AI digital assistant vendor Zoovu scores $14M in funding

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Zoovu nabs $14 million in series B funds for expansion of its AI digital sales assistants. (Pixabay)

New York-based Zoovu has raked in $14 million in a series B round of funding that it will use to expand the use of its artificial intelligence digital sales assistants.

 With the new funds, Zoovu will expand into the Asia-Pacific region as well as increase its investment in AI and behavioral analytics. Zoovu provides AI-powered digital assistants in a software-as-a-service suite for companies such as Sky Telecom, Amazon, Canon and Swisscom.

Zoovu integrates its AI digital assistants into company websites to "humanize the digital engagement experience."  

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The funding was led by Berlin-based Target Global and existing investor Beringea, bringing its total venture capital raised to $25 million.

"Zoovu's digital assistants—driven by artificial intelligence—guide customers through the decision-making process as if they were having an insightful conversation with a member of staff,” said Eyal Malinger, investment director, Beringea, in a prepared statement.  “Zoovu therefore significantly improves brand experience, increases conversation rates and reduces returns.”

Zoovu currently has around 150 employees but plans to double that number within the year. Zoovu mostly competes against agencies that are developing digital assistants themselves.

As part of the round, Zoovu announced that Rytis Vitkauskas, venture partner at Target Global, is joining the company’s board of directors.

RELATED: Survey: Organizations are starting to embrace AI

The use of AI and chatbots are becoming more widespread across retail websites as a means to both solve problems and engage with potential customers. A recent survey by Gartner found that 52% of telco organizations use chatbots.

Last month Verizon announced a new addition to its managed services portfolio that uses AI chatbots to improve the customer experience for its business customers.