Dallas Innovate's David Kirkpatrick covers our recent seed funding and paints a picture of how AmplifAI is making people better! Read the original article on Dallas Innovates. The following is an excerpt from David's article:
Making People Better: AI Startup AmplifAI Raises $3.9M to Accelerate Market Growth
AmplifAI combines artificial intelligence with customer data to improve employee satisfaction. The new capital from Naya Ventures, LiveOak Venture Partners, and Capital Factory will get the startup closer to real-time assistance.
Richardson-based artificial intelligence startup AmplifAI announced a $3.9 million seed funding round led by Naya Ventures, LiveOak Venture Partners, and Capital Factory.
The company was founded in 2016, and combines AI with its call center customers’ existing data—such as CRM, ACD/IVR, quality, surveys, and sales—to improve employee satisfaction and results. Its machine learning platform turns the data into actionable insights and performance-relevant actions. It’s all summed up in a company tagline: “Making your people profoundly better.”
The capital will be used to accelerate market growth this year with majority spent on building sales and distribution. AmplifAI also plans to add field services, retail, and healthcare vertical products to go along with its current telecom and technology verticals, Founder and CEO Sean Minter told Dallas Innovates. The healthcare vertical spending will mainly be in the Dallas-Fort Worth area.
Minter added that developing additional cognitive AI capabilities will help the company “get closer to real time assist” and that developing a leadership team is an immediate goal. AmplifAI recently added a chief revenue officer and will be bringing on other roles over time.
“AmplifAI’s industry leading Performance Acceleration Platform leverages the power of AI to improve sales and service performance,” Minter says. “AmplifAI’s data-driven approach accelerates performance by delivering personalized insights and actions across the enterprise resulting in dramatically improved business outcomes. Example of actual customer outcomes: 44 percent increase in sales, 27 percent increase in NPS, 9 percent increase in productivity.”
With the seed round, AmplifAI put together a group with a strong artificial intelligence startup background in Naya Ventures and strong Texas ties with LiveOak Venture Partners and Capital Factory.
“Sean has a great track record building technology businesses and he’s been an active mentor and Partner with Capital Factory for over a year now, so we already have a history of working together,” Bryan Chambers, the vice president of accelerator and investment fund at Capital Factory, told Dallas Innovates. “When the opportunity came for Capital Factory to support AmplifAI, it was a no brainer. Leveraging data and machine learning to improve employee performance and company outcomes is something we believe we can introduce to many of our corporate partners.”