Anbotux provides AI/ML based personalisation & empathy for customer-service channels and chatbots.
- Madrid, Spain
Categories: Data & Analytics Digital B2B
- Social Media
- Company number
- Incorporation date
- 9 May 2017
- Investment sought:
- Equity offered:
Digital channels for "business to consumer interaction" are growing in adoption and variety (web, apps, IVR, and recently the Chatbots). A lot of technologies are making this possible but on the other hand we believe there is a problem to be fixed.
How could the real customer-understanding and the empathy that was provided by personal customer service (bank branches, insurance agents, airline desks, etc) that created real trust and loyalty be moved to the digital channels?
How could you increase personalization & empathy to digital channels making customers feel unique?
Anbotux enables digital channels to offer a more "human touch and empathetic" interaction pioneering a new application of AI/ML to customer service, not language related, different from NLP combining 4 types of data:
- Chatbot interactions;
- Other channels interactions;
- Customer segmentation;
- External phenomena daily evolution (weather, political climate, finance, stock, etc),
to produce insights and personalization/empathy patterns.
Anbotux aims to pioneer and lead a new application of machine learning in the field of customer care different to language processing. The more NLP is improving, the more it is being perceived that language understanding and language generated responses are not enough to make customers feel "really understood and empathetically addressed".
Anbotux arrives to the market just in time, as digital channels are becoming mainstream and conversational ones as chatbots are the trendy ones.
Anbotux is API integrable with digital channels and chatbot platforms and does not need to replace any vendor, just adds value to previous investment in technology by intensive in digital customer interaction verticals:
-Transportation / airlines;
We believe from "nice to have" to "must have" the personalization and digital empathy will be progressively seen as key to retain customer and reduce churn, initially with big companies and progressively adding capillarity with SaaS.
Substantial accomplishments to date.
The company was registered in May 2017 and after the phase of product definition the development started in September.
Now the product is built, see the video demo below:
The integration with data sources API is also available now and fully documented.
With the first commercial version available since April we demonstrated how easy is to interoperate leading chatbot platform as Dialogflow, Recast.ai, Clustaar, Hubtype, Commons.fm with Anbotux. (http://anbotux.ai/integrate.html)
On the commercial side, Anbotux will confirm our first paying customer for Q4'18 (an Austrian based utility company).
As for a B2B product related with digital transformation projects involving a myriad of vendors a lot of opportunities will come from prime vendors, Anbotux is closing first alliances to resell/integrate Anbotux. We hope to announce more over the coming weeks. We already can confirm Mavenir, a telco leading tech vendor as Anbotux joined their partner program.
Also we are partnering with chatbot platform vendors such as Clustaar (France) and Labs.ai (Austria).
Regarding industry and startup scene acknowledgements:
- Chatbot Summit Startup Competition Finalist (Tel-Aviv, Jan'18).
- Wexelerate, a Vienna (Austria) based multi-corporate accelerator alumni of its Batch II (March-June 2018).
- SouthSummit18 Finalist in B2B Services leg.
Anbotux is a B2B product adding value to previous customer service technology investments in verticals intensive in customer care as banking, insurance, transportation, telcos, utilities, e-commerce. Initial monetisation is planned to be via a subscription model based on capacity/usage for incumbent in all those verticals.
1) Aiming to have subscriptions / yearly agreements and deployment projects: On-going.
Direct and indirect (via partners) approach to customers is decided case by case.
2) SaaS: Progressively Anbotux wants to extend the reach to SME with a SaaS (the platform is already SaaS ready and is being for mini-pilots and partner integrations). SaaS to be launched Q1'19 and promoted with real case studies that we could disclose from subscription first customers.
3) Partners (telcos or messaging apps) white label SaaS. Messaging apps or telcos offering RCS looking to monetize the A2P messages will need additional value added tools that can generate revenue from their enterprise customers. Q2'2019.
Use of proceeds.
The funds are planned to be used as follows:
30% Sales structure: Hiring a sales lead/VP with a track record in B2B and marketing/sales related costs & marketing events as Chatbot Summit and other customer-care and business intelligence specific summits.
60% Speed up development of new versions of AI/ML based customer-profiling and additional metrics.
10% Legal, IP, and other indirect costs to prepare the company for the SaaS launch: payment gateway & billing system integration, etc.
Anbotux is also applying to get non-equity additional funding as R&D grants & soft loans in Spain that could help to increase scale-up speed without additional dilution for the investors.
Please note, Anbotux currently has an outstanding loan of €60,000. This loan was issued in July 2018 and has a term of 4 years, with only interest payments for the first year of the loan and then principal and interest payments through years 2 - 4. The annual interest rate is 4.132%. The proceeds of this raise will not be used to repay this loan.
2) Share Class
Please note, Anbotux has 2 share classes, preference and ordinary. Your investment will be in the form of a preference share, not ordinary shares. These shares rank pari passu with existing ordinary shares in all respects, but also have a 1x liquidation preference.
Anbotux is going to target, as an initial market, the big players in intensive in customer service verticals:
- Telecom companies;
- Transportation & Airlines;
Across all geographies but with initial focus on Europe, LATAM & North America.
With the SaaS launch planned for 2019 progressively Anbotux wants to be more capillary and arrive to intensive in customer service SMEs and also engage big companies from geographies where we could not afford travel or have regional office.
Characteristics of target market.
The characteristics of the target market have 2 sides:
Very intensive in customer service and digital channel customer service are investing a lot each year to add new channels and improve digital customer service and adjacent spaces as business intelligence.
Only for chatbot technology, market analyst forecast that market size will be around 1,34 B$ by 2024.
The chatbot technology will be divided in chatbot platforms, NLP and other tools as analytics & other AI fields where Anbotux is.
Anbotux could be considered component of much more bigger market as "customer service technology" and "business intelligence" (jointly more than 30B$).
Big enterprises have difficulty being accessed by startups and there are too long procurement cycles, but fortunately it is changing and also indirect approach via partnerships could mitigate this point.
Anbotux marketing strategy is based on:
- Using content (blog, videos, website) and social media distribution to get awareness of the solution and position it as a market-first mover.
- Use events to get prospects customers to be converted along the time and also partnerships that could help to arrive to verticals difficult to deal directly with startups and also to arrive to geographies we could not afford in the next 2 years to have direct presence. The events that fit this strategy are the chatbot & customer service tech events and the ones focused in AI/ML and analytics.
The "Anbotux message":
Anbotux makes clear that is not trying to replace current technologies and vendor, the aim is adding value to previous tech investments in digital channels technology by providing empathy and personalization patterns to improve customer service and extracting new types of insight for the enterprise.
Anbotux strategy aims to be a first mover, creates a new product-category.
Anbotux will make clear that it is neither a chatbot-centric analytics solution nor a complex multipurpose Big Data/BI tool requiring lots of professional services to deliver insights.
We expect that this new area to improve customer service will have new players soon, will follow our approach, adding features from adjacent spaces as chatbot-centric analytics or business intelligence tools.
Anbotux strategy consists in always being several steps ahead:.
- Regarding the number of features.
- Regarding the flexibility of pricing structure and on-boarding offerings.
- Be the first signing partnerships with big players in the Digital Transformation spaces, specially IT big consultancy companies and telcos acting as big integrators but without own product portfolio.
This will put Anbotux in a competitive position to get new investments to accelerate growth or being perceived as acquisition goal.