Highlights:

  • The company claims to be dedicated to transforming consumer interactions with brands by utilizing cutting-edge, astonishingly human-voice artificial intelligence technology.
  • According to PolyAI, its revenue has increased tenfold in the last two years, starting from an undisclosed foundation.

PolyAI Ltd. raised USD 50 million in the latest funding. The enterprise voice assistant startup will broaden its artificial intelligence (AI) powered voice automation technology, enhance multilingual support, scale operations, modernize customer experiences, and fuel its market footprint.

Developed in 2017 as a spinoff from the Machine Intelligence Lab at Cambridge University, PolyAI provides a machine-learning platform for conversational enterprise voice assistants. These assistants engage in natural language dialogues with clients to resolve issues. PolyAI voice assistants comprehend what clients say and how they say it.

Because PolyAI’s platform is pre-trained on billions of customer interactions, businesses can use it with much less effort because they don’t need to generate their own bespoke AI training datasets. The platform uses AI to handle calls, focusing on voice-based customer support and call centers in particular.

The company claims to be dedicated to transforming consumer interactions with brands by utilizing cutting-edge, astonishingly human-voice artificial intelligence technology. It caters to a variety of high-call volume sectors.

Chief Executive and Co-founder Nikola Mrkšić said, “Anyone who has ever picked up the phone to get support from their favorite brands has experienced the frustration of dealing with bad customer service. Our mission is to make every company the best version of itself in every customer interaction.”

According to PolyAI, its revenue has increased tenfold in the last two years, starting from an undisclosed foundation. Nearly 100 enterprise clients are currently served by it, including Fortune 500 organizations UniCredit S.p.A., Caesars Entertainment Inc., FedEx Corp., Pacific Gas and Electric Company, and Marriott International Inc. Millions of consumers are currently using one of the first voice assistants powered entirely by generative AI, which was introduced by one of PolyAI’s enterprise clients last year.

In the Series C round, which also included participation from Khosla Ventures LLC, Georgian Capital Partners Corp., Point72 Ventures LLC, Sands Capital Management LLC, Passion Capital Investments LLP, Hedosophia Group Ltd., Nvidia Corp.’s NVentures, and Zendesk Inc. led the way. PolyAI has raised USD 120 million in total, including the latest round, with a USD 40 million round in September 2022.

Vinod Khosla, founder of Khosla Ventures, reported that “we bet early on PolyAI and the team as a category creator for AI-powered, voice-based customer support.”