Insurance firm WR Berkley has led a funding round for Pypestream, the US-based developer of an artificial intelligence-powered customer messaging platform, that is sized at $15m according to VentureBeat.
Founded in 2015, Pypestream has developed a chatbot that uses AI and machine learning technology to inbound customer support. Customers can also process payments, submit claims, schedule appointments, and transfer and store files through the platform.
The company has also launched a graphical user interface dubbed Design Studio that will enable customers to create chatbots which will allow multiple employees to collaborate. It has now raised a total of $35m, it said in a statement.
Pypestream secured $15m in a February 2017 series A round led by private investor Rick Braddock that included investment firm Chatterjee Group and a unnamed global hedge fund. It had received $4.8m from unnamed investors in July 2016 according to a regulatory filing.
Michael Nannizzi, director of investments for WR Berkley, has joined Pypestream’s board of directors. He said: “I was impressed by Pypestream’s ability to upgrade the customer experience. Pypestream’s technology is helping companies improve their engagement and achieve important efficiencies through the use of its powerful conversational interface.”