Conversation Intelligence Startup Symbl.ai Raises $17 Million In Series A
The company will use the funding to fuel its product development, global expansion efforts, and hire more talent for marketing and sales teams
Symbl.ai, a conversation intelligence startup empowering AI-driven communication experiences, has announced its $17 million Series A funding round. The funding, which was led by Great Point Ventures along with Gutbrain Ventures, PBJ Capital, Crosscut Ventures and Flying Fish Ventures, aims to allow the company to accelerate its product development and global expansion.
Symbl.ai was founded in 2018 as a way to help users turn conversation data into actionable insights. Its complete suite of APIs help business professionals easily create insights from multiple channels of communication such as voice, email, chat, and social media.
“Products and applications achieve greater adoption by delivering highly personalized user experiences, driven by data and intelligence,” said Surbhi Rathore, CEO at Symbl.ai.
“However, for extracting intelligence and insights from conversations, they are faced with complex and limited options: either invest upfront on open source options with high unpredictability and huge data management cycles or use general purpose NLP that weren’t built to truly understand human conversations with context. As a result they either do not find the right partner for their CI journey limiting their innovation, or have to implement text analytics built for documents on voice conversations. Symbl.ai was built for growing B2B and B2C brands, and is run by industry veterans. We know what it takes to scale conversation intelligence in your product and want to bring context and structure to all conversations so that they can be acted upon in real time without losing on critical information.”
Around the world, Symbl.ai is trusted by leading brands such as Intuit, Wistia, Logitech, Listenforce, and Airmeet to get the most out of their conversations. The company produces comprehensive AI and machine learning products with the help of tech partnerships like AWS, Twilio, Google Cloud, and Dolby.io.
Its products have the capabilities to use AI and developer tools to help users gather more valuable analytics from every conversation, no matter what channel it occurs on. The solution also gives its users access to real-time insights and customizable UI features to help power better conversations.
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The conversational AI platform market is growing at an incredible pace recently. In 2021 the industry measured a size of $6.8 billion, but is projected to nearly triple up to $18.4 billion in just the next five years leading up to 2026. With the new funding, Symbl.ai will continue to expand its product offerings and its marketing/sales teams.
“The trend of digital conversations, which has increased over the past year, is here to stay. Symbl’s platform gives enterprise grade tools to companies who want to effectively use the data generated in these conversations to bring contextual insights to their end customers. Surbhi, Toshish, and their team have built a special engine to deliver this data in a developer friendly way, and we are excited to partner with them in their next leg of growth,” said Ray Lane, partner at Great Point Ventures.