While the buzz around ChatGPT is considerable, Vestigo Ventures, an early-stage fintech venture capital firm headquartered in Cambridge, Mass., sees even better reasons to be excited. The firm recently invested in Knowbl, an enterprise-ready virtual concierge platform that enhances the power of traditional large language models (LLM) used by GPT-like services with Knowbl’s patents to speed up adoption of the experience by enterprises at scale. Knowbl’s platform accesses brand-specific, compliance-approved content directly from an enterprise’s own ground truths, thus overcoming the drawbacks of potential inaccuracies or “too much information” found in traditional chatbots like ChatGPT. Vestigo Ventures led the seed funding round, with several of its LPs seeking direct investment.
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Vestigo Ventures Led the Seed Round Investment in Knowbl, An Enterprise-Ready Conversational AI Platform That Leverages On-Brand, Compliant Content, Negating Enterprise Concerns of ChatGPT. Photo: Jay Wolcott, founder & CEO of Knowbl (Photo: Business Wire)
Knowbl leverages content that is housed behind the firewall, so organizations can be confident that their binding virtual conversations with customers or partners align with the brand and meet legal and compliance standards for a specific audience. Ian Sheridan, cofounder of Vestigo Ventures, and member of Knowbl’s board, is exuberant about Knowbl’s promise. “Knowbl is poised to accelerate enterprise adoption of the digital concierge experience, and its early success and traction in highly regulated industries like financial services has spearheaded projects in other key industries,” says Sheridan. “Any firm, even the largest, most security-conscious organization, can use and extract the full value from Knowbl’s platform. It’s ahead of ChatGPT in critical functionality that can mean the difference between a frustrated customer and a raving fan of your brand.”
Many financial services firms have multiple ways to serve the needs of a customer. Knowbl’s platform can facilitate this at the right time in a virtual conversation. When a response to a need is absent, the gap is flagged for the brand and the process of closing the knowledge gap can be almost instantaneous.
Knowbl’s patent-pending technology is fundamentally different from today’s conversational AI. It delivers an intelligent, human-like virtual concierge experience that can help grow revenue by creating a positive and meaningful customer experience. It can connect anything from existing knowledge bases and CRMs to website and file uploads. Based on these connections, Knowbl’s virtual concierge logically moves the customer through the experience, enabling meaningful conversations with cross-selling and transactional interactions.
“Our platform delivers on the most meaningful aspect of conversational AI – access to accurate, current, and compliant knowledge sources within a business. This translates to a truly favorable and helpful experience for customers,” says Jay Wolcott, founder, and CEO of Knowbl. “Consumers award loyalty to firms that are easy to do business with and deliver the best service experience. Once experience leaders open the Knowbl solutions box, they can improve upon the virtual experience in a matter of weeks while enabling significant savings of human and financial resources,” adds Wolcott.
Knowbl also successfully completed its Service Organization Control (SOC) 2 Type 2 certification, an auditing standard developed by the American Institute of Certified Public Accounts (AICPA). Successful completion of the SOC 2 Type 2 audit validates Knowbl’s focus on security and compliance, a major milestone for the company. SOC 2 defines criteria for managing customer data based on five “trust service principles”–security, availability, processing integrity, confidentiality, and privacy. Knowbl also has established a Trust Center with details on the firm’s commitment to security.
“Knowbl’s solution delivers a much more dynamic, flexible, and human-like experience to drive more elegant automation and digital self-service,” adds Wolcott. “Our transformer-based solution reduces or eliminates key failure points and provides brands speed, ease, and scalability of self-service intelligence derived from their current content, regardless of where it lives – CRM, CMS, KMS, FAQs, websites, and mobile apps. By using this approach, effective self-service can be launched in days, not months – which can either immediately complement a brand’s current-state investments or replace them.”
About Vestigo Ventures
FinTech is changing the world of financial services. We founded Vestigo Ventures to find and fund the very best entrepreneurs in North America. We are in the epicenter of innovation in Cambridge, Massachusetts. To learn more and to subscribe to our newsletter and podcast, visit http://www.vestigoventures.com.
About Knowbl
Knowbl is transforming Enterprise customer engagement automation through its revolutionary AI platform. Knowbl’s patent-pending platform leverages the latest transformer and large language model capabilities grounded in brand-approved content for automated conversational and contextual experiences with speed, ease, and scalability. With Knowbl, brands can innovate quickly and deliver exceptional customer experiences across any channel that is powered by the latest artificial intelligence technology – making it easy to be awesome! www.knowbl.com
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