At present, numerous companies are drastically changing the way they communicate with the customers, be it sales, marketing, or service. In this regard, ‘chatbot’ is becoming an increasingly popular option among many companies for frontline communication.
According to a prediction made by research analyst Forrester, digital customer service interactions will increase by 40 per cent in 2021, which will bring significantly more widespread chatbot adoption.
Raised €6.5M funding
In this regard, Landbot, a Barcelona-based company known for “no-code” chatbot builder, has secured €6.5M funding in Series A round led by Spanish-Israeli Venture Capital firm Swanlaab, alongside Spanish national innovation agency CDTI, with previous investors Nauta Capital, Encomenda, and Bankinter.
The Spanish company will use the funding to double the Landbot team in 2021, hiring executive members across sales, marketing and engineering. To date, the company has raised $ 10.2M (approx €8.3M) funding.
No-Code Chatbot builder
Co-founded by Jiaqi Pan, Cristobal Villar, and Fernando Guirao in 2017, Landbot aims to create frictionless experiences for businesses and their customers, building technology that puts people first and can be built by anyone.
It requires no coding knowledge and uses a drag-and-drop solution to design a web page experience filled with gifs and visual elements to capture the attention of the end-user, claims the company.
As easy as assembling LEGO
Landbot says that the product can be integrated with marketing tools such as Mailchimp and Salesforce, databases such as Airtable and Google Drive, and communication platforms like Slack and WhatsApp.
One key use case for Landbot is providing its conversational interface to capture and process complex data, taking over the form builder market with its communication automation solution. This, according to the company, enhances the data exchange between company and customer, providing a frictionless experience. The service is available via a freemium and premium subscription.
Serves around 50,000 users
Currently, the company has over 50,000 users ranging from SMEs to larger organisations in many different industries, from banking to marketing to e-commerce. Some of the notable names include Nestlé, MediaMarkt, CocaCola, Cepsa, PcComponentes, and Prudential.
According to the company, the product started as an internal experiment to manage its operations, but later it was offered to customers as well once the co-founder realised the value it could provide to other companies.
Acquired Indian company
Notably, Landbot acquired India-based Morph.AI, a chat-based marketing automation tool to further expand its presence into the Asian market.
To date, 90 per cent of its customers are international, and 60 per cent of its customers come from the US, UK, and Germany. Since its seed round the recurrent revenue has increased 10x and the team has grown to 40 people.
Jiaqi Pan, CEO and co-founder of Landbot, says, “Increasingly we’re seeing more people use chatbots to communicate with businesses, rather than call them. Speaking to your customer on the channels they use most is crucial, and digital channels are winning. But building a bespoke AI solution is costly for most businesses where the precision rate for natural language processing (NLP) solutions remains below 60 per cent, which is unacceptable for most business use cases and can have a negative effect on the customer’s experience. Our solutions mean anyone can build an effective conversational workflow in minutes, without relying on AI engineers and huge amounts of data to train the AI system.”
“The past year has moved communication automation from nice-to-have to a must-have. Businesses have had to meet the challenge the past year placed on them where digitalisation is accelerating at an unprecedented level, and they were not set up to manage the volume of digital communications in the pandemic. Since the Covid19 outbreak started, we have tripled our monthly revenue as more people have actively searched for a solution that can quickly fix this problem.”