Gradient Labs has raised $13 million in Series A funding in a round led by Redpoint Ventures, with participation from Localglobe, Puzzle Ventures, Liquid 2 Ventures, and Exceptional Capital. Gradient Labs was founded by Gradient Labs was co-founded by Dimitri Masin, Neal Lathia, and Danai Antoniou, former employees of UK challenger bank Monzo.
Gradient Labs is an artificial intelligence (AI) customer service platform targeting high regulated industries like Fintech. Their AI agent is reportedly purpose-built for these industries, handling up to 90% of queries with a 98% QA pass rate, while reducing costs by 75%.
Old chatbots are horrible, but new AI-driven platforms are not much better. Gradient Labs aims to be the one that can handle customers in a way that keeps them satisfied with the service.
Gradiet Labs shares industry data:
- Businesses pay up to $13.50 per customer service interaction
- 66% of customers expect a response with minutes while 1/3 will walk away from a brand once burned.
- At the same time, 87% of service agents report high levels of job-related strain.
- AI-powered tools can help, but current products can only handle simple frontline support
This is where Gradient steps in.
Tom Blomfield, founder and former CEO of Monzo, says that having spent years at a digital bank, he understands the challenges of handling customer service.
“Purpose-built solutions such as Gradient Labs are critical to bridging the gap, and I’ve seen firsthand the safety and service quality improvements that leading UK fintechs,” said Blomfield.
Utilizing automation, Gradient Labs claims that its AI agent consistently resolves up to 90% of queries with a quality assurance pass rate of 98%, outperforming human agents and alternative chatbots while reducing costs by 75%.
Masin, CEO of Gradient Labs, says that after nearly ten years with a UK bank, they understand the challenges of customer support, and the cost of mistakes can be dire.
“This funding round is further proof of the sheer demand for a safe and reliable AI customer service agent for regulated industries,” said Masin.