Gleen Raises $4.9 Million for Generative AI Customer Support Chatbot
Gleen, the customer service startup from Silicon Valley, has raised $4.9 million in seed funding to further develop its generative AI customer support chatbot. The funding round was led by Slow Ventures, the venture capital firm based in San Francisco that invests in companies central to the technology industry and those at the intersection of science, society, and culture. Additional participation came from 6th Man Ventures, South Park Commons, The Spartan Group, Script Capital, CoinShares, Krust Group, and angel investors.
The company’s primary product is Gleen AI, a chatbot that uses generative AI technology to improve customer support response times and reduce customer support backlogs. Gleen AI uses a proprietary technology that addresses the critical generative AI issue known as hallucination, a phenomenon in which large language models (LLMs)—a type of AI that mimics human intelligence—can sometimes provide false or inaccurate responses.
To solve the hallucination problem facing generative AI chatbots, Gleen has developed an AI/machine learning (ML) layer that works independently of the underlying language model, aggregating enterprise knowledge from various sources and then applying rigorous cross-checking mechanisms to validate the AI’s responses. The result, Gleen claims, eliminates hallucination and produces a reliable and accurate customer support solution.
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The Gleen AI chatbot works well with different LLMs, the company says, including OpenAI GPT-3.5, GPT-4, Anthropic, and Large Language Model Meta AI (LLaMA) fine-tuned for dialog. Gleen AI also integrates with the productivity platform Slack and the instant messaging social platform Discord, and the company has rolled out developer-friendly software development kits (SDKs) and REST APIs.
Finland’s Videobot Secures €2 Million
Videobot, the software as a service (SaaS) startup from Finland, has successfully raised €2.0 million ($2.1 million) in seed funding in its goal to transform online CX through the use of personalized interactive videos.
Participants in the funding round included Superhero Capital from Finland and Expon Capital Digital Tech Fund from Luxembourg, along with angel investors Urban Gillstrom from Sweden and Ari Korhonen from Finland.
Founded in 2022, Videobot will use the fresh capital to accelerate its growth, especially in Europe and the US, with plans by the company to secure 1,000 customers and annual billings of €3 million by the end of 2024. At present, Videobot has more than 200 customers, including Finnish gaming company Supercell, spread across 15 countries.
Fusing video and chatbot technologies, Videobot capitalizes on the increasing popularity of video content to augment traditional website experiences. Although lead generation is the most popular use case, the platform can also facilitate any part of the customer journey. Supercell, for example, uses Videobot on its human resources (HR) website to boost recruitment efforts, while other clients use the platform to streamline the employee onboarding process.
Videobot cofounder Anssi Kiviranta says the company’s solution represents a paradigm shift in online communication: “80% of internet traffic today is video. Our platform seamlessly integrates the convenience of chatbots with the engaging power of short videos, opening new horizons for businesses to connect with their audiences.” Videobot clients, the company says, have seen a 98% increase in engagement, 150% more time spent on their websites, and a 36% increase in overall sales lead volume.
Matias Maenpaa, also a Videobot cofounder, believes that the success of Videobot within a short period of time is a testament to its transformative potential, “We believe that the future is fully video-based websites, not just widgets or plug-ins. Potential clients are fully engaged from the get-go, and they are guided through a personalized video experience based on their choices and needs. We’re thrilled to collaborate with visionary investors who share our commitment to shaping the future of online engagement.”
Klaviyo Files for Initial Public Offering
Klaviyo, the marketing automation firm based in Boston, has filed a registration statement with the US Securities and Exchange Commission (SEC) for a proposed initial public offering (IPO) of its Series A common stock.
The number of shares to be offered and the price range for the proposed offering are yet to be determined, but Klaviyo intends to list the stock on the New York Stock Exchange under the ticker symbol KVYO. The offering is subject to market conditions, and there is no guarantee on when or whether the offering may be completed or what may constitute the actual size or terms of the offering, according to a statement from Klaviyo.
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Goldman Sachs & Co. LLC, Morgan Stanley, and Citigroup are acting as lead book runners for the proposed offering. Barclays, Mizuho, and William Blair are acting as joint book runners, and Piper Sandler and Truist Securities are additionally acting as book runners. Baird, Canaccord Genuity, Needham & Company, and TD Cowen are acting as co-managers.
Founded in 2012, Klaviyo provides a marketing automation platform used primarily for email and SMS marketing to help businesses acquire, retain, and grow their customers.
Author Information
Alex is responsible for writing about trends and changes that are impacting the customer experience market. He had served as Principal Editor at Village Intelligence, a Los Angeles-based consultancy on technology impacting healthcare and healthcare-related industries. Alex was also Associate Director for Content Management at Omdia and Informa Tech, where he produced white papers, executive summaries, market insights, blogs, and other key content assets. His areas of coverage spanned the sectors grouped under the technology vertical, including semiconductors, smart technologies, enterprise & IT, media, displays, mobile, power, healthcare, China research, industrial and IoT, automotive, and transformative technologies.
At IHS Markit, he was Managing Editor of the company’s flagship IHS Quarterly, covering aerospace & defense, economics & country risk, chemicals, oil & gas, and other IHS verticals. He was Principal Editor of analyst output at iSuppli Corp. and Managing Editor of Market Watch, a fortnightly newsletter highlighting significant analyst report findings for pitching to the media. He started his career in writing as an Editor-Reporter for The Associated Press.
