Boost.ai, a provider of chatbots and virtual assistants, has closed a new round of financing from Alliance Venture.
Terms of the deal, the founders and employees retain more than two thirds of the company, were not disclosed by either party. However, it could result in up $5m being injected into the company according to a statement by Boost.ai.
The financing will be used to strengthen the technical and commercial teams within the Norwegian business, and to support expansion beyond Scandinavia, where the company enjoys significant commercial success and holds a substantial market share.
Founded in 2016, by Lars Ropeid Selsås, Henry Vaage Iversen and Hadle Ropeid Selsås. the company specialises in artificial intelligence (AI) and building virtual assistants for enterprise. It has developed James; a market-leading platform for virtual assistants, which uses natural language processing (NLP) algorithms. Over 40 major companies and organizations – among them many of the biggest banks in Scandinavia – currently employ a virtual assistant that was built on the James platform.
“The investment comes at a very exciting time for Boost.ai and will enable us to expand internationally, at greater pace. After acquiring several major clients in recent months, we have identified several areas in which to strengthen our operations, helping us meet the demands of our rapidly growing customer base. It will also help us continue our cutting-edge research on natural language processing,” said Lars Ropeid Selsås, founder and CEO of boost.ai.
Its current partners include Accenture, KPMG, Sem & Stenersen Prokom, Knowit, Deloitte, Bouvet and AVO Consulting, among others.
On the security and compliance side, Boost.ai claims not take any shortcuts when it comes to security and privacy and will always be compliant with any new standards, laws or practices.
It is currently working to be compliant with ISO 27001, with compliance currently projected for Q2 of 2018 according to its website. It holds a quarterly Security Awareness Program to improve human control and maintain security awareness within the organisation.
With GDPR becoming enforceable on May 25, 2018, setting a high bar for global privacy rights and compliance, the company is actively preparing its business and compliance processes for the regulation to take effect.
Copyright © 2018 RegTech Analyst
Copyright © 2018 RegTech Analyst
