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Anbotux

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Anbotux provides AI/ML based personalisation & empathy for customer-service channels and chatbots.

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Funded 25 Mar 2019
€100,000 target
€103,904 from 0 investors
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Business overview

Location Madrid, Spain
Social media
Website www.anbotux.ai/
Sectors Data & Analytics Digital B2B
Company number ESB87823795
Incorporation date 9 May 2017
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Investment summary

Type Equity
Valuation (pre-money) €920K
Equity offered 9.80%
Tax relief N/A

Idea

Introduction.

Digital channels for "business to consumer interaction" are growing in adoption and variety (web, apps, IVR, and recently the Chatbots). A lot of technologies are making this possible but on the other hand we believe there is a problem to be fixed.

How could the real customer-understanding and the empathy that was provided by personal customer service (bank branches, insurance agents, airline desks, etc) that created real trust and loyalty be moved to the digital channels?

How could you increase personalization & empathy to digital channels making customers feel unique?

Anbotux enables digital channels to offer a more "human touch and empathetic" interaction pioneering a new application of AI/ML to customer service, not language related, different from NLP combining 4 types of data:

- Chatbot interactions;
- Other channels interactions;
- Customer segmentation;
- External phenomena daily evolution (weather, political climate, finance, stock, etc),

to produce insights and personalization/empathy patterns.

Intended impact.

Anbotux aims to pioneer and lead a new application of machine learning in the field of customer care different to language processing. The more NLP is improving, the more it is being perceived that language understanding and language generated responses are not enough to make customers feel "really understood and empathetically addressed".

Anbotux arrives to the market just in time, as digital channels are becoming mainstream and conversational ones as chatbots are the trendy ones.
Anbotux is API integrable with digital channels and chatbot platforms and does not need to replace any vendor, just adds value to previous investment in technology by intensive in digital customer interaction verticals:

-Banking;
-Insurance;
-Telco’s;
-Transportation / airlines;
-Utilities;
-E-commerce.

We believe from "nice to have" to "must have" the personalization and digital empathy will be progressively seen as key to retain customer and reduce churn, initially with big companies and progressively adding capillarity with SaaS.

Substantial accomplishments to date.

The company was registered in May 2017 and after the phase of product definition the development started in September.

Now the product is built, see the video demo below:

The integration with data sources API is also available now and fully documented.

With the first commercial version available since April we demonstrated how easy is to interoperate leading chatbot platform as Dialogflow, Recast.ai, Clustaar, Hubtype, Commons.fm with Anbotux. (http://anbotux.ai/integrate.html)

On the commercial side, Anbotux will confirm our first paying customer for Q4'18 (an Austrian based utility company).

Partnerships:

As for a B2B product related with digital transformation projects involving a myriad of vendors a lot of opportunities will come from prime vendors, Anbotux is closing first alliances to resell/integrate Anbotux. We hope to announce more over the coming weeks. We already can confirm Mavenir, a telco leading tech vendor as Anbotux joined their partner program.

Also we are partnering with chatbot platform vendors such as Clustaar (France) and Labs.ai (Austria).

Regarding industry and startup scene acknowledgements:

- Chatbot Summit Startup Competition Finalist (Tel-Aviv, Jan'18).
- Wexelerate, a Vienna (Austria) based multi-corporate accelerator alumni of its Batch II (March-June 2018).
- SouthSummit18 Finalist in B2B Services leg.

Monetisation strategy.

Anbotux is a B2B product adding value to previous customer service technology investments in verticals intensive in customer care as banking, insurance, transportation, telcos, utilities, e-commerce. Initial monetisation is planned to be via a subscription model based on capacity/usage for incumbent in all those verticals.

1) Aiming to have subscriptions / yearly agreements and deployment projects: On-going.
Direct and indirect (via partners) approach to customers is decided case by case.

2) SaaS: Progressively Anbotux wants to extend the reach to SME with a SaaS (the platform is already SaaS ready and is being for mini-pilots and partner integrations). SaaS to be launched Q1'19 and promoted with real case studies that we could disclose from subscription first customers.

3) Partners (telcos or messaging apps) white label SaaS. Messaging apps or telcos offering RCS looking to monetize the A2P messages will need additional value added tools that can generate revenue from their enterprise customers. Q2'2019.

Use of proceeds.

The funds are planned to be used as follows:

30% Sales structure: Hiring a sales lead/VP with a track record in B2B and marketing/sales related costs & marketing events as Chatbot Summit and other customer-care and business intelligence specific summits.

60% Speed up development of new versions of AI/ML based customer-profiling and additional metrics.

10% Legal, IP, and other indirect costs to prepare the company for the SaaS launch: payment gateway & billing system integration, etc.

Anbotux is also applying to get non-equity additional funding as R&D grants & soft loans in Spain that could help to increase scale-up speed without additional dilution for the investors.

NOTICES

1) Debt

Please note, Anbotux currently has an outstanding loan of €60,000. This loan was issued in July 2018 and has a term of 4 years, with only interest payments for the first year of the loan and then principal and interest payments through years 2 - 4. The annual interest rate is 4.132%. The proceeds of this raise will not be used to repay this loan.

2) Share Class

Please note, Anbotux has 2 share classes, preference and ordinary. Your investment will be in the form of a preference share, not ordinary shares. These shares rank pari passu with existing ordinary shares in all respects, but also have a 1x liquidation preference.

