Solvvy Rings Up $4.5 Million Seed Funding

 

PALO ALTO¬†— Machine learning startup Solvvy has¬†raised $4.5 million in seed funding led by True Ventures, with participation from institutional investors Pear Ventures (formerly Pejman Mar Ventures), Carnegie Mellon University, Signatures Capital, Investment Group ofSanta Barbara (IGSB) and angel investors including Dan Rose and Hamid Barkhordar.

The Bay Area-based company was founded by Mehdi Samadi and Justin Betteridge, leading experts in machine learning and natural language processing, in partnership with Mahesh Ram, a successful SaaS entrepreneur. The core technology is a result of seven years of research conducted by Samadi and Betteridge, who met while pursuing PhDs in artificial intelligence at Carnegie Mellon University.

“By combining advanced machine learning technology and natural language sciences, we make a true self-service platform instantly available for the enterprise,” said Samadi, named by Forbes as one of the “30 Under 30 In Enterprise Technology” in 2015. “Our algorithms learn from every successful interaction and deliver specific, pinpoint solutions to answer natural language inputs. Solvvy continues to learn and get smarter every day, creating a powerful network effect.”

The company released its first public product, Solvvy for Support, earlier this year after extensive validation with leading companies. Solvvy for Support helps companies answer a large number of incoming support requests without human intervention. At the time of ticket submission, users state their problems using everyday language and Solvvy surfaces precise answers to resolve the request.

Companies like Upwork, DoubleDutch, TaskRabbit and Amazon’s Alexa.com rely on its deep learning solution to reduce customer support costs and improve the customer experience, across all support channels (web, chat, mobile, etc.).