Omilia, a Cyprus-based machine learning company, has secured $20 million in funding from Grafton Capital to continue expanding its conversational AI technology, built for the customer care needs of global enterprises. This is Omilia’s first fundraising of outside investment.
In what it considers “one of the few categories of AI that is already delivering significant value to large enterprises and their customers”, the Cypriot company has built a virtual assistant and customer dialog management system. Customers can experience “human-level intelligence” and machine-level efficiency when contacting a company, whether by phone, web chat, social media, SMS, email, or mobile app.
The AI consists of proprietary speech-recognition software, voice biometrics, dialogue technology and machine learning, which the company claims has trained on billions of interactions since its founding 2002. Now the service is fluent in 21 languages, serving clients such as global banks, mobile operators and insurance firms.
“We abandoned the legacy approaches and outdated open standards which were holding back the customer experience,” says co-founder and CEO Dimitris Vassos. “We’ve built a platform capable of human-like natural language interaction, that delivers business benefits in the real world, at scale.”
The fresh capital will fuel go-to-market efforts in Western Europe and North America, where the company already has a lucrative customer base, the major source of a 100 percent revenue boost last year.