting time of change for the company,” adds Cue CEO Richard Nischk. “We are at a tipping point for AI in customer service, and more companies are realizing that they need an integrated platform to succeed, rather than a patchwork of scattered solutions.”
Cue’s first generation agents can already resolve more than 60% of customer conversations autonomously, according to a statement.
The next iteration is aimed at performing complex tasks across different systems, such as qualifying and adding leads to the CRM, checking order status, booking appointments, processing student applications, and sending payment links.
South African venture capital firm Knife Capital has a long-standing focus on innovation-driven ventures. The company is investing through a consortium of funding partnerships.
Cue’s latest primary funding round marks another step in startup investment in Africa.
Keet van Zyl, founding partner of Knife Capital, commented: “Customer service will remain the lifeblood of every enduring business. As AI reshapes enterprise software, the winners will be those that enhance human capabilities, rather than replacing them.”
“Cue is led by a team with the vision, technical depth and execution ability to be a category leader and has built a platform that delivers measurable value today. That’s exactly the type of business Knife Capital seeks to support.”
Nischk concludes: “Our growth strategy reflects exactly what our customers want: an all-in-one, AI-powered customer service platform that delivers value and best-in-class service across all channels.”
