Aveni acquires much needed investment
Edinburgh based Fintech, Aveni, has acquired their much needed Â£1.1. million investment - this will be used to establish an AI platform focused on supporting speech analytics for modern businesses.
Aveni DetectÂ reportedly uses the latestÂ artificial intelligenceÂ andÂ natural language processing (NLP) technologies to fully automate processes directly from the customer's voice. This will help the firm to obtain greater levels of efficiency when it comes to quality assurance whilst simultaneously enhancing employee training, consumer experience and the ability to identify vulnerable users.
TRICAPITAL Angel syndicate headed the investment into Aveni's operations, with the proceeds being directed towards Aveni's ongoing growth. The company seek to move beyond simply offering financial services into other regulated areas, as well as building a team to facilitate its UK expansion efforts.
Joseph Twigg, CEO at Aveni stated:
â€œConsumer behavior and business needs have changed significantly over the past 18 months as the service industry digitised in response to the pandemic. This created a new base of consumers comfortable with video conferencing led, digital-first services. But it also created a major challenge for firms to monitor and assess these calls, especially as an increasing number of them were from vulnerable customers who needed additional attention.â€
The work behind the scenes to ensure that Avnei direct was implemented properly is thanks to Aveni's team of NLP scientists and engineers working with the various UK businesses.
Whether a business or company meets clients in-person or face-to-face, through video conference or via phone, Aveni Detect is able to reliably and accurately convert the conversation to text before processing it via its NLP pipeline to offer key insights and automation. This leads to new opportunities for businesses to lower the cost to serve customers, while building a well-trained workforce and also identify key opportunities for new products.
Twigg further noted:
â€œAveni Detect automates a significant part of these requirements, driving efficiency into a business, whilst meeting regulatory requirements and protecting the consumer. It is a great example of â€˜AI for goodâ€™ as the technology is being used to make a positive impact and will help to better protect those that are vulnerable within our society.â€
The round was also joined by Scottish Enterpriseâ€™s Growth Investments, Old College Capital â€“ the University of Edinburghâ€™s in-house venture fund and Wallace Equity.
Jan Robertson, Interim Director of Growth Investments at Scottish Enterprise, added:
â€œThe evolution of Aveniâ€™s game-changing products will enhance Scotlandâ€™s proud association with the development of AI solutions and strengthen the countryâ€™s growing reputation as a global leader in fintech innovation. Our continued investment in and support for Aveni will help the company grow and scale and underscores Scottish Enterpriseâ€™s commitment to nurturing an environment that encourages cutting-edge tech businesses to thrive and flourish.â€