– USA, CA – Inbenta, the company behind enterprise-grade artificial intelligence solutions, today announced an oversubscribed Series B fundraising round totaling $12 million, led by Level Equity, with participation by Amasia and Series A investor Scale Capital through its Amérigo Chile fund. Level Equity founder and partner George McCulloch and Amasia chairman Ramanan Raghavendran joined Inbenta’s board of directors.
“Inbenta was founded in 2005 with a vision of leveraging artificial intelligence in an entirely new manner to transform how companies and customers interact,” said Jordi Torras, founder and CEO, Inbenta. “That vision has been realized, and now Inbenta is in a period of dramatic and profitable growth including global expansion into 23 countries and support for over 20 languages. This Series B financing will help bring our technology to a much larger group of demanding customers who need enterprise-grade solutions, and to further drive the innovation that underpins our technology.”
The funding will be used to expand sales and marketing, and to further drive product development for Inbenta’s industry-leading natural language processing (NLP) technology that powers search, chatbots, and self-service solutions for customer support and e-commerce. Inbenta’s products are now used by over 200 customers around the world, including Ticketmaster, B&H, CA Technologies and 8×8 to enhance customer engagement, increase retention, and drive sales.
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“Customers ask us a lot of questions about our product and the industry as a whole. They want a one-to-one experience that makes them feel like they’re being heard,” said Jessie Blocker, Lead Customer Support, Xapo. “Through Inbenta’s Intelligent Chatbot platform, we’ve been able to provide this experience without having to break the bank by adding entire teams of live support agents.”
Inbenta leads the global market in terms of scale and reach. Based on the Meaning-Text Theory, which conceives natural language from lexicon to semantics, Inbenta’s team of expert linguists has developed proprietary lexicons that make search and chatbot experiences possible for nearly all native language speakers across the globe. Built on a crowd-sourced machine learning program, the scope of Inbenta’s AI improves with each new customer question that is asked.
“Level Equity has met and evaluated dozens of companies in the artificial intelligence sector,” said George McCulloch, founder and partner, Level Equity. “Inbenta is our first AI investment, which reflects our confidence in the company’s technology, the giant opportunity in this sector, and the capabilities of the Inbenta team behind Jordi.”
“It’s ‘chatbot season’ these days, with large companies and startups alike embracing the AI revolution,” said Ramanan Raghavendran, Amasia chairman. “Inbenta has gone after, and solved, the hardest problem in the field — industry leading natural language processing — and implemented its AI solutions in high-volume, real-time enterprise settings.”
Inbenta is headquartered in San Mateo, California with offices in Spain, France, Brazil, and Chile.
About Inbenta
Inbenta specializes in Natural Language Processing and semantic search to improve the customer experience. Support services such as dynamic FAQs, knowledge management and chatbots improve business website searches, customer self-service, and e-commerce conversions.
With a team of expert linguists assigned to each client to help them understand the root cause of queries and make suggestions on updates to FAQs, Inbenta’s products help businesses improve the overall online experience offered to customers. Inbenta’s patented technology has greatly reduced incoming customer service emails and calls to call centers for industry-leading companies including Ticketmaster, CA Technologies and Schlage Locks.
About Level Equity
Based in New York, NY, Level Equity is a growth equity firm focused on providing growth capital to rapidly growing software and internet companies. Principals at Level Equity have invested in over 50 technology businesses over the past 15 years.
About Amasia
Amasia, with offices in San Francisco and Singapore, is a venture capital firm that specializes in helping its portfolio companies “get global”.
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