Highlights:
- The company has now received USD 35 million, increasing its valuation by 50% from its previous round in July 2021.
- Builders of chatbots can incorporate any natural language understanding model and technological stack using Voiceflow.
Voiceflow Inc., the developer of a collaborative platform used to build AI-powered conversational chatbots, announced closing a USD 15 million funding round led by OpenView, a venture capital company.
The company has now received USD 35 million, increasing its valuation by 50% from its previous round in July 2021.
The startup provides a conversational AI platform that enables groups to cooperatively create sophisticated and scalable chat agents that can automate internal processes, customer service, and other use cases. Voiceflow claims that due to its platform’s emphasis on usability and cooperation, teams may save significant time while building, testing, and deploying AI agents.
Builders of chatbots can incorporate any natural language understanding model and technology stack using Voiceflow. Users may quickly build complex conversations, exchange prototypes, and then deploy their chatbots in production due to the platform’s graphical user interface. Additionally, it serves as a “single source of truth” for chatbots, alleviating concerns about unreliable responses.
The capital raised from the round, according to Voiceflow, will allow it to address the growing need for conversational AI platforms. Nowadays, almost every business wants to get in on the AI trend that OpenAI LP’s ChatGPT started earlier this year. Voiceflow can assist companies in quickly implementing generative AI, which enables them to create a new breed of intelligent, human-like chatbots. Teams can use a variety of large language models and stringent guardrails as the basis of their chatbots using the GPT-powered AI builder announced earlier this year.
A market that is predicted to increase from USD 9.6 billion this year to more than USD 47 billion by 2033 is what the business is aiming to capture. However, it is up against fierce competition from established companies like Microsoft Corp. and Google LLC and startups like ASAPP Inc. and Zammo.ai Inc.
With more than 130,000 users worldwide, including the conversational AI teams at Amazon.com Inc., JP Morgan Chase and amp; Co., The Home Depot Inc., Vodafone Group Plc, and many more, Voiceflow believes it has carved out a strong foothold in the AI chatbot industry despite the competition.
Braden Ream, Chief Executive and Founder of Voiceflow, stated that the company initially witnessed a limited scope, assisting users to develop AI agents for Google Assistant platforms and Amazon Alexa. “Our mission has evolved to being the collaborative platform for enterprise product teams to build AI agents for any channel or use case,” he mentioned. Besides, the expertise of the OpenView team “will be a tremendous asset as we look to introduce critical new innovations and meet growing customer demand.
Blake Bartlett, OpenView’s partner, said, “OpenView has deep experience helping companies that are ready for rapid expansion and we are looking forward to helping Voiceflow maintain its impressive momentum as well as its position as the leading agent-building platform.”