In a blog post on LinkedIn yesterday, Andy Mauro, co-founder and CEO of Automat.ai announced the completion of an $8.3 million USD Series A financing round. With this latest round of financing, Automat has raised $11 million USD, the most amount of capital of any company focused on AI-driven Conversational Marketing.
“Today, I’m pleased to announce that Automat has reached a major milestone in our mission to let every brand have personalized one-on-one conversations with their customers, fans, and followers,” writes Mauro.
The round was led by the Brandtech group You & Mr. Jones, and the company’s board will be joined by Ron Croen, founder of Nuance. The funding round also included investments from new investors Comcast Ventures and Omidyar Technology Ventures along with follow-on investments from existing investors Relay Ventures, Real Ventures, and USAA.
“The caliber of investors in this latest funding round, along with our recent customer announcements with L’Oreal and National Bank of Canada, all point to the growing momentum of Conversational Marketing among leading brands,” said Mauro “We see a real convergence around brandtech, media and e-commerce and, with You & Mr Jones, Comcast Ventures, and Omidyar Technology Ventures, we have very strategic partners to help us realize our vision of letting brands build personalized one-on-one conversational experiences for their customers, fans, and followers.”
Recent breakthroughs in conversational marketing using AI are occurring due to two concurrent macro trends: the rise of both messaging and artificial intelligence. Advances in AI are opening the door for companies to have conversations with their customers at scale and in doing so learn about their needs and preferences without monitoring their online behavior in intrusive ways. These conversations have the power to build customer relationships, increase loyalty, and drive sales, all while delivering unique consumer experiences.
“We’re building a technology group that can help brands deliver their marketing much more effectively and we’re clearly not alone in believing that AI and Conversational Marketing are going to be game-changers in the world of business. But as ever, execution is what counts. That’s the thing that’s been very impressive about Andy and the Automat team since our initial seed investment. They are very tangibly delivering on the promise,” said David Jones, Founder of You & Mr Jones and former Havas global CEO. “Automat has the team, vision, and technology needed to make Conversational Marketing a widespread reality and help brands get the greatest return on investment from it.”
A large portion of the new funding will be used to support and expand the company’s engineering, research, and product teams to accelerate the development of additional features. Automat also plans to allocate funding towards further business development, sales, and marketing efforts.