Local AI start-up bags R10m funding
Local artificial intelligence (AI) start-up Cue is scaling its AI-driven customer service solutions, after raising $500 000 (almost R10 million) in funding.
Cue is an AI-driven company that enables businesses to improve their customer service channels through the deployment of chatbots and live chat on WhatsApp and social media channels.
It says this investment – from an undisclosed company – marks a significant milestone, allowing Cue to fulfil its mission of improving customer service by harnessing the potential of large language models on the Cue platform.
Having recently expanded to the UK, Cue has grown rapidly over the last year amid increased demand for its AI platform, which integrates chatbots and live chat with clients’ business applications.
The company says it will channel the funding towards growing its local and UK-based operations, and further advancing its AI capabilities across clients’ self-service channels, such as WhatsApp, Messenger and web chat.
“This funding allows Cue to deliver quick, agile and personalised customer service experiences, significantly reducing wait times and operational costs for businesses. Cue has delivered results to clients across different industries, including King Price Insurance, Affinity Health, Mancosa and Save Hyper,” says Cue.
The company says it has seen a more than 500% increase in its team of employees from 2018 to date, with a total client count of over 300 over the years. This round of funding is expected to further accelerate growth in these key two areas, it points out.
The revolution in cloud storage solutions and introduction of generative AI chatbots − such as ChatGPT, GPT-3.5, MidJourney and Stable Diffusion − exponentially propelled the growth of AI adoption across industries, as more companies identify innovative use cases, it notes.
According to Grand View Research, the global generative AI market was valued at $10.14 billion in 2022 and is expected to grow at a compound annual growth rate of 35.6% from 2023 to 2030.
Factors such as the rising applications of technologies, such as super-resolution, text-to-image conversion and text-to-video conversion, and growing demand to modernise workflow across industries are driving the demand for generative AI applications among industries, it notes.