Conversational AI provider NLX raises $5M to improve voice-enabled customer support
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Self-service automation provider NLX announced today that it has raised $5 million in seed funding to build an automated, personalized, customer self-service solution for managing customer interactions in the travel, hospitality, banking and insurance industries.
The announcement comes as more enterprises look to AI-powered customer support to deliver an engaging customer experience, with AI expected to make up 95% of all customer interactions by 2025.
The organization’s flagship solution, Voice Compass, is a voice-activated self-service product that verbally guides customers through an on-screen journey to complete tasks, including everything from booking flights online to changing an account password.
NLX provides organizations and technical decision makers with a solution to automate customer support, allowing users to quickly resolve issues without having to contact a support representative.
This reduces the amount of manual tasks that support agents have to perform and frees up their time so they can support customers with more complex challenges.
Making the support journey independent
In a traditional customer service interaction, a customer must contact a live agent or create a support ticket to request support from a human. The problem is that during peak periods, reps often struggle to meet customer needs.
For example, 64% of consumers cannot get help or solve their problem through the provider customer service.
Conversational AI solutions such as NLX’s Voice Compass seek to automate these interactions, allowing consumers to perform support tasks independently of human support personnel to avoid delays or long waits on the customer side, while also increasing the overall cost-efficiency of the support process.
“NLX strives to be the leading self-service automation solution for customers. Our conversational AI SaaS products help brands transform their customer interactions into automated and personalized self-service experiences,” said Andrei Papancea, CEO and co-founder of NLX in an interview.
“Customer contact organizations are using NLX’s comprehensive, low-code approach to quickly design, build and manage all their customer conversations in one place, and take advantage of NLX’s cost-effective pay-as-you-go pricing model with no hidden costs or service charge,” he said.
Automate the customer service experience
NLX is part of the global conversational AI marketwhich researchers expect to grow from $6.8 billion in 2021 to $18.4 billion by 2026, as consumers demand more streamlined digital customer support experiences and organizations turn to AI to meet these expectations.
The organization competes with many conversational AI providers, including: Nuance communicationwhich was acquired by Microsoft for $19.7 billion last year and has developed speech recognition solutions for healthcare, financial services, retail and telecommunications solutions organizations.
Another example is ASAPP, an AI call center automation company that raised $120 million last year and reached a valuation of $1.6 billion, with an AI-native platform that empowers users to deploy AI services and applications. , create agent responses, and automate time-consuming agents. tasks, and provide speech-to-text transcriptions.
However, NLX strives to differentiate itself from a low-code approach that enables organizations to manage their AI-driven support strategy from a central location.
“\With the ability to create and manage all your conversational conversations in a central, low-code environment, and by leveraging multiple modalities in synchronization, Voice Compass helps resolve questions that normally require human support,” said Papancea.
The funding round for NLX was led by Aquila Capital Partners with participation from Flying Fish Partners, Sage Venture Partners and JetBlue Technology Ventures.
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