South African startup Cue, known for its AI-powered customer service platform, has secured R38.3 million (approximately $2 million) in seed funding from angel investors.
This fresh capital injection follows their pre-seed funding of $500,000 secured in October 2023.
As part of their growth plans, Cue has announced leadership changes: Rhett Trickettl steps up as the Chief Product Officer, Ryan Egnos takes the reins as the Chief Revenue Officer, and Richard Nischk assumes the Chief Executive Officer (CEO) position.
Founded in 2018, the startup leverages AI to empower businesses with innovative customer service solutions on platforms like WhatsApp and social media.
Their offerings include chatbots and live chat functionalities on WhatsApp, currently serving over 300 clients and expanding to the United Kingdom.
Cue’s core mission is to equip businesses with the tools to deliver fast, seamless, and personalized customer service experiences, while simultaneously reducing communication wait times.
Cue boasts impressive results for its clients. They’ve driven a 160% sales conversion for Mancosa and increased response rates by 13% for AutoZone and 7% for Richfield.
Additionally, the venture facilitated a 77% return on investment for King Price Insurance by automating insurance quotes on WhatsApp and helped Affinity Health reduce customer service costs by 73%.
With this new funding, the firm plans to enhance and deepen AI integration within their platform. This will empower businesses to automate routine customer inquiries, optimize customer engagement strategies, and improve support through data-driven insights.
Cue’s CEO, Richard Nischk, emphasizes the impact of this investment: “This investment will enable Cue to deliver cutting-edge AI-powered solutions that transform the customer service landscape. With deeper AI integration, businesses can streamline their support operations and deliver significantly faster and more valuable assistance to their customers.”
The adoption of AI is gaining momentum across Africa. The continent’s AI market is projected to reach $6.9 billion in 2024 and $18.3 billion by 2030.
