Nettle AI - Technology pioneer in development of conversational AI platforms that will take the customer experience to a new level

Investment objectives (EUR 1,600,000)

• Completion of development of the product portfolio 
• Marketing activities for the purpose of supporting product sales
• Coverage of current operating expenses
• Buyback of a share from the original investor 

Over the course of its two years in existence, this established technology start-up with an experienced team from many sectors has developed into a leader in its field. The company ranks among the best providers of conversational AI in the world, while in the region of Central and Eastern Europe it has no direct competition in terms of the use of technology. The company's growth potential is driven by progress in the area of artificial intelligence and its use in conversational platforms, while the expected growth of the market in question is at the level of 30% (CAGR 2019-2024).

The problem addressed by the company 

Customer care has a tremendous impact on a brand's reputation. Large companies allocate significant resources (not only financial, but also time, physical capacity, know-how, processes) to customer centres. Low-quality customer service can negatively affect a company's reputation and also cause considerable financial losses. In addition to that, companies are struggling with a shortage of skilled labour and turnover of trained employees.

Many questions and requests from customers are simple, often repeated and predictable, so the idea of automating these tasks is logically rational. People are accustomed to using conversational tools. However, they need to have the feeling that they are not communicating only with a robot, but that they will receive quick and sensible answers to questions from a company that cares about its customers. Nettle AI is revolutionising this environment - thanks to advanced artificial intelligence technologies, it creates conversational tools in the form of virtual assistants that are able to ensure problem-free communication and an effective response to customer's requests and provide a positive experience. This will ultimately result not only in significant cost savings to the company, but will also free up its workforce, which can be used for other purposes. 

Slovaks who were the first to use a chatbot in a Google ad banner 

Nettle AI is a technology pioneer in the development of conversational systems using artificial intelligence. In the two years of its existence, the company has built a place among the world's best. Thanks to its strong technology base and its founders' expertise in the development of artificial intelligence in combination with experience in research in the fields of mathematics and programming, as well as in finance, business development and marketing, the company can offer a comprehensive portfolio of products and services with scalability and adaptation to clients' needs. The company, which last year received the award for the Best AI/ML Start-up in Slovakia at the Central European Start-up Awards, has managed to stand out in its sector. It was the first to use a chatbot in a Google ad banner. Large technology companies and financial institutions use Nettle AI's chatbots and highly sophisticated conversational tools due to their uniqueness, flexibility and comprehensiveness. In addition to its partnership with Google, Nettle AI can also boast of cooperation with companies such as Eset, Samsung, ČSOB and 365 banka. Uses for its products can also be found in entertainment (or, more specifically, the gaming industry), the travel industry, ticket sales, marketing and debt collection, as well as support for companies' HR departments.

One-stop-shop for conversational AI

Nettle AI operates as a new-generation technology and messenger agency. It is able to create tailored solutions for companies for which effective and problem-free communication with customers is of key importance. Nettle AI's technologies bring a "do-it-for-me" experience to the automated customer care environment. Nettle AI's virtual assistants can analyse and sensibly respond to a variety of questions and requests in several languages, even those with unstructured text containing grammatical errors, jargon and slang expressions. All with contextual history. By connecting to multiple communication channels, they ensure the consistency of communication on a 24/7 basis and, by using top-level technologies for identity verification, ensure that it is absolutely secure. Nettle AI's strong competitive advantage consists in rapid implementation and integration directly in companies' systems and servers, advanced AI technologies for development, recognition and analysis of text in multiple languages (including English, German, Slovak and other Central European languages), maximum data protection, and support in the areas of problem resolution and system update requirements. It is able to point out potential problems and eliminate potential complaints, which can have a major impact on a brand's reputation. It also provides comprehensiveness, which was not standard on the market until now. 

