PolyAI: London-based conversational AI customer support startup raises €10.7M funding

PolyAI, a London-based conversational artificial intelligence platform lets agents guide users all through the complex customer support scenarios. These AI agents are based on the company’s proprietary natural language and machine language processing technology. Eventually, they can scale seamlessly across various use cases and languages.

Secures €10.7 million funding

Recently, PolyAI has secured €10.7 million Series A funding round led by Point72 Ventures along with participation from Amadeus Capital Partners, Sands Capital Ventures, Passion Capital and Entrepreneur First.

Founded in 2017 by Nikola Mrkšić, Pei-Hao Su and Tsung-Hsien Wen, PolyAI has raised a total investment of €21.8 million till date. The core team at the startup comprises scientists and engineers from Cambridge’s Dialog Systems Group.

“Developing sophisticated AI technology while formulating a compelling SaaS proposition is a significant challenge, and it has delayed the real-world deployment of conversational AI for far too long,” said Nikola Mrkšić, PolyAI co-founder and CEO. “Attempts to bring modern AI to customer support have been largely unsuccessful – due to a lack of data and insufficient understanding of contact center operations. To make rapid progress, we plan to pursue very close integration with existing contact centres.”

“Our machine learning platform works to empower human agents, not replace them,” said Shawn Wen, PolyAI co-founder and CTO. “Our AI agents learn by listening to humans – then, they provide suggestions and improve through feedback. They can do many things that we as humans struggle with. They have instant access to all relevant information and can speak any world language. At peak times, they can handle calls autonomously if human agents are not available.”

“PolyAI has identified, in customer experience, a major market in need of intelligent automation,” said Hermann Hauser, co-founder and Venture Partner at Amadeus Capital Partners. “They have a deep knowledge of how conversational AI can enhance human interaction and communication in order to transform the customer service experience. Amadeus is pleased to support this exceptionally smart and proven team as they build out the business.”

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