Novo Labs Announces Investment from Silverton Partners
DALLAS, April 22, 2019 /PRNewswire/ -- Novo Labs, a provider of conversational artificial intelligence services for large restaurant chains, today announced $2 million in seed funding, led by Silverton Partners. With the financing, Roger Chen of Silverton Partners will join Novo Labs' Board of Directors.
Novo Labs was founded in 2017 in Dallas by Clinton Coleman and Jeff Loukas. Last year the company launched its automated service for taking restaurant orders through high-volume voice channels. The service allows customers to place an order conversationally as they normally would through channels that they already use, such as calling a restaurant on the phone to place an order. The new funding will be used to accelerate client deployments and integrate with additional voice channels.
"Many customers still prefer the ease of using their voice to place orders, and our service allows restaurants to serve customers through convenient voice channels in a prompt, efficient manner." said Coleman, CEO of Novo Labs. "Restaurant chains have increasingly adopted a digital-first strategy for driving sales, and we build on that by going beyond just automation to use a breadth of data to personalize and optimize voice interactions."
The Novo Labs end-to-end service uses a proprietary natural language processing stack to handle the real-world conditions of how customers actually speak when they place orders through existing voice channels. It was built for the needs of enterprise restaurant chains, with a highly scalable infrastructure and native menu and point-of-sale integrations. Today the service handles thousands of live customer phone orders each week and later this year will be available for other high-volume voice channels, such as restaurant drive-throughs, as well as emerging voice channels, such as digital assistants and kiosks.
"We're excited to back Novo Labs because they've proven their value with restaurant chains," said Chen of Silverton.
Investing alongside Silverton in the round is entrepreneur Hal Brierley, who is a pioneer of customer engagement and loyalty programs.
About Novo Labs
Novo Labs creates digital solutions for a verbal world. The company's conversational AI service turns voice interactions into digital transactions that can be personalized and optimized using its artificial intelligence platform. Based in Dallas, Texas and founded in 2017, Novo Labs provides an end-to-end service for voice ordering through high-volume channels, such as phone and drive-through ordering, for large restaurant chains. For more, information visit www.novolabs.com.
About Silverton Partners
From idea to exit, Silverton Partners works with exceptional entrepreneurs who are committed to attacking growth markets and building lasting companies. In partnering with Silverton, companies benefit from the firm's deep network and lessons learned over many decades of operating and investing experience. Founded in 2006, Silverton Partners is based in Austin and has been the initial investor behind WP Engine, SpareFoot, SailPoint, Silicon Labs, TurnKey, The Zebra, AlertMedia, SpyCloud, Convey, Aceable, Big Squid, and Billie, among many others. CB Insights has recognized Silverton as the most active venture capital firm in Texas. For more information, visit www.silvertonpartners.com.
SOURCE Novo Labs, Inc.
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