DEPO Ventures invests in developer of advanced speech analytics software Oxus.AI
The DEPO Ventures investment group, together with other great investors, supported the Lithuanian startup Oxus.AI, which aims to disrupt the way companies analyse and improve sales and customer support calls.
Unlike other players in the space of speech analytics, Oxus.AI focuses on pattern detection rather than transcription by using a limited dictionary search method, the company can make its solution work in any of the 7,000 languages of the world, including Czech. The company has received 1000,000 euros (roughly 20 million crowns) from the DEPO fund, angel investors and Norway Grants. The round is a result of a successful international syndication of DEPO Angels investors, 70 Ventures, Startup Wise Guys, the Lithuanian angel network LitBAN and other great angel investors. The startup will be using the funds to strengthen its product and scale to new markets.
"This is our first joint syndication, and we are planning more. Not only with the Lithuanian angel network, but also with other European networks. This cooperation is important in order to support investments in early stage startups. Among other great angel investors are well known AI and industry experts:Renaldas Zioma (Unity) and Regimantas Liepa (Transcom), says DEPO Ventures partner Petr Šíma.
Based in Vilnius, Oxus.AI has built an innovative solution based on the limited dictionary search method. It allows speech analysis tools to scale to other languages with only a fraction of the data needed to solve speech-to-text solutions while providing a higher degree of accuracy. For sales and customer support teams working in low-resource languages, this means they can finally take advantage of advanced tools previously only available to their colleagues working in the English language and other well-resourced languages and improve their performance.
"Call centers receive over a billion calls worldwide every day, and customer service is critical for businesses. The way speech-to-text transcription is ensured today is error-prone, and current solutions are not accurate enough for low-resource languages. Oxus.AI develops a software solution that can analyze 100 percent of calls and provide call center managers and operators with immediate, accurate and usable data to increase sales performance, improve quality and retain customers,” says Michal Ciffra, DEPO Ventures partner.
Some sales and customer support teams are already benefiting from AI-based tools that analyze calls and provide guidelines for improvement. However, most of such tools work fine only with English and other well-resourced languages, leaving teams operating in other languages behind. Such teams have to manually analyze calls and transfer knowledge to the rest of the team, missing out on swathes of data that could be used to improve the company's sales record while bringing a better experience to end customers.
"Oxus.AI's speech analysis software is significantly more efficient than advanced speech-to-text solutions for low resource languages. The total market that Oxus.AI can reach is estimated at seven billion euros serving sales and customer support teams in Western countries and the available serviceable market is 300 million euros. We have identified limited competition in Oxus.AI’s market entry strategy. They have an experienced team with great practical investors and represent an attractive investment opportunity," adds Michal Ciffra, partner of DEPO Ventures.