Encore AI, a startup that builds AI agents from customer interactions, has raised $30 million in a Series A round led by Team8. The company's patented "Interaction Mining" technology analyzes calls and emails to train AI that can work autonomously or assist human staff. With over 40 enterprise clients, primarily in finance, the new funding will fuel its U.S. expansion.
Series A funding round
- ▪The funding round was led by Team8 and Plaven
- ▪Encore AI, formerly known as Insait, raised $30 million in a Series A funding round
- ▪Participants in the round included Garage, Lukatz, and several global financial institutions that were also customers
- ▪Encore AI's annual recurring revenue has grown more than 5x since its seed round less than 18 months ago
Interaction Mining technology
- ▪Encore AI's platform is based on its patented "Interaction Mining" technology, which analyzes customer interactions like calls, chats, and emails
- ▪The system identifies successful behaviors from employee-customer conversations to train its AI agents, which can replicate effective playbooks
- ▪CEO Dvir Ginzburg argues that large CRM providers would need to overhaul their systems to use conversational history as a foundational data point like Encore AI does
AI agent capabilities
- ▪The agents can communicate with customers via voice or text and also serve as a real-time "Wingman" assistant for human employees
- ▪The platform also helps companies identify inefficiencies and key issues in their existing sales and customer support processes
- ▪The resulting AI agents can operate autonomously or work alongside human teams in customer support and sales
Founder background
- ▪Dr. Dvir Ginzburg holds a Ph.D. in Geometric Deep Learning from Tel Aviv University and previously worked at Microsoft
- ▪The company was founded in 2022 by CEO Dr. Dvir Ginzburg and was previously named Insait IO
Enterprise customer base
- ▪The company's customers include banks, insurance companies, and healthcare providers in Israel, Australia, Europe, and the U.S.
- ▪Encore AI serves more than 40 enterprise customers globally, the majority of which are financial institutions
Global deployment expansion
- ▪Encore AI employs around 50 people, with 35 in Israel and others in New York and Australia
- ▪The Series A funding will be used to expand U.S. sales operations and deploy its platform with more large financial institutions
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