Moveo.AI, a London-based enterprise conversational AI startup, has successfully raised $2.6 million in seed funding. Eleven Ventures led this funding round, with additional participation from Uni.Fund and Charge.vc. The new funds aim to expand the startup’s platform capabilities and proprietary language models, enhancing customer experience and boosting international market expansion. The company plans to allocate resources to research and development, while also scaling its team and forging strategic partnerships.
In the last year, Moveo.AI has seen significant growth, doubling its revenue and tripling its team size. The company now serves over 10 million users globally, speaking 21 languages. The LATAM market is a key focus, indicated by the recent opening of a branch in São Paulo. Moveo.AI has received accolades such as first place in SE Europe and Israel at the Mastercard (NYSE:MA) Fintech Forum and selection for the Visa Innovation Program Europe.
Investor Confidence and Market Reach
Early backers of Moveo.AI, who had participated in the pre-seed round in 2021, have shown continued confidence by doubling their initial investments. Moveo.AI’s proprietary language models claim to outperform third-party models like GPT-4 in various CX-related metrics, including latency and accuracy. This has attracted a strong client base including companies like Betano, Allianz, and Alpha Bank, thereby strengthening Moveo.AI’s market position.
Moveo.AI reported exponential growth in its customer base and overall performance over the past 12 months. This period also saw the doubling of revenue and a rapid increase in workforce. The company’s strategic moves into the LATAM market and partnerships with major enterprises further highlight its ambitions for international expansion. These developments align with the company’s goal to revolutionize enterprise AI solutions.
Strategic Plans for Future Growth
The newly raised funds will significantly contribute to enhancing Moveo.AI’s platform capabilities, particularly in providing personalized LLMs for enterprises. The company aims to broaden its reach into new markets, especially in the Americas, through strategic partnerships and scaling its business teams. These initiatives are designed to establish a more significant presence in the targeted regions.
“We are incredibly excited about this new round of funding, which marks a pivotal moment for Moveo.AI,” commented Panos Karagiannis, Moveo.AI’s CEO and co-founder. “This investment validates our team’s hard work and dedication and reinforces our mission to provide enterprises with secure, personalized LLM solutions they can rely on. With these new resources, we aim to enhance our platform’s capabilities, expand our talented team, and broaden our reach into new markets.”
“When it comes to the customer journey – from support issues to sales transactions – people are expecting instant, accurate, relevant, just-in-time interactions. This is something humans can no longer deliver. But AI can! We identified Moveo as a top contender to radically improve the way businesses interact with customers. Their impressive client roster, including big banks and retailers, speaks to their potential. We are excited to be part of the journey and contribute to this significant shift in customer engagement,” commented Svetozar Georgiev, Partner at Eleven Ventures.
Moveo.AI’s recent achievements and new funding signify a crucial development phase for the company. By focusing on enhancing its AI platform and expanding into new markets, Moveo.AI aims to set new standards in enterprise AI solutions. The company’s progress and strategic direction indicate its potential to transform customer engagement through advanced conversational AI capabilities.
