Natural Language Processing for Business Startup One AI Raises $8M
Natural language processing software startup One AI has raised $8 million in a seed funding round from angel and venture capital investors including Tech Aviv, Ariel Maislos, and Sentinel One CEO Tomer Wiengarten. One AI offers businesses a way to embed natural language processing features into their applications with pre-packaged models.
One AI is officially launching with the new funding announcement after operating in stealth since last year. The Israeli startup is aiming to serve businesses looking to utilize NLP to automate tasks without the complications of building the features out of open-source models from scratch. Training a neural network from the open-source algorithms using generic pre-trained versions takes time and resources that companies may prefer to direct elsewhere, One AI designed its pre-packaged NLP models specifically for business use cases and put them into APIs to simplify their integration into a company’s system.
Ths startup’s neural networks can read and organize documents by topic and pull out relevant information from customer interactions to create short summaries. The NLP can augment existing conversational AI, performing real-time monitoring of chatbots talking to customers to spot when a human agent may need to intervene before the customer makes the request. Each model serves a different purpose, but they can be combined for a more comprehensive package, with the startup’s One AI Language Studio allowing developers to mix-and-match without writing code.
“The generation of unstructured data is increasing at unprecedented rates, and the inability to understand it results in negative outcomes that include everything from lost sales, to lower levels of user engagement and loyalty, to reputation damage.” One AI CEO Amit Ben said. “The adoption of language comprehension tools by the broader developer community is the way to overcome it.”
The accelerating demand for enterprise NLP is being met by a mushrooming industry catering to that need. One AI is the latest of many, including OpenAI’s GPT-3, which is licensing individually and on an enterprise scale with Microsoft. The tech giant recently widened the use cases and access to it sAzure OpenAI Service built on GPT-3. Contenders with their own angle on the industry like OpenDialog or Deepset are smaller but growing quickly in both funding and customer bases. The sheer size of the potential market, hitting $16.53 billion in 2020 and growing quickly according to Fortune Business. suggests that there won’t be a problem for One AI in succeeding even with a tiny slice of the pie.