CommBox secures funding for AI expansion in Europe

CommBox has secured GBP £12.3 million in funding from PSG Equity to enhance its AI technologies and expand operations in Europe and North America.

The funding, sourced from PSG Equity, a growth equity firm, is intended to fuel the expansion of CommBox's omnichannel customer experience platform across new markets and further develop its AI capabilities.

CommBox offers enterprises the means to deploy AI-powered bots that can manage complex customer service inquiries, which often require secure access to third-party systems and personalisation. The company's emphasis on data security and compliance aims to benefit sectors with sensitive data needs, like healthcare and financial services.

The platform promises enterprise-grade security alongside rapid and seamless integration. Key features of the CommBox platform include comprehensive compliance with regulations such as SOC2, ISO, PCI, and GDPR, alongside robust data protection measures. These include secure data storage, model training with encryption, and capabilities for rapid AI deployment without sacrificing security.

Dvir Hoffman, CEO of CommBox, said, "We're proud to be entrusted by PSG to continue our mission to build better, more seamless, and innovative customer experiences. Our platform enables rapid deployment of conversational AI for enterprises, automating customer interactions and business processes whilst ensuring enterprise-level protection and privacy to secure AI deployments. Through PSG's strategic investment, we will seek to grow our footprint in Europe and North America, as well as further boost our already expansive R&D in AI and harness this to continue enhancing our platform's capabilities."

Despite the maturity of the chatbot and customer experience automation market, sectors such as financial services and healthcare still struggle to fully utilize these technologies due to a lack of advanced automation and secure integration capabilities.

Recent statistics indicate that while 80% of consumers desire AI in customer service, only 15% of brands have effectively deployed such technologies. CommBox addresses the critical barrier of security with its secure-by-design approach, making it a valuable partner in industries like healthcare, logistics, retail, and finance.

Tom Reardon, Managing Director at PSG Equity, commented, "We believe that the CommBox platform has evolved into a powerful, strategic platform for enterprises that want to help rapidly and securely reap the benefits of AI for customer communications. We're thrilled to further our investment in CommBox as the company aims to solidify its footprint in Europe and North America."

Founded in 2013, CommBox continues to assist organisations in automating customer inquiries, optimising customer journeys, and enhancing customer service efficacy. The platform serves a diverse array of industries, including financial services, insurance, healthcare, utilities, logistics, and the public sector.