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Aveni raises funds to expand speech platform

 Growth talk: Nicola Wee, CMO; Jamie Hunter, COO; Joseph Twigg, CEO; Andy Johnston, CRO

Scottish AI company Aveni has secured an investment of £2.75 million to expand its speech automation platform for the financial services and utility markets across the UK.  

The funding round was led by The TRICAPITAL Syndicate and Par Equity supported by Scottish Enterprise.

Joseph Twigg, CEO, said: “Monitoring and assurance teams today typically assess 1-2% of customer interactions through highly manual processes. This will have to fundamentally change.”

The development of Aveni’s platform is timely as it coincides with significant moves from the  Financial Conduct Authority (FCA) to step up its regulatory control over companies’ actions as they relate to consumer duty of care.

Alastair Moore, investment manager at Par Equity, said: “We are hugely excited to be partnering with Aveni through this funding round. The technology that the team has developed is truly game changing for regulated firms in financial services and utilities and will deliver a step change in how service and advice is delivered and reported, all benefiting the end customer.

“With this further funding, the company has a fantastic opportunity to establish itself as a category leader in automated conversational intelligence and we’re looking forward to supporting Joseph and the team along the way.”  

Anderson Strathern advised Aveni on the legal aspects of the investment.

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