Helsinki and Berlin-based virtual customer service agent ultimate.ai has raised €16.45 million in a Series A funding round held in November 2020, led by OMERS Ventures. Other investors include Felicis Ventures, HV Capital and Maki.vc.
Capital raised will be used by the startup to develop its AI-based automation platform, which currently controls customer interactions in over 20 languages. It will also be utilized to expand to North America and further across Europe. The latest funding round brings the startup’s total capital raised to more than US$ 25M.
Founded in 2016 by Jaakko Pasanen, Markus Rautio, Reetu Kainulainen, Sarah Al-Hussaini, ultimate.ai is a virtual customer service agent builder providing multilingual customer service automation to enterprises. The startup’s exclusive deep learning technology enables customer service automation in all languages. Its platform is integrated within some of the world’s renowned CRM (customer relationship management) providers, including Salesforce and Zendesk. Its virtual agent is able to talk to customers, manage tickets, work in backend systems, along with a host of other features it offers.
The AI-driven solution enables 80% automation of support interactions, liberating agents from engaging in monotonous requests. ultimate.ai helps boost current workflows and setups of CRM teams rather than driving them to replace their existing system.
The startup’s goal is to empower brands to drive better customer experiences through automation. Its no-code platform makes artificial intelligence technology accessible to customer service teams and helps them arrange their operations to deliver instant responses around the clock in every language.
CEO Reetu Kainulainen said that her team has seen market maturity accelerate and after working with the first-generation of unproductive chatbots, businesses today really know what they’re looking for. Customer service automation has developed itself from offering simple FAQs to full process automation across all digital channels, she said. She further added that the latest funding will enable the startup to invest in a category-defining product. ultimate.ai has been uniquely positioned to provide vital support for businesses that have experienced a rise in online customers, and the experience of foundation building, product development, and its team culture has enabled the startup to thrive even in COVID-19.
ultimate.ai has increased its ARR (Annual recurring revenue) by 3 times over the last 1 year (for the second year in a row) and has also tripled its headcount, and with this great Series A round is ready for even more explosive progress.
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