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Front AI gets tongues wagging with EUR 500K
Finnish startup Front AI has set its sights on the Nordics after receiving a seed funding boost for its chatbot service.
The Helsinki-based company is developing a solution that harnesses advanced chatbot and AI technology to enable the automation of customer service interactions.
This new financing will bolster Front AI’s efforts to change the way chatbots are used not only for informational, but also for transactional purposes. The goal is for its chatbots to serve customers and execute their requests around the clock.
“In addition to providing information and guidance, our bots can recognise customers and their personalised needs and directly handle most actions in IT systems traditionally used by customer service agents,” said Front AI CEO Jari Annala, in a release.
Nordic knowhow
In order to realise its ambition, Front AI has partnered with Norwegian company boost.ai, which has developed a neural network-based conversational AI platform. The company’s solution enables intelligent and integrated customer service automations that have previously not been possible.
According to boost.ai’s COO, Henry Vaage Iversen, the partnership is mutually beneficial.
“The Front AI team has deep industry knowledge in our key customer segments, such as in the financial, telecom and insurance sectors,” he stated. “We see great potential in industry-specific use cases going beyond traditional customer service. For example, an enterprise may extend the question-answer chatbot solution within customer operations to update customer data in IT tools like ERP systems, CRM systems etc. without building integrations with these tools.”
The 500 000 euros in seed funding for Front AI came from the owners of Digital Workforce, which include Capman Growth Fund, Leena Niemistö and Lifeline Ventures.
“Front AI has a unique value proposition to automate end-to-end customer service workflows and processes in the fast-growing market for chatbots,” commented Juha Mikkola, managing partner at Capman Growth Fund. “The timing is right now and the second-generation AI chatbots are ready to make a breakthrough.”
Front AI is initially targeting the Nordic market with its solution.