Enterprise Conversational AI Startup Inbenta Raises $40M
Enterprise conversational AI startup Inbenta has closed a $40 million funding round led by Tritium Partners. Inbenta provides a platform for companies to apply conversational AI to customer service chatbots and for research for verticals like insurance, telecom, finance, and travel with minimal setup in 35 languages and multiple platforms.
Inbenta’s AI is employed for customer service as well as internal human resource and search purposes. The company’s Chatbot and Messenger services embed customer service chatbots into communication platforms like Slack and WhatsApp to answer questions, adjust orders, and make reservations. Inbenta Knowledge serves as an AI assistant for fetching and completing forms and anticipating information needs, while Search applies AI to collating and indexing databases and helping company employees look for information. Inbenta claims the customizable system can reach a correct answer rate of 90%. In tandem with the funding, Tritium Partners CEO Melissa Solis has become Inbenta’s CEO, while Inbenta founder Jordi Torras has shifted positions from CEO to Chief Innovation Officer. The 12-year-old company has raised around $63 million in total.
“Inbenta represents the future of customer experience. For over a decade, we’ve been optimizing our technology so that customers can be understood and responded to in a way that is helpful, genuine and, most importantly, achieves a quick and impactful resolution,” Torras said. “I am excited for the opportunity to work with Melissa on this next chapter of Inbenta’s growth.”
AI in enterprise and customer service has skyrocketed over the last few years. Inbenta’s significant investment goes along with massive raises by similar services last year like the $90 million invested in Aisera, Invoca’s $83 million raise, the $125 million brought in by Observe.AI, and the $400 million raised by Uniphore. It’s also led to a plenty of acquisitions for smaller firms, with the voracious acquisition by Gupshup of specialist enterprise conversational AI providers thanks to the $340 million it raised in the course of just a few months.
“Inbenta’s conversational AI is a game changer for any business that has to handle customer inquiries, whether simple questions or more complicated tasks,” Solis said. “Inbenta’s advantage is driven by its proprietary Natural Language Processing and Neuro-Symbolic AI technology and its versatility, on top of its already global footprint and ability to connect with customers across languages and lexicons. With the backing of Tritium Partners, Inbenta is now positioned to rapidly scale and develop a truly end-to-end AI platform that delivers on features never before imagined.”
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Interview with Jordi Torras of Inbenta – Using AI to Improve Website Search