Cue, a South African AI-driven customer service platform receives $2 million in seed funding from angel investors in a bid to help improve and deepen the integration of AI on its customer service platform as well as to also support its growth and expansion plans.
Cue Receives $2 Million in Seed Funding
The new fund as you should know follows up with the $500,000 in pre-seed funding that it secured back in October 2023. You should also know that the company made some notable changes to its leadership. Rhet Trickettl will now become the Chief Product Officer, Ryan Egnos, the Chief Revenue Officer, and Richard Nischk, the CEO.
Established in 2018, Cue is an AI-powered customer service platform designed to offer businesses innovative customer service solutions primarily on WhatsApp and various social media platforms. Its product suite includes chatbots and live chat functionalities on WhatsApp, catering to over 300 clients. Additionally, the company has expanded its operations to the United Kingdom.
Cue’s core mission is to facilitate fast, seamless, and personalized customer service experiences for businesses while reducing communication wait times.
The Startup’s Notable Successes
The startup has achieved notable successes, including driving a 160% sales conversion for Mancosa, increasing response rates by 13% and 7% for AutoZone and Richfield respectively, and enabling King Price Insurance to achieve a 77% return on investment through automated insurance quotes on WhatsApp. Furthermore, Cue assisted Affinity Health in reducing customer service costs by 73%.
In terms of funding plans, Cue intends to enhance and deepen AI integration to provide businesses with automated responses to routine customer inquiries. Additionally, by leveraging insights and data analytics, businesses can optimize their customer engagement strategies and enhance support services.
How the Investment Would Empower the Company to Deliver AI-powered solutions
Richard Nischk, a representative of Cue, expressed confidence that the investment would empower the company to deliver AI-powered solutions for the customer service landscape, enabling businesses to streamline support operations and provide faster and more valuable assistance to customers.
The Adoption of AI in Africa
The adoption of AI is gradually gaining momentum in Africa, with the AI market projected to reach $6.9 billion by 2024 and $18.3 billion by 2030. Recent developments include Ghanaian digital freight forwarder Jetstream Africa launching Jetvision.ai, an AI-enabled platform for cross-border trade, and Kenya’s AI bill aiming to regulate the use of robotics, AI, and IoT through the establishment of the Kenya Robotics and Artificial Intelligence Society.
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