OpenFi, the conversational AI platform for lead generation and customer nurture, announces it has closed a £500,000 (€585,000) pre-seed funding round. Led by Bijan Morvaridi with additional investments from Fortune Green Capital Ltd and Foundation Ventures Ltd, the funding will be used to expand the product team, build the second version of the platform, integrate with a UK financial institution, and work closely with the FCA on AI compliance.
OpenFi’s SalesTalkAI generates human conversations over WhatsApp, email, and socials without having to hire more humans. Using natural language conversational AI, SalesTalkAI filters, qualifies and nurtures leads, escalating those ripe for closing to their human coworkers. By enabling the human team to focus on the high value leads, SalesTalkAI efficiently scales sales and increases profit. SalesTalkAI can also communicate with existing customers to ensure high renewal conversion without the need to leverage the human team.
In today’s highly competitive market, only 3% of leads generated from performance marketing convert, wasting valuable marketing dollars and losing potential customers. Businesses engaging customers through messagings solutions, however, reported 58% increase in leads and a 34-fold increase in ROI. What’s more, customers are 2.4 times more likely to stay when businesses are quick to solve their problems.
This leaves many businesses in a catch-22 scenario: more attentive customer service teams could increase profits, but it’s prohibitively expensive to maintain around-the-clock customer service reps. This is why OpenFi is on a mission to empower and redefine customer conversations using AI.
Lead investor Bijan Morvaridi had this to say about the new platform: “Having worked in the restaurant business for years, I know how important personal service is. OpenFi’s technology is the first AI application I’ve experienced that felt human and personal, that’s why I am backing the company.”
Sam Oliver, OpenFi CEO and Founder, states: “This conversational AI technology enables companies to give a far more satisfying customer experience, at a higher profit margin. We’re creating a win-win-win situation for customers, companies and our investors.”
Though industry and platform agnostic, OpenFi’s initial customers are in financial services. Starting in an industry that demands the highest levels of security and professionalism has allowed OpenFi to showcase the consistent, responsible and safe delivery of its technology. Just nine months after its launch, OpenFi has already proven to be a valuable tool: during a three-month pilot with a mortgage brokerage, it tripled conversion and revenue.
Nick Katz, Founding Partner of Foundation Ventures, comments: “Having followed Sam’s previous company Lead.Pro from start-up to trade sale, I was impressed by his ability to find product-market fit, focus on customer needs, and generate revenue. This is why Foundation Ventures was keen to back his new play.”