Virtual assistant platform Boost AI AS has closed a $5m Series A funding round led by Alliance Venture.
Following the investment, Boost’s founders and employees will retain two-thirds of the ownership in the company.
Norway-based Boost has developed virtual assistant platform James, which can help to respond to consumers enquiries. The AI can help with a range of tasks such as banking, insurance, telecom, retail, transportation, HR and public administration.
James has a natural language processing algorithm which allows it to understand a range of dialects, slang and spelling mistakes.
Founded in 2016, the company has signed deals with Nordic companies including Telenor, Nordea, Sparebank1, the Norwegian Government Agency for Financial Management, Santander and Storebrand.
This capital will be used to boost the company’s technical and commercial teams, as well as supporting the expansion out of the Nordics.
Alliance Venture partner Johan Gjesdahl said, “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.â€
Last year, virtual assistant developer Finn.ai closed a C$3m funding round co-led by Yaletown Partners, Flying Fish Partners, and former Absolute Software CEO John Livingston. Â The Canadian company raised the capital to support its expansion in to the US and other global markets.
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