{"id":70734,"date":"2024-01-24T09:00:21","date_gmt":"2024-01-24T09:00:21","guid":{"rendered":"https:\/\/entertainment.runfyers.com\/index.php\/2024\/01\/24\/the-demands-of-regulated-industries-helped-this-startup-raise-8m-for-its-conversational-ai-approach-techcrunch\/"},"modified":"2024-01-24T09:00:21","modified_gmt":"2024-01-24T09:00:21","slug":"the-demands-of-regulated-industries-helped-this-startup-raise-8m-for-its-conversational-ai-approach-techcrunch","status":"publish","type":"post","link":"https:\/\/entertainment.runfyers.com\/index.php\/2024\/01\/24\/the-demands-of-regulated-industries-helped-this-startup-raise-8m-for-its-conversational-ai-approach-techcrunch\/","title":{"rendered":"The demands of regulated industries helped this startup raise $8M for its conversational AI approach | TechCrunch"},"content":{"rendered":"<p> <br \/>\n<\/p>\n<div>\n<p id=\"speakable-summary\">As conversational AI begins to take over the world, chatbots are being given a new lease of life. However, there are clear hazards on the road ahead.\u00a0Parcel delivery giant DPD recently had to disable part of its online support chatbot after it <a href=\"https:\/\/www.bbc.com\/news\/technology-68025677\" target=\"_blank\" rel=\"noopener\">swore at a customer<\/a>.<\/p>\n<p>A user managed to convince the chatbot to be heavily critical of DPD, and convince it to criticize the firm in the form of a haiku.<\/p>\n<p>The incident is even more of a warning sign for regulated industries such as healthcare and insurance, where leaving the heavy lifting to a haphazardly designed AI chatbot could leave the organization open to legal action.\u00a0 <a href=\"https:\/\/opendialog.ai\/\" target=\"_blank\" rel=\"noopener\">OpenDialog<\/a>, a UK startup from some serial entrepreneur founders, thinks it has an answer by combining the new world of LLMs with a customisable platform for regulated sectors. <\/p>\n<p>It\u2019s now raised $8 million in a Series A round led by Alboin VC. Dowgate Capital and several notable angel investors also participated, meaning the startup has now raised $13 million in total.\u00a0<\/p>\n<p>The demand for conversational AI is skyrocketing, and is set to <a href=\"https:\/\/www.databridgemarketresearch.com\/reports\/global-conversational-ai-market\" target=\"_blank\" rel=\"noopener\">explode<\/a> to a mind-boggling $38 billion globally by 2029.\u00a0<\/p>\n<p>However, regulated sectors are still grappling with Natural Language Understanding (NLU) and Large Language Models (LLMs). OpenDialog says its focus on healthcare and insurance will make it a good fit for those industries.\u00a0<br \/>While an LLM might be able to sound like a human and understand context, regulated industries need high guard rails on an AI-driven approach. \u00a0<\/p>\n<p>OpenDialog claims its no-code platform could allow insurance giants and the likes of the UK\u2019s NHS to mix and match the best AI models into one automation platform.\u00a0<\/p>\n<p>It also claims one insurance client automated 9 out of 10 tasks, from selling policies to handling claims.<br \/>Co-founder and CEO Terry Walby, told me over a call that the platform has a \u201cfluid architecture which means you can manage the conversation in a way that\u2019s much more like humans have conversations, which is not predictable. It can expect the unexpected, and I can react to it, respond to it, and not lose the flow of the conversation.\u201d<\/p>\n<p>What Walby is hoping of course is that by not being built on one foundational model, and having a more flexible platform, OpenDiolog will be able to mix and match various LLMs so that clients can get the flexibility they want.\u00a0<br \/>That may be the case but it could leave OpenDiolog open to the charge that it is a mere \u2018middle-ware\u2019 player rather than having a robust platform of its own.\u00a0<\/p>\n<p>He counters, saying that disaggregating from a single language model means it can \u201cexploit them for certain parts of the conversation for which they are appropriate.\u201d<\/p>\n<p>Ed Lascelles, Partner at AlbionVC, commented: \u201cConversational AI has evolved massively since early chatbots\u201d and noted that the OpenDialog has \u201cbuilt and scaled enterprise businesses before.\u201d<\/p>\n<p>Indeed, this is the second startup for the founding team, who scaled and sold Thoughtonomy, a software automation solution, to <a href=\"https:\/\/techcrunch.com\/2019\/06\/18\/blue-prism-acquires-uks-thoughtonomy-for-up-to-100m-to-expand-its-rpa-platform-with-more-ai\/\" target=\"_blank\" rel=\"noopener\">Blue Prism in 2019<\/a>. <\/p>\n<\/p><\/div>\n<p><br \/>\n<br \/><a href=\"https:\/\/techcrunch.com\/2024\/01\/24\/the-demands-of-regulated-industries-helped-this-startup-raise-8m-for-its-conversational-ai-approach\/\" target=\"_blank\" rel=\"noopener\">Source link <\/a><\/p>\n","protected":false},"excerpt":{"rendered":"<p>As conversational AI begins to take over the world, chatbots are being given a new lease of life. However, there are clear hazards on the road ahead.\u00a0Parcel delivery giant DPD recently had to disable part of its online support chatbot after it swore at a customer. A user managed to convince the chatbot to be [&hellip;]<\/p>\n","protected":false},"author":1,"featured_media":70735,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"footnotes":""},"categories":[14],"tags":[],"class_list":{"0":"post-70734","1":"post","2":"type-post","3":"status-publish","4":"format-standard","5":"has-post-thumbnail","7":"category-tech"},"_links":{"self":[{"href":"https:\/\/entertainment.runfyers.com\/index.php\/wp-json\/wp\/v2\/posts\/70734","targetHints":{"allow":["GET"]}}],"collection":[{"href":"https:\/\/entertainment.runfyers.com\/index.php\/wp-json\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/entertainment.runfyers.com\/index.php\/wp-json\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/entertainment.runfyers.com\/index.php\/wp-json\/wp\/v2\/users\/1"}],"replies":[{"embeddable":true,"href":"https:\/\/entertainment.runfyers.com\/index.php\/wp-json\/wp\/v2\/comments?post=70734"}],"version-history":[{"count":0,"href":"https:\/\/entertainment.runfyers.com\/index.php\/wp-json\/wp\/v2\/posts\/70734\/revisions"}],"wp:featuredmedia":[{"embeddable":true,"href":"https:\/\/entertainment.runfyers.com\/index.php\/wp-json\/wp\/v2\/media\/70735"}],"wp:attachment":[{"href":"https:\/\/entertainment.runfyers.com\/index.php\/wp-json\/wp\/v2\/media?parent=70734"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/entertainment.runfyers.com\/index.php\/wp-json\/wp\/v2\/categories?post=70734"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/entertainment.runfyers.com\/index.php\/wp-json\/wp\/v2\/tags?post=70734"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}