Market

Target market.

Anbotux is going to target, as an initial market, the big players in intensive in customer service verticals:

- Banking;
- Insurance;
- Telecom companies;
- Transportation & Airlines;
- Utilities;
- eCommerce,

Across all geographies but with initial focus on Europe, LATAM & North America.

With the SaaS launch planned for 2019 progressively Anbotux wants to be more capillary and arrive to intensive in customer service SMEs and also engage big companies from geographies where we could not afford travel or have regional office.

Characteristics of target market.

The characteristics of the target market have 2 sides:

The Good:

Very intensive in customer service and digital channel customer service are investing a lot each year to add new channels and improve digital customer service and adjacent spaces as business intelligence.

Only for chatbot technology, market analyst forecast that market size will be around 1,34 B$ by 2024.

The chatbot technology will be divided in chatbot platforms, NLP and other tools as analytics & other AI fields where Anbotux is.
Anbotux could be considered component of much more bigger market as "customer service technology" and "business intelligence" (jointly more than 30B$).

The Bad:

Big enterprises have difficulty being accessed by startups and there are too long procurement cycles, but fortunately it is changing and also indirect approach via partnerships could mitigate this point.

Marketing strategy.

Anbotux marketing strategy is based on:

The how:

- Using content (blog, videos, website) and social media distribution to get awareness of the solution and position it as a market-first mover.

- Use events to get prospects customers to be converted along the time and also partnerships that could help to arrive to verticals difficult to deal directly with startups and also to arrive to geographies we could not afford in the next 2 years to have direct presence. The events that fit this strategy are the chatbot & customer service tech events and the ones focused in AI/ML and analytics.

The "Anbotux message":

Anbotux makes clear that is not trying to replace current technologies and vendor, the aim is adding value to previous tech investments in digital channels technology by providing empathy and personalization patterns to improve customer service and extracting new types of insight for the enterprise.

Competition strategy.

Anbotux strategy aims to be a first mover, creates a new product-category.

Anbotux will make clear that it is neither a chatbot-centric analytics solution nor a complex multipurpose Big Data/BI tool requiring lots of professional services to deliver insights.

We expect that this new area to improve customer service will have new players soon, will follow our approach, adding features from adjacent spaces as chatbot-centric analytics or business intelligence tools.

Anbotux strategy consists in always being several steps ahead:.

- Regarding the number of features.
- Regarding the flexibility of pricing structure and on-boarding offerings.
- Be the first signing partnerships with big players in the Digital Transformation spaces, specially IT big consultancy companies and telcos acting as big integrators but without own product portfolio.

This will put Anbotux in a competitive position to get new investments to accelerate growth or being perceived as acquisition goal.

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Investing involves risks, including loss of capital, illiquidity, lack of dividends and dilution, and should be done only as part of a diversified portfolio. Please read the Risk Warnings before investing. Investments should only be made by investors who understand these risks. Tax treatment depends on individual circumstances and is subject to change in future.

This campaign for Anbotux has been approved by Seedrs Limited (trading as Republic Europe) ("Republic Europe", "us" or "we"), as of 21 December 2018 as a financial promotion. Republic Europe is authorised and regulated by the Financial Conduct Authority with firm reference number 550317. In approving this campaign, Republic Europe has concluded that the information, taken as a whole, is "fair, clear and not misleading." This means that for factual statements we have reviewed evidence of their accuracy, and that for aspirational statements we believe they are phrased appropriately in light of their speculative nature. You should note that in the case of factual statements, the evidence we review is provided by the business, and we do not audit it, which means that we may not be able to identify forged or altered evidence. You should further note that in the case of aspirational statements, the nature of the type of businesses presented on the Republic Europe platform is such that they are likely to have high ambitions, and we may approve statements that convey those ambitions even where we do not believe, or we do not have a view on whether it is likely, that they will be fully realised. The pre-money valuation and investment sought in the campaign are those set by the business: they are not reviewed or established by us, and the valuation is not an independent view of what the business is worth. Given the nature and type of businesses presented on the Republic Europe platform, it is possible that the business has very little cash remaining prior to receiving this investment, and the investment sought may be necessary for the business's on-going existence.

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Tax Relief (SEIS)

This business is eligible for SEIS relief - providing qualifying investors with income tax relief of 50% of their investment and certain other tax reliefs. Tax treatment depends on individual circumstances and is subject to change in future. Click to learn more.

Tax Relief (EIS)

This business is eligible for EIS relief - providing qualifying investors with income tax relief of 30% of their investment and certain other tax reliefs. Tax treatment depends on individual circumstances and is subject to change in future. Click to learn more.

Valuation (pre-money)

Valuation rounded from €920,000

This is the fully-diluted pre-money valuation of the business (i.e. before the new investment comes in and including issued options and other equity interests). In contrast, the post-money valuation is based on inclusion of the new investment in the value.

It is calculated as the pre-money valuation plus the amount of new investment. e.g. If Company A is ascribed a pre-money valuation of £1,200,000 by prospective investors investing £300,000, its post-money valuation is £1,500,000.

The investee business is responsible for setting its own valuation, it has not been prescribed by Seedrs.

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Equity Offered

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When the amount raised is less than 100%, the equity offered is based on the target raise. Once the company has raised over 100% it is based on the total raised.

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