Lorikeet Secures $5 million in Funding to Empower CX Teams with First AI Agent that Offers Human-Quality Support at Scale

Former Stripe, Google AI execs launch first AI platform capable of resolving complex support questions reserved solely for the most skilled human support agents

SYDNEY, Oct. 3, 2024 /PRNewswire/ -- AI customer experience start-up Lorikeet today unveiled its groundbreaking AI customer support platform, powered by a breakthrough, one-of-a-kind AI architecture able to resolve even the most complex customer inquiries and far surpass what's possible with leading support models or chatbot approaches. The company has seen strong market momentum with the addition of new customers, hundreds of thousands of dollars in annualized revenue, and $5 million in seed funding from Square Peg Capital and leading investors to support product development and fuel global expansion.

Customer support as we know it is broken: customers have to choose between clunky preconfigured chatbots or underpowered, hard to trust generative AI agents. Lorikeet, founded by product and AI leaders previously at Google and Stripe, takes a different approach with AI agents powerful and trustworthy enough to handle complex, high stakes interactions. Leading fintech and health tech companies in the U.S., Australia and Asia like Remote.com, Step, Eucalyptus, Stashaway, and SensorFlow use Lorikeet to solve complex customer problems 24/7.

"We've focused first on solving the hardest support tickets, because that's where we can create the most value for our users," said Steve Hind, former Stripe executive and Lorikeet co-founder and CEO. "Most AI agents focus on writing simple 'Q&A' style responses to customers' questions. We think the hard part of support is executing the workflows that actually solve customers' problems, so we focused on that. Our agent works just like your best human agent - and unlike any other AI agent. This approach allows us to work in highly regulated industries like financial services and healthcare, where accuracy and compliance are non-negotiable."

Lorikeet users see much faster response and resolution times, improved CSAT, smoother scaling - and notable cost savings:

• "We're delivering faster, more efficient support to our patients like never before, with no compromise to patient experience. Improving the first response time from 20 hours to 90 seconds has been transformational," said Omar Alvi, Managing Director, Pilot & Juniper Australia, Eucalyptus.
• "Lorikeet's unique triaging capabilities mean urgent medical questions are escalated to clinicians and dealt with quickly. This gives us the confidence to scale our healthcare offering safely. The uplift in patient satisfaction is icing on the cake," said Estelle Berton, Operations Lead, Eucalyptus.
• "We were especially impressed by the way Lorikeet integrates with the tools we already use, saving us valuable time and effort. It's been a total game-changer for our customer experience — we've set ourselves up to scale support without scaling headcount," Millie Yang, CEO of crypto payment leader Breeze. "Thanks to Lorikeet, we've been able to provide fast, reliable support even as our customer base grows."

A New AI Framework for Customer Support

Lorikeet offers the first AI framework specifically designed to enable AI agents to solve complex tickets normally resolved for the most skilled humans. Rather than relying solely on retrieval-augmented generation (RAG) models, Lorikeet's architecture goes deeper, with the AI agent able to refer to and follow the same standard operating procedures that top support agents follow. This allows the AI to not just retrieve information, but to actively solve complex customer support problems. [See technical deep dive on the Lorikeet platform here.]

"Our AI doesn't just retrieve information or make up processes on the fly. It reliably follows the right business logic while also keeping the conversation natural," explained Dr Jamie Hall, Lorikeet co-founder and former Google Brain research tech lead. "If you can explain to a human agent how to resolve a ticket, our AI can handle it. It follows exact business logic and asks the right questions to solve customer concerns 24 hours a day."

This unique AI architecture enables Lorikeet to tackle intricate issues that stump conventional chatbots, from handling delayed orders to replacing compromised credit cards. It seamlessly integrates with existing company workflows, offering a natural conversational experience while maintaining strict adherence to business rules.

"Consumer facing companies spend 10-15% of their top line on support. And every year, CFOs and Heads of support orgs get pushed to reduce that budget. Lorikeet's brought together a world class team to tackle these complex problems, using a unique approach to AI to improve the customer experience while improving the bottom line," said Piruze Sabuncu, Partner at Square Peg, previously Stripe's first employee in APAC.

The additional funding will accelerate Lorikeet's global expansion, bringing its innovative AI-powered customer service to more organizations worldwide. This growth aims to meet the surging demand for intelligent, efficient, and accurate customer support solutions across various industries and geographies.

With Lorikeet, companies can now scale exceptional customer experiences without sacrificing quality or causing frustration. It's not just another AI chatbot – it's a sophisticated problem-solving engine that replicates the best support person for every customer interaction.

The Lorikeet platform is available today. For more information visit www.lorikeetcx.ai.

ABOUT LORIKEET

Lorikeet (previously known as Optech) provides the world's most advanced AI customer support agent, powered by a unique AI architecture that solves complex issues while maintaining high customer satisfaction. Steve Hind  (ex-Stripe product lead) and Jamie Hall started Lorikeet to make generative AI deployable at scale to improve customer experience. Lorikeet has raised over USD $4.7M in funding and is backed by Square Peg; leading angel investors and executives from Atlassian, Stripe, Linear, Brex, OpenAI, Rippling, and more. Customers include Remote.com, Eucalyptus, Step, Stashaway, Chemist2U, and Sensorflow. To learn more, visit www.lorikeetcx.ai.

Contact Information:
Roger That Communications
[email protected]

SOURCE Lorikeet