It goes without saying that commercial use of NLP (Natural language processing) technologies has skyrocketed in recent years. NLP technologies are now used in a wide range of applications across a range of industries, from chatbots and virtual assistants to machine translation and sentiment analysis.
Taking advantage of this, NLX, a US-based conversational AI specialist whose technology is used by airlines, hotels, and FMCG suppliers, among others, has raised $4.6M in Series Seed II funding despite the difficult market for tech companies and startups. IAG Capital Partners led the round, with participation from JetBlue Ventures and Flying Fish Ventures.
The new funding will be used to further NLX’s marketplace expansion and product optimisation.
Previous funding
This announcement comes nearly a year after NLX announced a $5M seed funding round in January 2022, bringing the total raised to $9.6M. Since the previous raise, NLX has significantly grown its clientele among enterprise, Fortune 200, and mid-sized businesses; introduced The Showroom (a live, customised, multimodal conversational experience with AWS); won a patent for our technique of multi-channel audio synchronisation for task automation; and intends to release Dialog Studio 2.0 in early 2023.
“In an age of increasing digital interactions with customers, many companies are upgrading their customer service technology, including their contact centers, to improve large-scale internal and external communication and improve customer self-service through automation,” explains Andrei Papancea, CEO and Chief Product Officer of NLX.
“NLX helps brands drive their customer conversations to be engaging, personalized self-service experiences. Its no-code platform, Conversations by NLX, empowers teams to build, manage, and analyze their conversations in one place, and with a usage-based pricing model, brands can enjoy a cost-effective way to scale their customer support needs according to demand. When implemented, NLX empowers a brand’s customers to resolve their own inquiries at their own pace – with no wait time or frustration.”
“We believe NLX’s solution will revolutionize the way we do customer service. NLX’s best-in-class multimodal technology directly addresses customer pain points, while also making it cost-effective and easy for brands to implement. It’s clear that a win for the end user will be a win for NLX’s customers and NLX. That’s the type of company we’re confident about investing in,” said Joel Whitley, Partner and Principal at IAG Capital Partners.
“We’ve had the opportunity to watch NLX grow over the past few years and we’re impressed by how the company is scaling and innovating enterprise-grade conversational AI to help brands. Between NLX’s delighted customers, its trend-setting multimodal technology, and the urgent need across the industry to address skilled labour shortages, investing again was an easy decision,” said Frank Chang, Co-Founder and Managing Partner at Flying Fish Partners.
Conversations by NLX is an end-to-end platform for creating, managing and analysing all of your customer interactions. Andrei Papancea (from Romania), Vlad Papancea, and Peter Szerzo founded NLX in 2018 in New York to provide automated and frictionless multimodal self-service tools powered by conversational AI. The company’s service is intended to enable organisations to create and manage what it refers to as “next-generation conversational experiences” — personalised conversations that are automated, integrated, highly scalable, and accessible at any time and from any location.
