Verloop.io to invest over $2.5 million to build NLP super bots
Customer Support Automation startup Verloop.io announced that it has invested as much as $2.5 million into developing super bots that can understand natural languages, called NLP super bots for improving support automation. These funds are allocated from the Series A funding that was raised in 2020.
While verloop.io also uses NLP bots currently, these NLP super bots powered by AI, can support 92% of all the customer queries without human intervention. Right now, its bots can support over 60% of customer queries without the need of a human call center executive.
“There are several chatbots which exist in the market today and many of them are rule-based. Rule-based flows constrain the user to a structured dialog based on choice selection and keyword matching. However, AI-based chatbots can understand different user utterances, even if they don’t match specific keywords or pre-defined sentences. They can also continue learning from the mistakes and become smarter with time. Leveraging domain-specific terms enables better language understanding, creating bots which are specialized to answer domain-specific questions,” said Gaurav Singh, Founder & CEO, Verloop.io.
The super bots can cater to clients across sectors and support six new languages. Verloop.io already supports 14 languages including Hindi, Arabic, Konkani, Tamil, Telugu, Kannada and Hinglish (Hindi and English). The NLP superbots will be able to raise this number to 20.
The super bots are not just advanced in terms of algorithms. They have been built on robust Machine Learning operations (MLOps) pipelines. These bots are also built on multilingual NLP architectures and training paradigms, turning them language agnostic.
“An important component in building AI-powered chatbots is understanding context. Sequential chat conversations, slot filling and entity recognition aid in making our bots understand and respond with the correct context,” said Gaurav Singh.
These super bots will also address a growing 24/7 market as a number of businesses are expected to serve customers through the day. Going ahead, as many as 80% of businesses are expected to use some sort of chatbot support to cater to their ever-demanding customers.
In addition to helping reduce costs of running a call center, superbots also lend themselves to rich customer data, which can turn into a business analytical tool. Verloop.io also provides customer insights and dashboard which can leverage this data.
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