In a Nutshell
- Moveo.AI raises €2.3M in seed funding led by Eleven Ventures, with participation from Uni.Fund and Charge.vc.
- The startup specializes in proprietary LLMs designed for enterprise customer experience – with boosted performance in areas like latency, data privacy, and reliability compared to third-party models.
- Moveo.AI has expanded rapidly, doubling revenue, tripling its team, and opening a branch in São Paulo to tap into the LATAM market. The new funds will further support international expansion and R&D efforts.
The Way Businesses Interact With Customers
Moveo.AI, an enterprise conversational AI startup, has raised €2.3M in seed funding. Founded in 2020, this Greek startup aims to further enhance customer experience through AI technology and Eleven Ventures along with Uni.Fund and Charge.vc decided to help them. Early backers who participated in the $400K Pre-Seed round in 2021 are also doubling down on their initial investment, demonstrating their support for Moveo.AI’s vision and approach.
“When it comes to the customer journey – from support issues to sales transactions – people are expecting instant, accurate, relevant, just-in-time interactions. This is something humans can no longer deliver. But AI can! We identified Moveo as a top contender to radically improve the way businesses interact with customers. Their impressive client roster, including big banks and retailers, speaks to their potential. We are excited to be part of the journey and contribute to this significant shift in customer engagement“, commented Svetozar Georgiev, Partner at Eleven Ventures, one of the leading early-stage VCs in CEE that has backed the first Bulgarian unicorn Payhawk.
With Its Proprietary LLMs, Moveo Wants to Bring Enterprises the Security They Seek
While enterprises explore the latest advancements in Generative AI and seek automation beyond FAQs, Moveo.AI believes it has the perfect blend of workflow automation and Generative AI. In a landscape where sophisticated AI-powered solutions are essential for maintaining operational efficiency and productivity without compromising data privacy and security, Moveo’s proprietary LLMs are extra focused on data protection and reliability. Moveo’s LLMs are fine-tuned for enhancing customer experience in business settings, surpassing third-party models like GPT-4 in latency, hallucination, and repetition, amongst other CX-related metrics.
Moveo.AI has experienced exponential growth in the last 12 months, increasing its customer base with enterprises such as Betano, Allianz, and Alpha Bank, doubling its revenue and tripling its team. Moveo.AI recently opened a branch in São Paulo to serve the booming LATAM market. As a result, Moveo.AI now serves over 10 million users every month in 89 countries, speaking 21 languages.
Furthermore, Moveo.AI’s role in shaping the future of GenAI applications for FinTech was recognized through the highly prestigious first place in SE Europe and Israel during the Mastercard Fintech Forum and its selection for the exclusive Visa Innovation Program Europe.
Next Steps: Enhance the Technology and Then Expand
The newly raised funds will enable Moveo.AI to significantly enhance its platform capabilities and proprietary LLMs, focusing on providing enterprises with private, personalized LLM agents they can trust. This investment will also support the team’s growth, particularly in research and development. In 2024, the company will continue its international expansion, targeting markets in the Americas. This process will involve scaling its business teams and forging strategic partnerships to establish a more significant regional presence.
