Espressive, a provider of artificial intelligence solutions for enterprise service management, raised $30 million in Series B funding.
The funding round was led by venture capital and private equity firm Insight Partners with participation from Series A investors, General Catalyst, and Wing Venture Capital.
As part of the funding, Jeff Horing, co-Founder and Managing Director at Insight Partners, will join the Espressive board of directors.
“We will use this funding to further scale our engineering, sales, and marketing teams as well as continue to cultivate our partner program,” said Pat Calhoun, CEO and founder of Espressive.
According to Forrester Research, businesses that use AI and other emerging technologies will capture $1.2 trillion in revenue a year, growing at least eight times faster than the global GDP. Similarly, According to Gartner, in 2021, AI augmentation will generate “$2.9 trillion in business value and 6.2 billion hours of worker productivity.”
Espressive flagship product Barista, a virtual support agent (VSA), brings the ease of consumer virtual assistants, such as Amazon Alexa and Google Home, into the workplace. According to the company, Barista automates resolution of employee questions, issues, and requests with personalized experiences that result in employee adoption of 80 to 85% and reduced help desk call volume of 40 to 60%.
With its new capital, Espressive will continue to build on its Natural Language Processing (NLP) engine and the Barista Employee Language Cloud (ELC). The ELC provides a personalized response to commonly asked questions, with the ability to understand 750 million phrases and growing. As employees ask questions, Barista learns new phrases, phrase structures, synonyms, and topics, enabling the ELC to expand and grow automatically. The ELC also uses machine learning to identify the right team or department when a question can’t be immediately answered.
Organizations using Barista can build a highly scalable conversational AI agent optimized to understand employees’ language without the need for AI expertise, the company said.
“Adoption of AI for IT service management (ITSM) and ESM is exploding and Espressive’s advanced automation capabilities stand to significantly disrupt this evolving market. We were immediately impressed with Espressive Barista and its ability to provide an innovative solution that expands beyond the ITSM use case into HR, facilities, and more,” said Jeff Horing, co-Founder and Managing Director at Insight Partners.