By 2021, more than 50%  of large companies will annually spend more on chatbots and virtual assistants than on mobile applications. Up to 80%  of companies plan to introduce their own chatbots this year. The estimated growth of the intelligent conversational technology market is 30% (CAGR 2019-2024). The Slovak technology start-up Nettle AI is revolutionising customer-oriented sectors, for which effective and problem-free communication is of key importance in terms of cost savings, sales support and maintaining the quality of customer service. The company provides a comprehensive portfolio of conversational artificial intelligence tools using advanced machine learning and natural language processing technologies. They are able to independently recognize the text, analyse it, and above all meaningfully respond and perform other operations without the need for human intervention. For example, if you participate in a chat with a bank in the near future and try to get answers to questions or need help with carrying out payment operations, technologies from Nettle AI will be behind it. Nettle AI's conversational artificial intelligence ranks among the best in the world and is used to communicate with customers by major technology companies and financial institutions including Eset, Samsung, ČSOB and 365 banka, among others.
 Source: Gartner
 Source: Oracle Survey of 800 Global CXOs
 Source: Companies, Apptopia, TechCrunch, BI Intelligence estimates, 2017
 Source: Juniper Research
 Source: Google RCS
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Investment objectives (EUR 1,000,000)
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.
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 AI case study
Nettle AI in the media