Moveo.AI, a London-based enterprise conversational AI startup, has raised $2.6 million in seed funding. Eleven Ventures led the round with Uni.Fund and Charge.vc participating.
Moveo.AI blends workflow automation with Generative AI. Moveo’s LLMs are fine-tuned for enhancing customer experience in business settings, surpassing third-party models like GPT-4 in latency, hallucination, and repetition, amongst other CX-related metrics.
Early backers who participated in the $400K pre-seed round in 2021 are also doubling down on their initial investment, demonstrating their support for Moveo.AI's vision and approach of AI technology to enhance customer experiences.
The newly raised funds will enable Moveo.AI to significantly enhance its platform capabilities and proprietary LLMs, focusing on providing enterprises with personalised LLMs. This investment will also support the team's growth, particularly in research and development. In 2024, the company will continue its international expansion, targeting markets in the Americas. This process will involve scaling its business teams and forging strategic partnerships to establish a more significant regional presence.
Moveo.AI has experienced exponential growth in the last 12 months, increasing its customer base with enterprises such as Betano, Allianz, and Alpha Bank, doubling its revenue and tripling its team. Moveo.AI recently opened a branch in São Paulo to serve the booming LATAM market. As a result, Moveo.AI now serves over 10 million users every month in 89 countries, speaking 21 languages.
Furthermore, Moveo.AI was recognized through the highly prestigious first place in SE Europe and Israel during the Mastercard Fintech Forum and its selection for the exclusive Visa Innovation Program Europe.
“We are incredibly excited about this new round of funding, which marks a pivotal moment for Moveo.AI,” commented Panos Karagiannis, Moveo.AI’s CEO and co-founder. “This investment validates our team's hard work and dedication and reinforces our mission to provide enterprises with secure, personalized LLM solutions they can rely on. With these new resources, we aim to enhance our platform's capabilities, expand our talented team, and broaden our reach into new markets. We look forward to forging new partnerships and continuing to innovate in the AI space, thus advancing our vision of revolutionizing enterprise AI solutions.”
"When it comes to the customer journey – from support issues to sales transactions – people are expecting instant, accurate, relevant, just-in-time interactions. This is something humans can no longer deliver. But AI can! We identified Moveo as a top contender to radically improve the way businesses interact with customers. Their impressive client roster, including big banks and retailers, speaks to their potential. We are excited to be part of the journey and contribute to this significant shift in customer engagement." commented Svetozar Georgiev, Partner at Eleven Ventures.
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