Parloa a conversational AI platform for customer support, raises $66 million to support growth. A U.S. investor joins the German business. domestically

Parloa a conversational ai platform

In a Series B round, conversational AI platform Parloa raised $66 million, one year after raising $21 million from a broad group of European investors to support its global expansion.

The German corporation established an office in New York last year with a specific focus on the U.S. It claims that signing up “several Fortune 200 companies” in the area was made possible by this center. Altimeter Capital, a US-based venture capital firm well-known for its investments in companies like Uber, Airbnb, Snowflake, Twilio, and HubSpot, has joined Parloa as the lead investor for the most recent round.

 

Parloa a conversational ai platform

Customer service has long used automation and artificial intelligence (AI), but with the advent of large language models (LLMs) and generative AI infrastructure, truly intelligent “conversational” AI—that is, not stupid chatbots) are once more a major concern for investors. Well-established competitors are still raising large amounts of money; Kore.ai, for instance, concluded a sizable $150 million round a few months ago from well-known investors like Nvidia. In other news, former Salesforce CEO and entrepreneur Bret Taylor introduced Sierra, a new customer experience platform, in February. Sierra is based on the idea of “AI agents,” and it has already raised over $100 million from venture capitalists.

Parloa a conversational ai platform is in a good position to profit from the “AI with everything” craze that has been all the rage in the last several years as businesses look for innovative methods to increase productivity through automation.

Since its founding in 2018, the business has attracted well-known clients, including athletic goods store Decathlon and European insurance behemoth Swiss Life.

which automate email and instant chat exchanges with customers using Parloa’s platform.

But according to CEO and co-founder Malte Kosub, Parloa really shines in terms of “voice.”

Through email, Kosub informed Insightfullnk, “Our strategy has always been centered around ‘voice first,’ the most critical and impactful facet of the customer experience.” “Hence, compared to competing solutions, Parloa’s AI-powered voice chats sound more human.”

Parloa system
Parloa platform Credits for Images: Parloa

Since the company’s founding six years ago, according to co-founder and CTO Stefan Ostwald, artificial intelligence has been ingrained throughout Parloa. The business trains models for speech-to-text use cases using a combination of free source and proprietary LLMs.

A range of speech-to-text algorithms have been trained on customer service and phone audio quality.

applications. We’ve created a unique LLM agent framework for customer support in addition to a specialized telephone infrastructure to reduce latency, a major obstacle in voice automation,” he stated.

Prior to last year, Parloa a conversational ai platform had received about $25 million, the most of which came from its Series A round. Now that it has an additional $66 million in the bank, it has the resources to accelerate its growth in both Europe and the United States. Kosub reported that within the last three years, the company’s revenue has increased thrice.

In 2023, we made a successful entry into the US market. Although we’ve always been confident in the quality and competitiveness of our product, nobody could have predicted the tremendous and quick success it had in the United States, according to Kosub.

Apart from the principal investor Checks for Altimeter, Parloa a conversational ai platform Series B were received from La Familia Growth, EQT Ventures, Newion, Senovo, and Mosaic Ventures. With today’s fundraising, the firm has raised $98 million in total capital after its $21 million Series A in 2023, headed by EQT Ventures.

Parloa a conversational AI platform and automation is not new in customer service, but with a new wave of large language models (LLMs) and generative AI infrastructure, truly smart “conversational” AI (i.e., not dumb chatbots) is again firmly in investors’ focus. Established players continue to raise substantial sums — Kore.ai, for example, closed a chunky $150 million round a few months ago from big-name backers such as Nvidia. Elsewhere, entrepreneur and former Salesforce CEO, Bret Taylor, in February launched a new customer experience platform called Sierra that’s built around the concept of “AI agents,” and has raised more than $100 million from venture investors.

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