Boost.ai Secures 5 Million Dollar Investment to Expand Internationally
Boost.ai, one of the fastest growing AI companies in the Nordics, receives Series A funding for international expansion from leading VC firm, Alliance Venture.
Boost.ai, provider of some of the world’s most robust chatbots and virtual assistants, today announced the closing of a new round of financing from Alliance Venture. The terms of the transaction were not disclosed, but the deal will potentially inject up to 5 million dollars into the company. The company ownership will remain firmly in the hands of the founders and employees, who still retain more than two thirds of the company.
“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.
“Superior virtual assistant”
The financing will be used to strengthen the technical and commercial teams within boost.ai, and to support expansion beyond Scandinavia, where the company enjoys significant commercial success and holds a substantial market share.
Johan Gjesdahl, Partner at Alliance Venture, said: “Lars and his team have developed a superior virtual assistant in the James platform, combined with an impressive ability to deliver their product to exacting customers. Our diligence calls confirm this – it is seldom we see such strong customer satisfaction with both a product and the team that delivers it. We are very happy to back such an exceptional team and are looking forward to help growing boost.ai outside the Nordics.”
Boost.ai was incorporated in May 2016, and secured its first customer in December of the same year. Since then, boost.ai has secured deals with more than 40 major organizations, including leading Scandinavian companies such as Telenor, Nordea, Sparebank 1, Santander and Storebrand. Additionally, boost.ai has become the prime supplier of chatbots for local governments, with over 20 Scandinavian municipalities signing up to provide their citizens with digital guidance through virtual assistants. The boost.ai team has grown from 6 to over 50 members of staff in the same period.