Cue secures $500k for AI-powered customer service boom
South African startup Cue, a frontrunner in AI-driven customer service solutions, has raised US$500,000 in funding to enhance its mission of improving customer service by harnessing the potential of cutting-edge large language models (LLM).
Founded in 2018, Cue enables businesses to help customers quickly and efficiently with chatbots and live chat on WhatsApp and social channels. The startup has worked with over 300 clients in the last five years and recently expanded to the United Kingdom (UK).
The identity of the funders behind Cue's latest funding round remains undisclosed. Nevertheless, this funding milestone signifies a promising future for the company as it persists in reshaping the customer service landscape through the application of artificial intelligence. The investment is expected to fuel Cue's ongoing efforts to provide innovative and efficient customer service solutions through AI technologies.
Key Takeaways
PwC projects that AI has the potential to contribute up to $15.7 trillion to the global economy by 2030, surpassing the combined current output of China and India. Analysts believe that AI has the capacity to expand Africa's economy by an impressive $1.5 trillion by 2030, which equates to approximately 50% of its current GDP. This tremendous growth potential could be realized if Africa captures just 10% of the rapidly expanding global AI market. AI has the power to drive economic transformation and innovation, making it a key focus for both global and African economies in the coming decade. More so, African business leaders are optimistic about its potential to transform the continent and are actively investing in the technology to gain a slice of the global market. Cue has demonstrated remarkable growth, with a 566% increase in its team from 2018 to 2023 and serving over 300 clients. This recent funding round is a testament to its rapid expansion, driven by its capacity to seamlessly integrate chatbots and live chat into clients' business applications.
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