Chatbots, robocalls and automated messaging all give people the chance to talk to “someone” when a live person isn’t available, and it’s companies like Symbl.ai that make this possible.
On Friday, the Seattle-based startup announced that it raised a $17 million Series A funding round led by Great Point Ventures. This new funding comes a year after Symbl.ai released its flagship product and raised $4.7 million in its seed funding round.
Symbl.ai has built a conversation intelligence platform that allows developers to build and deploy conversational AI apps across different channels, including voice, email, chat, social and so on. So if you’re a developer who wants to create an AI chatbot for customer support purposes, Symbl.ai can help you bring that chatbot into existence. The platform also helps take data gathered from conversational AI interactions, and turn that data into actionable insights.
According to Symbl.ai, this type of technology is gaining traction. The company says that the communication platform-as-a-service industry is expected to grow from $4.54 billion in 2020 to $26.03 billion by 2026. Symbl.ai wants to take advantage of this growing tech adoption, and in the year since it launched its self-serve platform, it’s already signed on companies like Rev.ai, Intuit, Bandwidth and Hubilo as customers.
“The trend of digital conversations, which has increased over the past year, is here to stay. Symbl’s platform gives enterprise grade tools to companies who want to effectively use the data generated in these conversations to bring contextual insights to their end customers. Surbhi, Toshish and their team have built a special engine to deliver this data in a developer friendly way, and we are excited to partner with them in their next leg of growth.” investor Ray Lane, partner at Great Point Ventures, said in a statement.
The new funding will help Symbl.ai continue its growth. The company says it will invest the new funds into expanding its platform. Its platform already includes a variety of services, including its Transcription Plus, Conversation Analytics, Conversation Topics, Contextual Insights, Customer Tracker and Summarization products. This new funding will allow it to add even more.
The company will also use some of the new funding to grow its team. The company says it aims to “substantially” grow its engineering and leadership teams, but it’s also looking to invest in its sales and marketing efforts in order to capture growing demand. It currently has a handful of open roles listed on its website.
“Symbl.ai was built for growing B2B and B2C brands, and is run by industry veterans. We know what it takes to scale conversation intelligence in your product and want to bring context and structure to all conversations so that they can be acted upon in real time without losing on critical information,” Symbl.ai CEO and co-founder Surbhi Rathore said in a statement.
