PolyAI raises $12Million in series A funding round

polyAI - startup article

Key Highlights

PolyAI raises $12 Million in series A funding round led by Point 72 Ventures.

The company is based on state-of-the-art conversational technology.

PolyAI going to use funds to deploy its technology and AI agents in customer support contact centers.

In the present decade of innovation, day by day startups based on creative ideas and methodology are emerging in market and investors are taking great interest in fueling these innovative entrepreneurs. In the same row, a London based startup PolyAI has raised $12 Million in series A funding round. The funding round is led by Point 72 Ventures and among the participants were Amadeus Capital Partners, Entrepreneur First (EF), Sands Capital Ventures and Passion Capital. 

PolyAI is founded by masters in the domain of “conversational AI” – including CEO Nikola Mrksic, first engineer of VocalIQ, a subsidiary of Apple. The founders of PolyAI are graduates of Entrepreneur First and are companions at Cambridge’s Dialog Systems Group, part of the Machine Intelligence Lab at the University of Cambridge.

Nikola Mrksic on a briefing about starting of PolyAI said, “He along with his team started a company in 2017 just after submitting their Ph.D. thesis. They developed state-of-the-art conversational technology at Cambridge and thought to open a company to make this tech usable for the real world. They among various Cambridge colleagues came together at an uniform parapet and initiated building the commercial version of their conversational platform.”

PolyAI tech doesn’t only understand queries of customers but makes sure that they can be treated in an effective way regardless of any medium including voice, email and messaging. By this, it assists low margin businesses to scale their business above.

According to Mrksic, “PolyAI proprietary technology permits the AI agents to probe really complex use cases. Company agents are generated around a framework for modeling context i.e. they can hold long conversations and involved all information that users had previously discussed. The backend models are data-driven, and they are domain and language agnostic. This assists them to seamlessly scale across various use cases and world languages. In practice, this means that we don’t have to hand-craft agent ticket — AI agents can learn by observing human agents at work.”

He also added, “AI agents should not replace human agents completely but should do deeds alongside them with both working to their maximum valor.”

According to Shawn Wen, PolyAI CTO and co-founder, machines can do various tasks that humans struggle to pursue and these deeds are necessary to support customer by immediately accessing all their information. AI agents can assist human agents in solving out complex cases or attend calls in their absence.

The company is targeting to use funds to deploy its technology and AI agents in customer support contact centers. These Cambridge graduates are going to bring a new revolution in the technological world.

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Himanshu Gupta

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