image recognition
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Espressive, a four-year-old startup from former ServiceNow employees, is working to build a better chatbot to reduce calls to company help desks. Today, the company announced a $30 million Series B investment.
Insight Partners led the round with help from Series A lead investor General Catalyst along with Wing Venture Capital. Under the terms of today’s agreement, Insight founder and managing director Jeff Horing will be joining the Espressive Board. Today’s investment brings the total raised to $53 million, according to the company.
Company founder and CEO Pat Calhoun says that when he was at ServiceNow he observed that, in many companies, employees often got frustrated looking for answers to basic questions. That resulted in a call to a Help Desk requiring human intervention to answer the question.
He believed that there was a way to automate this with AI-driven chatbots, and he founded Espressive to develop a solution. “Our job is to help employees get immediate answers to their questions or solutions or resolutions to their issues, so that they can get back to work,” he said.
They do that by providing a very narrowly focused natural language processing (NLP) engine to understand the question and find answers quickly, while using machine learning to improve on those answers over time.
“We’re not trying to solve every problem that NLP can address. We’re going after a very specific set of use cases which is really around employee language, and as a result, we’ve really tuned our engine to have the highest accuracy possible in the industry,” Calhoun told TechCrunch.
He says what they’ve done to increase accuracy is combine the NLP with image recognition technology. “What we’ve done is we’ve built our NLP engine on top of some image recognition architecture that’s really designed for a high degree of accuracy and essentially breaks down the phrase to understand the true meaning behind the phrase,” he said.
The solution is designed to provide a single immediate answer. If, for some reason, it can’t understand a request, it will open a help ticket automatically and route it to a human to resolve, but they try to keep that to a minimum. He says that when they deploy their solution, they tune it to the individual customers’ buzzwords and terminology.
So far they have been able to reduce help desk calls by 40% to 60% across customers with around 85% employee participation, which shows that they are using the tool and it’s providing the answers they need. In fact, the product understands 750 million employee phrases out of the box.
The company was founded in 2016. It currently has 65 employees and 35 customers, but with the new funding, both of those numbers should increase.
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ViSenze, a startup that provides visual search tools for online retailers like Rakuten and ASOS, announced today that it has raised a $20 million Series C. The round was co-led by Gobi Ventures and Sonae IM, with participation from other backers, including returning investors Rakuten and WI Harper.
Founded in 2012, ViSenze has now raised a total of $34.5 million (its last round was a Series B announced in September 2016). The Singapore-based company, whose clients also include Urban Outfitters, Zalora and Uniqlo, bills its software portfolio as a “personal shopping concierge” that allows shoppers to find or discover new products based on visual search, automatic photo tagging and recommendations based on their browsing history. ViSenze’s verticals include fashion, jewelry, furniture and intellectual property.
ViSenze’s latest funding will be used to develop its software through partnerships with smartphone makers including Samsung, LG and Huawei. The company has offices in Asia, Europe and the United States, and claims an annual revenue growth rate of more than 200 percent. Other startups in the same space include Syte.ai, Slyce, Clarifai and Imagga.
In a statement, Rakuten Ventures partner Adit Swarup said “When we first invested in ViSenze in 2014, retailers had just started seeing the benefits of powering product recommendations with image data. Today, ViSenze not only powers recommendations for the largest brands in the world, but has helped pioneer a paradigm shift in e-commerce; helping consumers find products inside their favorite social media videos and images, as well as initiate a search directly from their camera app.”
Other participants in the round include returning investors Singapore Press Holdings (SPH) Ventures, Raffles Venture Partners, Enspire Capital and UOB Venture Management, as well as new investors Tembusu ICT Fund, 31Ventures Global Innovation Fund and Jonathan Coon’s Impossible Ventures.
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Ahead of Amazon’s AWS division big Re:invent conference next week, the company has announced two developments in the area of artificial intelligence. AWS is opening a machine learning lab, ML Solutions Lab, to pair Amazon machine learning experts with customers looking to build solutions using the AI tech. And it’s releasing news feature within Amazon Rekognition, Amazon’s… Read More
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Google first demoed Lens, its smart Google Assistant-connected image recognition app, at its I/O developer conference earlier this year. At the time, it was one of the highlights of the show, but like so many other announcements at the time, the company wasn’t quite ready to release it to the public yet and only said that it would arrive “soon.” That was in May.
As Google… Read More
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Pinterest is adding a new feature today that allows users to pinch a photo to zoom in and out on various Pins, matching a feature that’s available on a lot of other services. As the company becomes increasingly focused on mobile and discovery centered around photos, users will start expecting the kinds of behaviors that exist on other services to exist on Pinterest. Read More
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Brands have long been able to search for company mentions on social media, but they’ve lacked the ability to search for pictures of their logos or products in an easy way. That’s where Salesforce’s latest Einstein artificial intelligence feature comes into play.
Today the company introduced Einstein Vision for Social Studio, which provides a way for marketers to search for… Read More
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Two weeks after Twitter acquired Magic Pony to advance its machine learning smarts for improving users’ experience of photos and videos on its platform, Google is following suit. Today, the maker of Android and search giant announced that it has acquired Moodstocks, a startup based out of Paris that develops machine-learning based image recognition technology for smartphones whose APIs… Read More
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From programs that help the visually impaired and safety features in cars that detect large animals to auto-organizing untagged photo collections and extracting business insights from socially shared pictures, the benefits of image recognition, or computer vision, are only just beginning to make their way into the world — but they’re doing so with increasing frequency and depth. Read More
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Pinterest. Instagram. Tumblr. The future of the web is visual, but how does anyone make money on that? By understanding what’s in the images people post and connecting them to where you can buy what you see. That’s Curalate’s job. The image recognition marketing startup just raised $27.5 million led by NEA, bringing it to $40 million in total funding. Read More
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Tel Aviv-based Pounce, a mobile shopping app that surfaces deals from retailers, as well as a way to shop print ads and catalogs from your smartphone, has been acquired by visual search company Slyce for $5 million in shares, cash and earn-out incentives. The deal wasn’t entirely a talent grab either, says Slyce, as the company was already on track to roll out a consumer-facing app of… Read More
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