Inbenta, a provider of AI-powered chatbots and more, lands $40M

Share Story on

In 2011, Jordi Torras, a former Oracle VP, had a realization: companies weren’t optimizing their search technologies as well as they could be. He founded Inbenta to solve this, providing professional consulting services while simultaneously developing an internal AI toolkit for search optimization.

Over the years, Inbenta transitioned from consulting to providing conversational AI as a service — inclusive of AI-powered chatbots, knowledge management and search engine tools. This proved to be a wise move — Inbenta’s customer base has grown to over 250 brands across industries including financial services, travel, ecommerce, insurance, auto and telecom.

In a sign that investors approve, Inbenta today closed a $40 million funding round led by Tritium Partners, bringing the startup’s total raised to over $60 million. Torras says that the new cash will be put toward people, processes and platform R&D to — in his words — “position Inbenta for the anticipated explosive growth in the conversational AI space.”

Inbenta is developing a comprehensive platform that tailors AI-driven solutions across industries and use cases for the needs of all enterprises,” Torras continued. “We’ve spent over a decade fine-tuning our proprietary and patented AI toolkit globally, in 35 languages, perpetually advancing it through billions of customer interactions.”

Inbenta offers four main products: Chatbot and Messenger, Knowledge and Search.

Chatbot and Messenger — both chatbots — can be built into existing websites and apps (e.g. WhatsApp, Facebook Messenger and Slack) to provide answers to customer questions. They retain conversation histories, automatically escalating complex queries to human agents or a ticketing system, and leverage automation to handle tasks like securing bookings, scheduling meetings and modifying orders.

Inbenta

Image Credits: Inbenta

Knowledge similarly supplies answers to common questions. But it’s not a chatbot — rather, it’s a sort of proactive knowledge base that can suggest contents for forms, auto-complete requests and predictively search for information. As for Search, it indexes data from different sources such as product catalogs and uses algorithms to tackle search queries, auto-correcting typos and spelling mistakes.

Like Chatbot and Messenger, Knowledge and Search can be embedded in most apps and webpages.

“From an enterprise perspective, Inbenta helps firms automate customer interactions, reduce the need and cost associated with human intervention and create an always-on channel for sales, marketing and HR,” Torras said.

One might wonder how Inbenta’s AI was developed given that some chatbot vendors have a history of training their algorithms on user data without those users’ knowledge or consent. Torras says that Inbenta’s AI — which is “curated by a team of experienced analysts and computational linguists,” he claims — is “fully anonymized,” with controls to let users delete their data from the platform if they wish.

With its portfolio, Inbenta is competing for market share on a number of fronts. In the chatbot space, the company has rivals in Quiq and Ada, which deliver customizable, AI-powered chatbot services to brands. Inbenta’s Knowledge product competes with offerings from startups like Sana, while Search squares off against Hebbia’s document indexing tool.

Torras declined to reveal Inbenta’s revenue when asked, making it tough to gauge the company’s traction. Matt Bowman, the managing partner at Tritium Partners, didn’t express concerns — not that he would, given that he’s an investor. But in an emailed statement, Bowman stressed what he sees as Inbenta’s differentiator: “multilingual capability that requires zero data training and is perpetually improving with each interaction.”

“Being highly configurable across use cases and industries, Inbenta allows customers to get an immediate return on investment while having a platform that can meet future needs as usage expands,” Bowman added.

Dallas, Texas-based Inbenta has over 160 employees currently. It plans to grow that number to more than 200 by 2024.

Inbenta, a provider of AI-powered chatbots and more, lands $40M by Kyle Wiggers originally published on TechCrunch



Search By Category

Recent News

You May Also Like

Ahmedabad Celebrates New Retail Destination and Marks Anniversary in Style

Ahmedabad Celebrates New Retail Destination and Marks Anniversary in Style

Ahmedabad (Gujarat) [India], February 24:  Ahmedabad was in for a delicious surprise as Palladium Ahmedabad celebrated a dual milestone: the grand opening of their much-anticipated

Better health of healthcare workers in India: A Closer Look Insights by Dr. Gopal Sharan MD & CEO of TRLS Healthcare Consultancy

Better health of healthcare workers in India: A Closer Look Insights by Dr. Gopal Sharan MD & CEO of TRLS Healthcare Consultancy

New Delhi (India), February 24: In the noble profession of healthcare, where the real human touch is felt, dedicated healthcare workers render invaluable services to

Gripping poster of Gujarati movie “31st” unveiled

Gripping poster of Gujarati movie “31st” unveiled

Ahmedabad (Gujarat) [India], February 24: Excitement is mounting as the much-anticipated poster of the Gujarati film “31st” was unveiled in Ahmedabad on Wednesday, offering a tantalising

Akshaya Patra and The Breakfast Revolution Collaborate With USA Based ‘Share Our Strength’ To Impact 10,000 Children For Nutritious Meals

Akshaya Patra and The Breakfast Revolution Collaborate With USA Based ‘Share Our Strength’ To Impact 10,000 Children For Nutritious Meals

Culinary maestro Sanjeev Kapoor, and Chefs Asma Khan, Manish Mehrotra, Prateek Sadhu and Anil Rohira come together to provide a special dining experience to guests

Varmora Granito Unveils Flagship Showroom in Dewas, Madhya Pradesh

Varmora Granito Unveils Flagship Showroom in Dewas, Madhya Pradesh

Dewas (Madhya Pradesh) [India], February 24: Varmora Granito, a leading manufacturer of Tiles, Sanitaryware, and Bathware, is excited to announce the grand opening of its

Vivanza Biosciences Ltd reports Net Profit Jump of 37 per cent in 9MFY24; Total Income more than doubles to Rs. 23.50 crore

Vivanza Biosciences Ltd reports Net Profit Jump of 37 per cent in 9MFY24; Total Income more than doubles to Rs. 23.50 crore

Ahmedabad (Gujarat) [India], February 24: Gujarat based Vivanza Biosciences Ltd (BSE – 530057) – engaged in the business of pharmaceuticals and agro trading has reported