Bow Capital and ServiceNow Ventures are investing in Loris to bring code-free AI solutions that help human agents and tools with conversational insight into the mass market.
Loris, the conversational AI software that helps human agents in real time make customer support more human, responsive, and measurable, today announced $ 12 million Series A funding round. The series was led by Bow Capital, with participation from ServiceNow Ventures and current investors Floodgate and Vertex Ventures.
Loris plans to invest the funds in expanding their AI capabilities to generate voice-of-customer insights and further enable non-technical leaders to oversee customer service and support teams efficiently. and effectively measure the ‘human touch’ of their department.
A human touch
Loris was founded with the idea of multiplying understanding communications in the world, and officially launched the product April 2021. First-of-its-kind artificial intelligence software dynamically produces real-time suggested responses based on customer tone. At Loris, brands have an alternative to chatbots that combine efficiency with sentiment-based language techniques that can improve conversational outcomes.
“The scale of the demand for real-time customer service and digitally-based customer experiences is unprecedented,” he said. Etie Hertz, the CEO of Loris. “These interactions are often a brand’s only opportunity to communicate directly with their customers and they contain valuable information-what your customers think about your product, your company and your people? We are extremely proud that Loris allows brands to discover the true source of dissatisfaction and the ability to use AI technology to solve these scale issues, ultimately improving the efficiency, quality and value of life of customer. “
Changing the customer service industry
Most AI companies in the industry tend to route customers to self-service with automated responses; Loris is committed to guiding human agents every step of the way.
Most natural language processing (“NLP”) software can identify topics, some can detect generic emotion in messages. Loris combines NLP with an in-depth understanding of the customer support domain and dynamically sees customer intent, monitors aspect-based sentiment throughout the conversation in real time and predicts the positive or negative outcome of the conversation.
Loris is the only AI company that combines all of these features with a code-free solution that integrates with most current customer support platforms.
Suraj Patel |Principal at Bow Capital, “Eighteen months ago, the ability to analyze and integrate customer sentiment, intent, and proposed resolution language was reserved for large enterprise companies with an in-house fleet of data scientist and machine learning technologist.Loris was the first player to bring these capabilities to the mass market.Our investment reflects our confidence in both Loris ’undeniable success to date, and the ways in which their insights artificial intelligence will continue to change the industry. “
Research that expands what is possible
Loris will invest new funding in ongoing research and development, including enhancing colloquial language comprehension skills, next-generation customer satisfaction analysis, dynamic calibration and prediction of threat of churn.
Harvard Business School is analyzing Loris and one of their ecommerce clients to explore artificial intelligence on customer service agent performance and job satisfaction. Previous indicators in the study show that AI is a good equalizer, improving the work experience for new or not good agents in particular, and in turn, improving overall agent productivity and satisfaction. at work, leading to higher satisfaction results for the customers they serve. The full study and results are underway and expected to be published next summer.
Client success and expanding use cases
From their seed round, Loris has put his research and expertise to work in new ways for some of the fastest growing companies in the country.
“We originally went to Loris with a mission to improve our agent productivity and to ensure that even new agents could climb faster,” he said. Enis Haskaj, Director of Operations at Slice, who was an early user of Loris technology. “Appeasements are not an initial focus. However, the impact Loris has shown in just six weeks has been incredible, with a 36% reduction in credits issued and hundreds of thousands of dollars expected in savings for our business. We now plan to further launch Loris into additional channels. “
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