Conversational enterprise AI company Pypestream has garnered more than $15 million in new funding. Insurance company W.R. Berkley led the round.
“I was impressed by Pypestream’s ability to upgrade the customer experience,” said Michael Nannizzi, director of investments at W.R. Berkley and a member of Pypestream’s board of directors. “Pypestream’s technology is helping companies improve their engagement and achieve important efficiencies through the use of its powerful conversational interface.”
Dhara Patel, president of Brown & Brown subsidiary American Claims Management, added: “Pypestream’s approach to conversational AI is a game changer for customer experience. I could see its application across a broad array of use cases.”
The new funding brings Pypestream’s total funding to $35 million. Pypestream plans to invest the new money to expand its efforts in the financial services, insurance, telecom, and travel industries. The company declined to disclose other participants involved in and when it closed on the round.
Pypestream says its solution “transforms contact centers with enterprise conversational AI.” This end-to-end, AI-based customer service solution delivers cost saving and allows for higher Net Promoter Scores and stronger brand loyalty, driving increased revenue, the company explains.
The Pypestream product is called Design Studio. It allows businesses to create chatbots with authentication, API integrations, list pickers, carousels, and GIFs. Allianz, EY, Google, Shell, and sling television are among Pypestream’s clients.
G2 Crowd says Aivo, Drift, IBM Watson Assistant, Intercom, Manychat, and Zendesk Answer Bot are among Pypestream’s key competitors.
Using AI-based solutions to improve customer experiences is the focus of a new event called The Future of Work Expo. This new conference and expo from Technology Marketing Corp. will take place Jan. 30 through Feb. 1 in Fort Lauderdale, Fla. Click here for more information about The Future of Work Expo.