Voiceflow raises $15 million to construct the ‘Figma’ of conversational AI
Voiceflow revealed it had secured $15 million in a new funding round headed by OpenView Venture Capital. Voiceflow is a California-based startup aiming to become the ‘Figma’ of conversational AI. The funds will be used to extend the capabilities of the business’s software. In addition, it will enable teams to create conversational AI agents for various use cases.
Voiceflow Collaborative Feature:
Teams must collaborate closely to design the agent based on business requirements, then create, test, and put it into production using developer-centric platforms such as Google’s Dialogflow or IBM Watson. The problem is that this takes time, especially for large teams.
This is where Voiceflow enters the picture. The firm provides a collaborative platform similar to Figma. It provides teams with an all-in-one, low-code environment to design, create, test, and deploy conversational agents of any scale or complexity. Once the agent is up and running, up to 100 distinct users may collaborate in real-time on Voiceflow to design complex conversation flows with advanced logistics. The service enables integration with any current NLU platform or technology stack without costly vendor replacements.
Delivering AI Agents Twice as Fast:
According to the company, it can assist teams in delivering AI agents for every channel or use case two times quicker than existing market alternatives. Furthermore, it can reduce the time required to evaluate and test the agent by 75% and 50%, respectively.
Voiceflow claims 130,000 customers from 450 worldwide organizations, including Amazon, JP Morgan, The Home Depot, Vodafone, State Farm, and BMW, since its inception in 2018. According to Ream, the company’s enterprise sales nearly quadrupled last year, and the margins are now more than 80%.
Preparation Ahead of Time:
With this investment round, the firm will strive to expand on its current momentum and deliver new product improvements to improve the experience of creating and deploying AI agents. While Ream did not reveal much, he did say that a large language model (LLM)-powered AI Builder will be added, allowing teams to design and deploy agents for customer service and other purposes. According to Future Market Insights, the worldwide conversational AI sector would grow at a CAGR of more than 17%, from $9.6 billion in 2023 to $47.6 billion in 2033.