1.6 million rand of seed funding for a chat bot to disrupt the financial industry
On January 27th, FinChatBot announced the completion of its first round of seed-funding to the value of ZAR 1.6 million.
The round was led by business angel Richard Marsden, founder and CEO of Envision Risk, a seasoned executive of the South African insurance industry. FinChatBot raised its seed funding after a six-month incubation period at the Far Ventures incubator and accelerator.
“We seek to penetrate a niche market with tremendous untapped potential. Our investor shares our vision, our goals and is able to add considerable value to our business in our current state of expansion” said Far Ventures Co-Founder & CEO Romain Diaz.
The seed funding round will enable FinChatBot to further increase its client base while also developing an even more sophisticated artificial intelligence platform. Following the investment, two developers were hired to integrate complex machine learning algorithms to further enhance behavioural predictions and streamline the user experience.
This round of funding was later covered in an article on Techloy.com
The start-up develops a chatbot platform, Holly, an artificial intelligence available on all platforms. The value proposition is to increase insurance companies conversion rate whilst also reducing call centre costs. Customer queries pass through an instant messaging platform, available 24 hours a day, 7 days a week. Developed bots can be integrated on any website and follow all marketing and design guidelines. The objective is to best communicate a brand image and its values through an interactive interface. The start-up has gained traction as some of its clients are top insurance companies operating in South Africa.