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What is the press release announcing?: Slang AI is emerging from stealth with $20 million in funding to empower restaurants and retailers with voice AI.
What are the details of the funding round?: The $20M in funding includes a recent Series A funding round led by Homebrew with participation from Stage 2 Capital, Wing VC, Underscore VC, Active Capital, and Collide Capital. Prominent industry angel investors, including celebrity chef Tom Colicchio and Scott Belsky, Founder of Behance, also participated in the round.
Why is this news important for existing or new audiences and the industry?: Slang AI is bringing AI to the phone with its easy-to-use software product designed for restaurants and retail businesses. AI has the potential to fix the broken experience of calling a business, and that’s exactly what Slang AI is doing. Slang.ai’s solution creates a better experience for the customer and creates quick value for businesses by increasing revenue, reducing staff phone time, and instantly resolving customer demands without human intervention.
How will the company use the funding?: The funding will accelerate Slang’s generative AI capabilities, advance product partnerships and integrations in the restaurant, hospitality, retail and e-commerce industries, and double down on sustained growth of the go-to-market team.
What were the top 3 takeaways?: Slang.ai’s focus on fast, no-code implementation, ease of use, and their attention to detail with the design of dozens of voice experiences are critical differentiators. Slang customers are up and running in 30 minutes or less. Slang customers have grown quickly to over 200, including Slutty Vegan, Palm House Hospitality Group, STUDS, PLANTA, Hammitt, and Nikki Beach Miami, resulting in over 6x revenue growth in 2022.
What problem is the company helping to solve and how?: Even with the rise of apps and websites, 60 percent of customers still prefer to contact businesses over the phone. Despite this, many brick-and-mortar businesses are understaffed, causing them to miss calls and send potential customers to voicemail where they lose out on potential revenue. Slang.ai is transformative for these businesses, handling over half of inbound calls without human intervention, allowing these businesses to recover those customers.
How is the company helping their customers?: Slang provides its clients access to previously unknown data about why customers are calling. This information empowers businesses to re-engage with their phone customers and pursue opportunities to drive additional revenue. The phone is a channel rich with data, but we had no way to access it before Slang AI.
How does this news relate to current market trends?: AI innovation to date had been almost excessively at the enterprise and startup level, but applying AI to SMBs and midmarket businesses would be even more transformative.
What evidence or data was shared?: In a recent study of a six-restaurant group, Slang AI saved 648 hours of phone time while capturing reservations and orders that otherwise might have been lost to voicemail.
Who founded the company and why are they qualified to do so?: Slang’s co-founders were building in the generative AI space well before the recent AI buzz. Alex Sambvani and Gabe Duncan met while on the data science team at Spotify. Their roles focused on implementing personalized voice AI at scale. Together they entered a Spotify hackathon and built a personality-forward voice AI app that went on to win the entire competition out of over a hundred ideas. This experience served as the creative spark for Slang.
What did the companies investors have to say about the news?: “We are impressed by Slang.ai’s focus on applying this technology to create tangible business value for their customers with a delightful product. Slang.ai’s Co-founders are technologists who have been building in the AI space for over seven years, and they have accomplished the remarkable feat of developing an AI product that customers actually want and that is easy to use. With their backgrounds building leading personalization experiences as Data Scientists at Spotify, we’re confident in their ability to continue to innovate in this space,” said Homebrew Partner, Satya Patel.
What did the companies customers have to say about the company?: "Slang.ai has become an essential tool for our business. Our team is thrilled with the way it has decreased the disruption of phone calls while simultaneously enhancing the overall experience for our guests. With the intentional use of AI at our disposal, we don’t see ourselves going back,” stated Benson Wang, CEO of Palm House Hospitality Group.
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