[Funding alert] London-based OpenDialog Secures over €7 Million in Series A Round Funding

The market for conversational AI is expected to reach $38 billion globally by 2029, up from $8.4 billion in the previous year due to the fast increasing demand for this technology.

Reda also - Paris-based Kiln Secures $17m in Funding

The challenge of leveraging Large Language Models (LLMs) like GPT4 and Natural Language Understanding (NLU) technologies to create conversational experiences that are safe, explainable, and compliant enough to automate business processes is impeding the adoption of NLU technology by companies operating in regulated sectors.

Terry Walby, co-founder and CEO of OpenDialog, said: “We’re building a category-defining business that redefines the way humans interact with technology and that makes advanced and Generative AI realizable for enterprises. Businesses are keen to take advantage of the technology they see manifested in applications like ChatGPT, but they’re struggling to figure out how to make that a reality in a business context without exposing themselves to risks. We can offer them the security, granular control, explainability and safety which is essential for all businesses, but particularly those operating in regulated sectors like insurance, healthcare, financial services and utilities.”

OpenDialog provides a distinctive approach to managing conversations while utilising LLMs to make them safe and compliant from start to finish, with an initial focus on the healthcare and insurance sectors.

With the help of its no-code platform, businesses of all sizes, including NHS trusts and the insurance behemoth Davies Group, may integrate the strongest LLMs and NLU technologies available today into a single automation platform.

Read also - European Tech Community Upscalers Secures Pre-Seed Funding

These businesses utilise OpenDialog to create chatbots and intelligent digital assistants driven by AI that are specially designed to meet their particular business and regulatory requirements. They have fine-grained control over how the AI is applied to achieve the highest levels of automation while maintaining compliance.

A legal firm has been using the platform to screen applicants for a class-action lawsuit, a pharmaceutical company has been interacting with people reporting side effects from using its products, and several insurance challengers have deployed it across customer-facing channels to increase efficiency.

Read also - Barcelona-based TravelPerk Secures €95 Million in Funding

The new funding round will be utilised to advance the groundbreaking technology research and development at OpenDialog, expedite the company's entry into the US market, and continue developing solutions with an industry emphasis.

Ed Lascelles, Partner at AlbionVC, added: “Conversational AI has evolved massively since early chatbots. In OpenDialog, we have a team of proven entrepreneurs and technologists who have successfully built and scaled enterprise businesses before and we’re convinced that they have the potential to be one of a handful of global leaders in this once-in-a-generation transformation.”

About OpenDialog

The highly customised AI chatbots and advanced digital assistants from OpenDialog. With the help of their enterprise-grade Conversational AI platform, businesses in regulated sectors can safely use the most advanced generative AI to automate up to 84% of interactions through natural language conversations across a variety of channels, all day, every day.

Read also -  Berlin-based Packmatic Secures €15 Million in Series A Round Funding