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Algomo

United Kingdom
Market: Artificial Intelligence
Stage of the project: Prototype or product is ready

Date of last change: 04.02.2022
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Idea

Algomo is an award-winning and well-funded DeepTech startup that helps international companies fully automate and manage their customer service in 100+ languages

Current Status

Algomo was founded in February 2020 and has secured a pre-seed round of $1.2M, including sponsored innovation grants from the UK and EU.
Last year, we generated $70k in revenue through paid pilots and we are really close to going live.

Early customers include Procter&Gamble, Visit Cascais, Doha airport, Southwark council etc and they have been piloting with us exactly because they find it extremely difficult to manage and automate their customer service in multiple languages.

Problem or Opportunity

Over 70% of millennials instead prefer using self-help tools like conversational AI (cAI), but just 28% of online consumers get support in their native language, even though most consumers value this as more important than price.

Current cAI solutions are inadequate as
1) They are limited to 45 languages
2) In order to support multiple languages they have to create a separate AI per language. This practice is extremely expensive, as it requires a separate team per language to translate the training and response data, set up the AI and also maintain it.

Solution (product or service)

ALGOMO has built a proprietary TECHNOLOGY where a SINGLE AI can understand 109 languages without the need for translations. Just like a multilingual person, whatever this cAI learns in one language, it is also learned in every other language. This eliminates the need to retrain multiple cAIs, greatly reducing costs and operational complexity.

Business model

Algomo is a B2B company serving D2C Companies. We offer a SaaS product (mainly for SMES) but also Custom Deployments and bespoke services to larger institutions.

Our pricing is as follows:
SaaS:
- $0.25/conversation (introductory PAYG-pricing, gateway to subscription)
- $120 PCM/$1200 Annually (Subscription)

Custom deployments:
- ~$50k annually for corporate deployments( >100k monthly conversations)

Incubation/Acceleration programs accomplishment

Entrepreneur First
Natwest Accelerator
Nvidia Inception Program
5,00
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