{"id":17844,"date":"2020-03-28T18:20:51","date_gmt":"2020-03-28T18:20:51","guid":{"rendered":"https:\/\/rbsitsoftwaresolution.com\/blog\/espressive-lands-30m-series-b-to-build-better-help-chatbots.html"},"modified":"2020-03-28T18:20:51","modified_gmt":"2020-03-28T18:20:51","slug":"espressive-lands-30m-series-b-to-build-better-help-chatbots","status":"publish","type":"post","link":"https:\/\/www.rbsitsoftwaresolution.in\/blog\/espressive-lands-30m-series-b-to-build-better-help-chatbots.html","title":{"rendered":"Espressive lands $30M Series B to build better help chatbots"},"content":{"rendered":"

Espressive<\/a>, a four-year-old startup from former ServiceNow employees, is working to build a better chatbot to reduce calls to company help desks. Today, the company announced a $30 million Series B investment.<\/p>\n

Insight Partners <\/a> led the round with help from Series A lead investor General Catalyst along with Wing Venture Capital. Under the terms of today\u2019s agreement, Insight founder and managing director Jeff Horing will be joining the Espressive <\/a> Board. Today\u2019s investment brings the total raised to $53 million, according to the company.<\/p>\n

Company founder and CEO Pat Calhoun says that when he was at ServiceNow he observed that, in many companies, employees often got frustrated looking for answers to basic questions. That resulted in a call to a Help Desk requiring human intervention to answer the question.<\/p>\n

He believed that there was a way to automate this with AI-driven chatbots, and he founded Espressive to develop a solution. \u201cOur job is to help employees get immediate answers to their questions or solutions or resolutions to their issues, so that they can get back to work,\u201d he said.<\/p>\n

They do that by providing a very narrowly focused natural language processing (NLP) engine to understand the question and find answers quickly, while using machine learning to improve on those answers over time.<\/p>\n

\u201cWe\u2019re not trying to solve every problem that NLP can address. We\u2019re going after a very specific set of use cases which is really around employee language, and as a result, we\u2019ve really tuned our engine to have the highest accuracy possible in the industry,\u201d Calhoun told TechCrunch.<\/p>\n

He says what they\u2019ve done to increase accuracy is combine the NLP with image recognition technology. \u201cWhat we\u2019ve done is we\u2019ve built our NLP engine on top of some image recognition architecture that\u2019s really designed for a high degree of accuracy and essentially breaks down the phrase to understand the true meaning behind the phrase,\u201d he said.<\/p>\n

The solution is designed to provide a single immediate answer. If, for some reason, it can\u2019t understand a request, it will open a help ticket automatically and route it to a human to resolve, but they try to keep that to a minimum. He says that when they deploy their solution, they tune it to the individual customers\u2019 buzzwords and terminology.<\/p>\n

So far they have been able to reduce help desk calls by 40% to 60% across customers with around 85% employee participation, which shows that they are using the tool and it\u2019s providing the answers they need. In fact, the product understands 750 million employee phrases out of the box.<\/p>\n

The company was founded in 2016. It currently has 65 employees and 35 customers, but with the new funding, both of those numbers should increase.<\/p>\n

Article source: http:\/\/feedproxy.google.com\/~r\/techcrunchIt\/~3\/Wo4SruteDjw\/<\/p>","protected":false},"excerpt":{"rendered":"

Espressive, a four-year-old startup from former ServiceNow employees, is working to build a better chatbot to reduce calls to company help desks. Today, the company announced a $30 million Series <\/p>\n","protected":false},"author":1,"featured_media":0,"comment_status":"closed","ping_status":"closed","sticky":false,"template":"","format":"standard","meta":{"jetpack_post_was_ever_published":false,"_jetpack_newsletter_access":"","_jetpack_dont_email_post_to_subs":false,"_jetpack_newsletter_tier_id":0,"_jetpack_memberships_contains_paywalled_content":false,"_jetpack_memberships_contains_paid_content":false,"footnotes":"","jetpack_publicize_message":"","jetpack_publicize_feature_enabled":true,"jetpack_social_post_already_shared":true,"jetpack_social_options":{"image_generator_settings":{"template":"highway","default_image_id":0,"font":"","enabled":false},"version":2}},"categories":[19],"tags":[25],"class_list":["post-17844","post","type-post","status-publish","format-standard","hentry","category-enterprise-software","tag-enterprise"],"aioseo_notices":[],"aioseo_head":"\n\t\t\n\t\n\t\n\t\n\t\n\t\t\n\t\t\n\t\t\n\t\t\n\t\t\n\t\t\n\t\t\n\t\t\n\t\t\n\t\t\n\t\t\n\t\t\n\t\t\n\t\t\n\t\t\n\t\t