Symbl.ai, a provider of API and conversational intelligence tools, raises $ 17 million

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Symbol.ai, the Seattle-based company that provides APIs to developers to build apps that understand natural human conversations, raised $ 17 million in Series A funding.

Symbl.ai claims its APIs unlock machine learning algorithms from a variety of industry partners and sources. The company helps developers import conversation data from voice, email, chat and social media and provides understanding and context on the language, without the need for initial training data, activation words or custom classifiers.

VentureBeat connected with co-founder and CEO Surbhi Rathore for a broader perspective on what this funding means for Symbl.ai and the emerging industry that research firm Gartner named communication platform as a service (CPaaS).

Conversational intelligence API

While plenty of vendors have set out to serve developers with Conversational AI APIs, Symbl.ai says it seeks to differentiate itself by providing an end-to-end conversation analytics platform.

Rathore told VentureBeat, “There are other API-first products that provide NLP services, custom classifiers, speech recognition, all of which are part of the broader conversation intelligence capabilities. Symbl.ai stitches these pieces and more with context. connected without relying on huge data sets and machine learning knowledge. “

Many conversational AI vendors focus on specific industries. In the sales sector, for example, companies such as Gong.io Other chorus.ai are gaining momentum. But more and more end customers are looking to create conversational AI experiences in various functional areas, including webinars, customer experience, team collaboration, and more.

Symbl.ai says it allows companies to compete with these brands and create differentiated, AI-powered experiences in their products cost-effectively and with a shorter time from lab to market. Symbl.ai’s offerings include Transcript Plus, Conversation Analysis, Conversation Topics, Contextual Insights, Customer Tracking, and Summary.

Turn conversation into data

Recent screenings from Mordor intelligence show that the CPaaS industry will grow from $ 4.54 billion in 2020 to $ 26.03 billion by 2026 with a compound annual growth rate (CAGR) of 34.3%. Compared to 20% in 2020, 90% of global enterprises are expected to leverage API-enabled CPaaS offerings as strategic IT skills to strengthen their digital competitiveness by 2023. These figures provide a fundamental insight into today’s unexpected adoption rate of digital communications. However, even with this recent growth, Symbl.ai says current solutions do not allow companies to unlock the potential of communication content and analyze large-scale conversation data.

“Companies are looking to differentiate themselves beyond ‘mere’ enabling communication in order to meet their customers’ expectations”, the company Press release he has declared. The company says it will continue to facilitate developer access to communication data and help product managers iterate over new user experiences for their product in advance, eliminating the need to build ML models from scratch.

“We are optimistic in providing manufacturers with the right toolkit to unlock the value of conversation data across all digital channels. Conversations are by far the most unused source of data and there is so much potential in this data. The tools need to alleviate the pain point of acquiring, managing, understanding and acting on this data, and that’s exactly what we focus on. With this funding, we will further accelerate our product roadmap to increase awareness, adoption and growth of conversational intelligence-driven experiences for developers, ”said Rathore.

Speaking about what this means for the CPaaS industry, he added: “CPaaS platforms need to allow developers to easily access raw streams, so that built experiences go beyond just enabling voice and video. Symbl.ai is thrilled. to partner with leading CPaaS platforms to enable their users to extend collectively communication experiences and use machine learning to understand the content of that communication, take action on it, and learn from the best via plug and play API. “

Building the technology

Symbl.ai says that one of the major trends in the industry is transcription, as it has become a traditional use case for live captions. “This is critical for products to create an accessible and inclusive experience – voice analytics that was primarily limited to the contact center industry are finding ways into other verticals like recruiting, edtech, marketing and more. Products and companies are starting to leverage information from text, chat, email, call, video from customer interactions to personalize the user experience, ”said Rathore.

“The trend of digital conversations, which has increased in the last year, is destined to last. Surbhi, [CTO] Toshish [Jawale], and their team have created a special engine to deliver this data intuitively to developers, and we are excited to partner with them on their next stage of growth, ”said Ray Lane, managing partner of Great Point Ventures.

According to Rathore, “Traditional GNP Other NLU techniques are insufficient for conversations. “Symbl.ai’s technology combines different deep learning and machine learning models to convert unstructured conversations from raw words or text into a structured format that can be programmatically accessed and leveraged to create intelligent application experiences in a plug-in fashion. -and-play.

“Our system contains more than 50 different in-house built models that work together to solve three levels of problems. The first level models the fundamental characteristics of conversations, language and speech, leveraging various existing languages ​​and speech modeling techniques. The second level is for modeling the contextual correlation between different concepts and their relationships. The third layer performs reasoning tasks to draw conclusions or eliminate improbabilities. These layers are specifically needed to understand human conversations, allowing our system to model different dimensions of human conversation that help us draw inferences and conclusions for actionable insights, regardless of the domain of the conversation, “said Rathore.

Financing expectations

This investment round was led by Great Point Ventures, with the additional participation of Gutbrain Ventures, PBJ Capital, Crosscut Ventures and Flying Fish Ventures.

Rathore said this additional capital should accelerate the development of its end-to-end conversational intelligence platform, drive team expansion at the company, and meet growing demand for the technology.

The company claims its clients include Rev.ai, Airmeet, Intermedia, Oar, Spectrum Voip, intuition, Bandwidth e Hub it. “Symbl.ai allows developers not to spend months but days to integrate, saving time and money with the most accurate and scalable conversation intelligence stack,” the press release states.

Against the backdrop of this funding, Lane of Great Point Ventures will join the Symbl.ai board of directors. The round will also go to recruiting top talent.

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