What is Boost.ai?
Boost.ai was founded in Stavanger, Norway in 2016 by Lars Selsås (CEO), Henry Iversen (CCO) and Hadle Selsås (Lars’ brother). The founders partnered with SR Banken in Norway which allowed them to build the product using real data from the Bank. What does Boost.ai do? The product is an AI chatbot which means it uses machine learning to significantly improve question response accuracy vs old rule-based chatbots which are far less effective. Boost is also seeing one of its largest customers use it internally to field employee questions in relation to HR queries. The Opportunity Why Nordic Capital invested in the business: Highly attractive market driven by growing penetration of conversational AI within the customer service industry. The currently low level of penetration across verticals and geographies suggests substantial white space for growth. Primary opportunity with substantial value creation potential via professionalisation and commercial excellence leveraging Nordic Capital’s world leading expertise in the technology sector. Differentiated technology resulting from combination of various methods, including machine learning, to improve accuracy and ability to handle complexity of user queries. Why we like the investment “Boost is disrupting the traditional customer services industry with its market-leading conversational AI software. With support from Nordic Capital, we see significant growth potential for the business in new segments and geographies, bolstered by rapid penetration growth for conversational AI solutions.” – Patrick Knechtli, Head of Secondaries, abrdnVisit Boost's websiteOpens in new window