Loris.AI, an Israeli startup that offers AI software that crafts real-time suggested responses based on the tone of the customer, raised $12 million in Series A funding led by Bow Capital, with participation from ServiceNow Ventures. Jeff Weiner, executive chairman of LinkedIn, was one of the company’s first investors when Loris held a $5.1 million seed round one year ago.
Loris has built an AI-based system that helps customer service agents have effective and efficient communication with customers, as an alternative to bots that often cause frustration because of their lack of ability to give a precise, empathetic response in complex cases. The algorithm analyzes the conversation and the customer’s emotional state, and presents dynamic recommendations about the optimal way to respond in a way that fits the situation and presents a consistent brand voice. Loris also analyzes all conversations and generates robust insights for management regarding the agents’ performance and the customers’ satisfaction.
Loris’ origins come from Crisis Text Line, a global non-profit organization that provides crisis support 24/7 via written text communication. Throughout the years, the organization amassed significant experience navigating difficult and emotional conversations via text. The techniques developed by the organization for an effective response have been adapted by Loris for the customer service needs of businesses.
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“Loris has brought together a world-class team of data scientists, machine learning experts, behavioral linguists, and technologists to solve this problem and make customer care more scalable,” said CEO Etie Hertz in a company blog post. We provide customer support agents with an AI-based toolkit of de-escalation techniques and language recommendations to help them turn bad conversations into great ones.
Loris.AI has an office in New York and an R&D center in Israel led by Ron Schwartz, VP Engineering. Among its clients are Lyft, Freshly, and Slice. Since its creation in 2018, Loris has received $7.1M in funding, including the current round. Other investors include Floodgate, Homebrew, and Kapor Capital. The new round will allow growing the company, putting the emphasis on R&D, marketing, and sales.