PolyAI raises $50 million to power AI voice automation technology

Enterprise voice assistant startup PolyAI Ltd. today announced plans to expand and enhance its artificial intelligence-powered voice automation technology, scale operations, innovate multilingual support, improve customer experience, and expand its market presence. , announced that it has raised $50 million in new funding.

Founded in 2017 as a spin-off from the Machine Intelligence Institute at the University of Cambridge, PolyAI provides a machine learning platform for conversational enterprise voice assistants that engage in natural conversations with customers to solve problems. . PolyAI's voice assistant understands your customers, no matter what they say or how they say it.

PolyAI's platform is pre-trained based on billions of customer interactions, eliminating the need for businesses to create custom AI training datasets and significantly reducing the effort required to use the platform. Masu. The platform integrates AI technology to handle calls with a particular focus on call centers and voice-based customer service.

The company serves a wide range of high call volume industries and says it is committed to revolutionizing the way customers interact with brands through advanced human voice AI solutions.

“If you've ever picked up the phone to get support from your favorite brand, you've probably experienced the frustration of dealing with poor customer service,” said Nikola Mrkusic, co-founder and CEO. ” he said. “Our mission is to make every company the best version of itself in every customer interaction.”

PolyAI claims strong growth with 10x revenue growth over the past two years on a private basis. He currently serves nearly 100 business clients, including FedEx Corp., Pacific Gas and Electric Company, Caesars Entertainment Inc., Marriott International Inc., UniCredit SpA, and other Fortune 500 companies. According to PolyAI, last year one of its enterprise customers launched the world's first voice assistant fully powered by generative AI, which is now used by millions of consumers.

Hedosophia Group Ltd., Nvidia Corp.'s NVentures, and Zendesk Inc. led the Series C round, with participation also included Khosla Ventures LLC, Georgian Capital Partners Corp., Point72 Ventures LLC, Sands Capital Management LLC, and Passion Capital Investments LLP. Including the new round, PolyAI has raised $120 million to date, including a $40 million round in September 2022.

“We were an early bet on PolyAI and its team as a category creator in AI-powered voice-based customer support,” said Vinod Khosla, founder of Khosla Ventures.

Image: Poly AI