Chatbot platform secures nearly £600,000 of investment
Artificial intelligence technology start-up We Build Bots has amassed more than £575,000 of investment in a bid to accelerate the growth of its chatbot platform.
The company, which has offices in Cardiff and Bristol, had aimed to raise £500,000 through crowdfunding platform Seedrs but surpassed this goal within 50 days.
Valued at £2 million, it has received the support of 332 investors. In the past, the firm has seen the likes of the Development Bank of Wales invest in its technology.
Paul Shepherd, founder of the start-up, plans to grow We Build Bots into a £100 million-valued business within the next five years. He is the brainchild of IntelAgent, a customer service automation platform.
It automates messaging apps, SMS, email, social media and voice assistants to provide customers with answers, perform tasks and even identify sales opportunities.
“Put simply, IntelAgent can handle many of the common queries traditionally managed by a call centre, freeing up staff time to deal with the more complex issues,” said the firm.
Currently, We Build Bots works with the likes of The AA, Amnesty International, Welsh Water and Future Publishing, all of which have integrated chatbots into their businesses.
Shepherd said: “Using a bot to promote investment in our bots was the obvious choice, enabling us to showcase the technology we’re asking for investment in.
“We’ve had a flying start to the campaign with over 55% of our funding target achieved in the first 10 days and anticipate reaching our goal within the funding period, enabling us to embark on the next phase of growth.”
He added: “Messenger platforms continue to grow rapidly in popularity with Facebook messenger alone having more than a billion active monthly users and over 2 million exchanges between organizations and the public each month.
“Using AI chatbots to learn answers can save time for business and improve the experience for customers, getting the information they need quicker and allowing those working in customer services to focus on the more hard to handle queries.”