The round, spearheaded by AlbionVC, aims to further OpenDialog's commitment to ensuring the safe application of Generative AI in regulated sectors, simultaneously enhancing operational efficiency and customer experience.

The global market for conversational AI is experiencing a surge, projected to reach $38 billion by 2029, a significant leap from last year's $8.4 billion. However, for companies in regulated industries, implementing Natural Language Understanding (NLU) technologies and Large Language Models (LLMs) like GPT-4 remains challenging. These companies need conversational solutions that can streamline business processes and comply with strict safety and transparency standards.

OpenDialog, with its initial emphasis on healthcare and insurance, distinguishes itself through a novel approach to managing conversations. By integrating LLMs, it ensures safe, compliant interactions from start to finish. This approach unlocks the potential of conversational AI for complex, heavily regulated sectors, reducing associated risks. OpenDialog's no-code platform allows various enterprises, from Davies Group to NHS trusts, to merge leading LLMs and NLU technologies into a unified automation solution.

Enterprises using OpenDialog create bespoke AI-powered chatbots and digital assistants, tailored to specific business and regulatory requirements. These tools offer high automation levels and compliance, gathering daily data points for continuous system improvement and enhancement.

OpenDialog's context-first, multi-agent-based methodology represents a significant departure from traditional conversational AI development. This method enables the automation of intricate multi-step business processes through natural conversation, an area where even advanced LLMs fall short. The platform allows the rapid creation of personalised automated customer experiences, bypassing the need for specialised teams.

This innovation leads to improved productivity, operational efficiency, agility, and scalability for enterprises. Additionally, it provides flexibility in using advanced generative AI models and future-proofs investments in conversational AI technology.

OpenDialog's application in various sectors includes insurance challengers enhancing customer service efficiency, a legal firm triaging class-action lawsuit applicants, and a pharmaceutical company managing adverse medicine effects reports. In one case, an insurance client automated 90% of tasks, including policy customisation and claim processing.

With its latest funding, also supported by Dowgate Capital and several angel investors, OpenDialog's total funding reaches $13 million. The investment will bolster research and development, facilitate expansion into the US market, and further develop industry-specific solutions. Since its seed funding in early 2022, OpenDialog has seen a significant growth in its team, now boasting over 40 employees.

Terry Walby, Co-Founder and CEO of OpenDialog, said: “We’re building a category-defining business that redefines the way humans interact with technology and that makes advanced and Generative AI realisable for enterprises. Businesses are keen to take advantage of the technology they see manifested in applications like ChatGPT, but they’re struggling to figure out how to make that a reality in a business context without exposing themselves to risks. We can offer them the security, granular control, explainability and safety which is essential for all businesses, but particularly those operating in regulated sectors like insurance, healthcare, financial services and utilities.”

Dr Ronald Ashri, Co-Founder and CPTO of OpenDialog, said: “The whole world is constrained by access to skilled resources. There are simply not enough professionals in the world in fields like healthcare, education and customer support to serve every need - and the use of technology is the only solution to that problem. AI, and in particular conversational automation, will be essential to increasing the capacity and reach of services available, meeting a range of needs that would be impossible with human resources alone. This is a transformation in the enterprise sector and the world of work that is every bit as significant as the founding of the internet. Those that are adopting conversational AI now are seeing their growth accelerating and will rapidly leave behind those whose tendency is to wait and see.”

Ed Lascelles, Partner at AlbionVC, said: “Conversational AI has evolved massively since early chatbots. In OpenDialog, we have a team of proven entrepreneurs and technologists who have successfully built and scaled enterprise businesses before and we’re convinced that they have the potential to be one of a handful of global leaders in this once-in-a-generation transformation.”

OpenDialog was recognised by the British Computing Society and Computing Magazine as the Emerging Technology of the Year in November 2023.