A conversational AI platform for businesses on platforms such as WhatsApp has raised £500,000 in pre-seed funding.
London-based OpenFi’s SalesTalkAI generates human conversations over WhatsApp, email and social platforms.
Using natural language conversational AI, it filters, qualifies and nurtures leads, escalating those ripe for closing to their human coworkers.
The funding was led by Bijan Morvaridi with additional investments from Fortune Green Capital Ltd and Foundation Ventures Ltd.
It will be used to expand the product team, build the second version of the platform, integrate with a UK financial institution and work closely with regulator the Financial Conduct Authority on AI compliance.
“Having worked in the restaurant business for years, I know how important personal service is,” said Morvaridi. “OpenFi’s technology is the first AI application I’ve experienced that felt human and personal, that’s why I am backing the company.”
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Though industry and platform agnostic, OpenFi’s initial customers are in financial services. Starting in an industry that demands the highest levels of security and professionalism has allowed OpenFi to showcase the consistent, responsible and safe delivery of its technology, says the company.
Just nine months after its launch, OpenFi has already proven to be a valuable tool: during a three-month pilot with a mortgage brokerage, it claims to have tripled conversion and revenue.
Sam Oliver, OpenFi CEO and founder, said: “This conversational AI technology enables companies to give a far more satisfying customer experience, at a higher profit margin. We’re creating a win-win-win situation for customers, companies and our investors.”
Nick Katz, founding partner of Foundation Ventures, commented: “Having followed Sam’s previous company Lead.Pro from start-up to trade sale, I was impressed by his ability to find product-market fit, focus on customer needs, and generate revenue.
“This is why Foundation Ventures was keen to back his new play.”