Alliance backs Boost AI in $5m funding round

With the fresh capital, the company intends to expand internationally, as well as further its research into natural language processing. The financing will also be used to strengthen the technical and commercial teams to support expansion beyond Scandinavia.

The controlling stake will remain in the hands of the founders and employees, who retain two thirds of the company.

Alliance held a final close on £48.73m for its Alliance Venture Spring fund in July 2014, according to Unquote Data.

Company
Founded in 2016, Boost AI is a software company that specialises in artificial intelligence (AI) and building virtual assistants for enterprises. Its customers include Scandinavian companies Telenor, Nordea, Sparebank 1, Santander and Storebrand.

Additionally, Boost AI has become a supplier of chatbots for local governments, with 20 Scandinavian municipalities signing up to provide their citizens with digital guidance through virtual assistants.

The firm is headquartered in Stavanger, Norway, and employs a staff of 50.

People
Alliance Venture – Johan Gjesdahl (partner).
Boost AI – Lars Ropeid Selsås (founder, CEO).

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