More than just a chatbot 

Nettle AI develops sophisticated tools powered by artificial intelligence that comprise comprehensive conversational platforms in the form of a virtual assistant. Thanks to artificial intelligence and machine-learning tools for structured data extraction and automated language processing (NLP), Nettle AI's solutions can autonomously resolve a broad range of challenging problems. The product portfolio comprises several modules that are tailored to the needs of clients.

• AI Chatbots - conversational solutions in the form of a virtual assistant intended primarily for larger companies that provide active customer service. Thanks to a personalised approach, the chatbots contribute to a higher degree of loyalty and satisfaction. They also  enable analysis  and evaluation of customer behaviour, which can contribute to more effective communication, optimisation of sales strategies and elimination of potential threats.
• HR-Bot - an intelligent virtual consultant that provides full-fledged support within companies' internal communication. It can handle various employee requests, e.g. password recovery, provision of work assignments and instructions, information on company rules, etc. It can be integrated with e-mail servers, intranets, HR systems and data platforms.
• Marketing-Bot - AI chatbot placed directly in an advertising banner on a website or in a mobile application. Thanks to the ability to directly interact with the customer, it revitalises traditional banners with answers to various questions and eliminates barriers in the sales process (Nettle AI was the first to introduce its advertising banner-bot for ESET on the Google marketing platform).
• Collect-Bot - reflects the trend of replacing standard SMS with a new communication protocol, RCS (Rich Communication Services [5]), which provides a higher level of communication security. It is an effective helper particularly for financial institutions, telco operators and other companies, to which it provides 24/7 support in the area of debt collection, not only notifying the creditor of late payments, but also providing assistance with paying off outstanding debts - without the necessity of physical contact. Its value added consists in an immediate increase of conversion - higher success rate in debt collection and cost savings, as well as a better customer experience.

Nettle AI technologies are flexible and usable in multiple interfaces for the purpose of resolving a variety of problems. They are able to ensure and resolve more demanding and specific tasks. For example, they can lead the operator in conversation with the client, directly recommend on the display the steps that should be taken in the context of previous communication and help to evaluate the client's intentions and propose products or services that correspond to the client's requirements. Virtual assistants also serve as a reliable guide to the regulatory environment, as they can draw attention to necessary statutory acts and assess whether communication is in accordance with the legislation in force. This can be useful, for example, for brokers at investment firms in the area of process control - Nettle AI's technology can also directly record a voice conversation and assess whether the broker has provided the investor with all of the required information. The possibilities of use and scalability are very diverse, while the technological progress in this area is driven by increasing efficiency requirements as well as the trend of transitioning to intelligent conversational platforms. 

Market potential driven by automation and development in the area of AI 

It is estimated that up to 80% of companies will gradually introduce virtual assistants (chatbots) for communication with customers, while anticipated market growth is at the level of 30% (CAGR 2019-2024). The technology's strong market potential is supported by the rising popularity of messenger tools, by launching the RCS standard (instead of SMS), technological progress in the field of artificial intelligence and savings of several billion dollars in process automation. Thanks to advanced conversational AI technologies, it is expected that 2.5 billion customer-service hours will be saved by 2023, while automation will bring annual cost savings in the amount of USD 11 billion for retail, banking and healthcare. E-commerce transactions in the value of up to USD 112 billion may be executed through chatbots. 

Investment in further growth 

Nettle AI's growth is naturally supported by market potential. The provided investment will be used to complete the development of the company's product portfolio, marketing activities to support sales, coverage of current operating expenses and partially buyback of a share from the original investor.

Nettle case study

Think conversations, not (just) conversions: Engaging consumers with AI-powered advertising

Nettle in the media

Forbes.sk: Slovenský startup vytvoril celosvetový unikát. Ich chatbota v reklamnom banneri využil Eset

Trend.sk: Ich myšlienka očarila Google. Slováci vytvorili celosvetový unikát

Startitup.sk: CESAwards Slovakia 2019: Toto sú najšikovnejšie startup hviezdy Slovenska

eu-startups.com: 10 Slovak startups to watch out for in 2019