Boost.ai, a Stavanger, Norway-based provider of chatbots and virtual assistants, closed an up to $5m funding round.
Alliance Venture made the investment.
Following the deal, the company ownership will remain firmly in the hands of the founders and employees, who still retain more than two thirds of the company.
The financing will be used to strengthen the technical and commercial teams and to support expansion beyond Scandinavia.
Founded in 2016 by Lars Ropeid Selsås, Henry Vaage Iversen and Hadle Ropeid Selsås, Boost.ai specializes in artificial intelligence (AI) and building virtual assistants for enterprise.
Incorporated in May 2016, the company has secured deals with more than 40 major organizations, including leading Scandinavian companies such as Telenor, Nordea, Sparebank 1, Santander and Storebrand. Additionally, boost.ai has become the prime supplier of chatbots for local governments, with over 20 Scandinavian municipalities signing up to provide their citizens with digital guidance through virtual assistants. The team includes over 50 members.