Chatbots have been with us now for some time and they are growing in importance. They are being actively used in
And a long list of other areas. Development of chatbot technology and increasing use of chatbots is viewed by the CEO of Microsoft as the “next big thing” (Source: Banking on bots - Microsoft Enterprise
What is driving this change is a big shift in people’s habits. People are spending more time on instant messaging platforms and are interacting a lot of the time with intelligent chatbots. The intelligent chatbot can deliver an intuitive experience which can help gain a potential customer and deliver a good impression to the user.
The development of this new technology is being driven by some large Companies but also by a large number of smaller entrepreneurial Companies. Take for example the London based business action.ai which recently raised £515,000 from investors including Angels in The City, LBA Private investors and the London Co-Investment Fund. They have developed a technology platform that can sit alongside Microsoft, Facebook, IBM and others.
They estimate that the market for high quality smart chatbots could be worth over £200bn by 2020 (Source: UKBAA article by LBA: Angels in the City and LBA syndicate back action.ai to revolutionise AI-driven interaction)
If you are developing new Chatbot technology or AI technology there is a keen appetite amongst small and larger investors.
There is also significant Government funding available as part of the flagship Industrial Strategy Challenge Fund. And it’s worth looking at claiming R&D tax credits as another valuable source of extra funding.
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