South African startup Cue is set to expand its AI-driven customer service solutions after successfully raising $500,000 (approximately R10 million) in funding. The undisclosed investor’s support signifies a major milestone for Cue, which specializes in AI-driven solutions that empower businesses to improve their customer service channels through the use of chatbots and live chat on platforms like WhatsApp and various social media platforms.
The company, which recently expanded its operations to the UK, has experienced rapid growth over the past year due to the surging demand for its AI platform. This platform seamlessly integrates chatbots and live chat into clients’ business applications. With the newly acquired funding, Cue plans to extend its operations in both the local market and the UK, further enhancing its AI capabilities across various self-service channels, including WhatsApp, Messenger, and web chat. The aim is to provide rapid, flexible, and personalized customer service experiences while significantly reducing wait times and operational costs for businesses. Notably, Cue has already delivered impressive results to clients in various industries, including well-known companies like King Price Insurance, Affinity Health, Mancosa, and Save Hyper.
Cue has seen substantial growth in its workforce, with a more than 500% increase in employees from 2018 to the present. They have also built a robust client base, serving over 300 clients over the years. This recent round of funding is expected to further accelerate growth in both of these key areas.
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The surge in cloud storage solutions and the introduction of generative AI chatbots, such as ChatGPT, GPT-3.5, MidJourney, and Stable Diffusion, has greatly accelerated the adoption of AI across various industries. As companies continue to identify innovative use cases, AI adoption is on the rise. According to research by Grand View Research, the global generative AI market was valued at $10.14 billion in 2022, and it is anticipated to grow at a compound annual growth rate of 35.6% from 2023 to 2030. Key drivers for this growth include the increasing application of technologies such as super-resolution, text-to-image conversion, and text-to-video conversion, as well as the growing demand to modernize workflow processes across various industries.
Cue was founded in 2015 by Rhett Trickett, Ryan Egnos and Richard Nischk.
Charles Rapulu Udoh
Charles Rapulu Udoh is a Lagos-based lawyer, who has several years of experience working in Africa’s burgeoning tech startup industry. He has closed multi-million dollar deals bordering on venture capital, private equity, intellectual property (trademark, patent or design, etc.), mergers and acquisitions, in countries such as in the Delaware, New York, UK, Singapore, British Virgin Islands, South Africa, Nigeria etc. He’s also a corporate governance and cross-border data privacy and tax expert.
As an award-winning writer and researcher, he is passionate about telling the African startup story, and is one of the con