OpenDialog, a London, UK-based provider of a conversational AI platform used by regulated industries, raised over $8M in Series A funding.
The round, which brought the total amount to $13M, was led by AlbionVC, with participation from Dowgate Capital and angel investors, directors and staff.
The company intends to use the funds to further the research and development behind its technology, accelerate expansion into the US market and carry on developing its industry-focused solutions.
Led by CEO Terry Walby, OpenDialog is an enterprise-grade conversational AI platform that enables companies that operate in regulated industries to safely harness the power of Conversational AI. The company uses a new approach to developing conversational AI applications because it can automate multi-step complex business processes through natural conversation – something even the most advanced LLMs are unable to complete.
By automating complex business processes in this way, the AI-powered chatbots and digital assistants built with OpenDialog create insights by collecting millions of data points every day that underpin a system of continuous improvement and enhancement.
Commenting on the news, Terry Walby said: “We’re building a category-defining business that redefines the way humans interact with technology and that makes advanced and Generative AI realizable for enterprises. Businesses are keen to take advantage of the technology they see manifested in applications like ChatGPT, but they’re struggling to figure out how to make that a reality in a business context without exposing themselves to risks. We can offer them the security, granular control, explainability and safety which is essential for all businesses, but particularly those operating in regulated sectors like insurance, healthcare, financial services and utilities.”
FinSMEs
24/01/2024