With the integration of Emotion Research Lab’s AI solution, Uniphore will begin rolling out its voice and video AI products for enterprises in the second half of 2021.
The global conversational AI market is likely to grow from 4.8 billion dollars in 2020 to 13.9 billion dollars by 2025.
John Chambers-backed Uniphore, which automates customer service for businesses using artificial intelligence (A), has acquired Emotion Research Lab — a Spain-based AI company that analyses human behaviour through facial recognition of emotions to understand customers better — for an undisclosed amount. IIT Chennai-incubated company Uniphore is among the prominent Indian software startups that have expanded globally in the last decade. Uniphore, which currently has a presence in the US, Singapore, and Japan as well, will combine its conversational service automation (CSA) solution with Emotion Research Lab’s video-focused AI service to enhance its offerings. CSA technology understands, analyzes, and automates voice conversations in real-time including transcription of calls, in-call agent coaching, automation of after-call work, etc.
“This current pandemic has reshaped traditional customer service and has universally increased the use of video across a range of applications,” said Umesh Sachdev, CEO and Co-founder of Uniphore in a statement. This the second significant move by the company to ramp up its technology strength. Uniphore had in October 2020 acquired a third-party license for Robotic Process Automation (RPA) technology from NTT DATA to automate the front office for modern contact centers. Apart from the intellectual property, Emotion Research Lab employees will also be absorbed by Uniphore.
With the integration of Emotion Research Lab’s AI solution, Uniphore will begin rolling out its voice and video AI products for enterprises in the second half of 2021. The acquisition will also allow Uniphore to have a presence in Spain even as it intends to expand into other European markets in FY22.
The global conversational AI market is likely to grow from $4.8 billion in 2020 to $13.9 billion by 2025, at a Compound Annual Growth Rate (CAGR) of 21.9 per cent, as per MarketsandMarkets. Engaging customers via social media platforms and growing integration of advanced AI capabilities are key reasons making conversational AI offerings significant for businesses. However, the lack of accuracy in chatbots and virtual assistants and awareness of conversational AI remain among the major problems for the market. Uniphore has so far raised $80.9 million from investors including John Chambers’ JC2 Ventures, March Capital, Patni Family, Sistema Asia Capital, CXO Fund, and more.