PolyAI Ltd., a startup in artificial intelligence, reportedly declared that it has received USD 40 million in fresh funding from an investor’s group headed by Georgian.
The other investors that contributed to the Series B investment round were Khosla Ventures, Twilio Ventures, Amadeus Capital Partners, and Point72 Ventures. At the end of the round, London-based PolyAI was valued at around USD 300 million.
The newly raised funds will help PolyAI increase the adoption of its AI platform. The platform will allow businesses to create voice assistants that can answer customer care calls. The company claims that its technology can fix around 40-s90% of client requests.
As a result, organizations can drastically reduce the manual work done by their contact center personnel, claims PolyAI.
According to a source close to the company, the platform has already been trained on several consumer interactions. As a result, enterprises do not need to develop unique AI training datasets, thereby reducing the amount of work needed to implement PolyAI's platform.
It has been reported that this would also enable customers to build voice assistants in as little time as two weeks.
PolyAI’s strategy also makes regulatory compliance easier. Some privacy laws, such as GDPR, usually apply to the unique datasets that businesses develop to train AI systems. However, PolyAI has declared that its platform does not require customized AI training datasets, making regulatory compliance easier.
Large businesses usually receive customer support requests in multiple languages. In such cases, PolyAI claims that without requiring significant coding modifications, multiple language support can be added to voice assistants developed using its platform. This feature makes the process of customizing the platform to an organization's needs much easier.
The money from PolyAI's most recent funding round will also be utilized in developing effective marketing strategies. Additionally, the startup is creating a brand-new developer tool called PolyAI Studio, which is presently undergoing beta testing.