INDEPENDENT NEWS

Ambit oversubscribes capital raise to propel further growth

Published: Wed 27 Feb 2019 02:07 PM
Wednesday 27th February, 2019
Conversation platform company, Ambit, has announced an oversubscribed capital raise of NZD$1.75 million to enable product and global growth aspirations.
Founded in 2017, Ambit has constructed a proprietary platform that enables organisations to design, build, integrate and analyse digital employees and is New Zealand’s only conversation platform company.
By automating 80 percent of user questions, Ambit has quickly become the intelligence behind a number of virtual HR, IT, customer services and other conversational interfaces such as Vodafone’s Tui, KPMG’s Kea, Flexigroup’s Bosley, Glassons’ Charlie, and Vector’s Watt.
The tech scale-up welcomed a small handful of new investors, including business leaders Sir David Levene’s investment vehicle Lewis Holdings Limited and Sir Stephen Tindall’s K1W1.
It follows Ambit’s first internally managed capital raise in June 2017, where it secured NZD$500,000.
The capital of NZD$1.75 million raised in this round will be used to grow Ambit’s team of software engineers to further develop its products, boost marketing resources, and hire sales staff to drive expansion into territories such as Australia and the United States.
In addition, funds will be allocated towards developing its machine learning and data science capabilities, to better translate its large pool of data into even more valuable insights for its customers.
Josh Comrie, co-founder and CEO of Ambit, says the capital raised will be instrumental in helping Ambit achieve its global aspirations.
“By 2020, the AI market is estimated to be worth USD$1.2 trillion and the Natural Language Processing industry is expected to reach USD$13.4 billion. Ambit is well-placed to take advantage of this, and we’re incredibly pleased to have found investors in our network who are keen to back our offering.
“Our platform enables completion of an otherwise 12-month project within four to eight weeks. Ambit have constructed something globally unique and we’re excited to be able to now take this to new markets.”
Josh and COO Tim Warren, both seasoned investors and business leaders, co-founded Ambit with technologist and CTO, Gareth Cronin.
“Our collective experience in company growth, investing and product development has enabled us to scale to a team of 20 in a short time. Being a SaaS business with customers in New Zealand and Australia, and with a partner in the USA, Ambit is poised for exponential growth,” Josh concludes.
For more information about Ambit and its Artificial Intelligence (AI) powered conversational platform, visit www.ambitai.com.
ENDS

Next in Business, Science, and Tech

COVID-19 Fails To Knock Kiwi Investor Confidence, But More Disclosure Wanted
By: Chartered Accountants Australia and New Zealand
Black-Market Tobacco Sidesteps $287 Million In Excise Tax
By: Imperial Brands
Meridian spilled water to hike electricity prices - Authority ruling
By: RNZ
XE Data Update - RBNZ Official Cash Rate Decision
By: XE Money Transfer
Kiwis Ignore Promise Of Cheaper Power
By: Canstar Blue
COVID-19 Contributes To 1.6 Percent Fall In March Quarter GDP
By: Statistics New Zealand
Transmission Pricing For A Low Carbon Future
By: Electricity Authority
The Climate Record That Keeps Getting Broken
By: NIWA
Extended Loan Scheme Keeps Business Afloat
By: New Zealand Government
2019 Prime Minister’s Science Prizes Announced
By: Prime Minister Science Prizes
Fuel, alcohol costs to go up from today
By: RNZ
Young Kiwi Astro-photographer Shoots For The Stars
By: Stardome Observatory
Time For EU To Commit To A Level Playing Field For Trade
By: DCANZ - Dairy Companies Association New Zealand
Protecting NZ Fries As Part Of PNZ Pandemic Recovery & Transformation Plan
By: Potatoes New Zealand
Supporting Kiwi businesses to resolve rent disputes
By: New Zealand Government
View as: DESKTOP | MOBILE © Scoop Media