Synthflow picks up $7.4M for no-code voice assistance for SMEs

Synthflow, a Berlin-based startup, has announced a $7.4 million seed round to further develop its no-code AI voice assistance platform designed for small and medium-sized enterprises (SMEs). The company, which focuses on automating repetitive tasks for busy business owners, has raised a total of $9.1 million since its inception around spring last year, highlighting the increasing investor interest in generative AI applications.

Investor Confidence and Customer Growth

Synthflow has made significant strides since its launch, approaching 1,000 customers and boasting “double-digit” monthly growth rates since unveiling its browser-based no-code tool in December 2023. This rapid adoption suggests a strong demand among SMEs for generative AI tools that can enhance productivity through automation.

The latest funding will be dedicated to research and development, with CEO and co-founder Hakob Astabatsyan emphasizing the importance of maintaining the startup’s early momentum. “We have very many ideas. We know exactly what the customers need,” Astabatsyan told TechCrunch, indicating a clear vision for the future of AI in the SME sector.

The Founding Team

Astabatsyan, an ex-Rocket Internet entrepreneur, co-founded Synthflow with his brother Albert and Sassun Mirzakhan-Saky. Albert brings experience from a previous no-code startup, while Mirzakhan-Saky contributes his software engineering expertise as CTO. Together, they aim to make AI technology accessible to non-technical users, particularly SMEs.

Multi-Language Capabilities

Initially, Synthflow’s product focused on English-language call handling, catering to its largest markets. However, the startup has since introduced beta versions in German and French, signaling an expansion into European markets.

End-to-End Experience for SMEs

Synthflow’s no-code platform targets service industry SMEs, offering an end-to-end experience that automates core tasks like appointment scheduling. This allows business owners, who might otherwise miss calls and potential business, to benefit from AI-driven efficiency. Astabatsyan explains, “The AI can do it in a more affordable manner, more reliably, and humans can do other stuff.”

Key Benefits of Synthflow’s AI Voice Assistance

  • Appointment Scheduling: Automates booking processes, reducing missed opportunities.
  • Handling Inquiries: Manages FAQs and simple queries, freeing up human resources.
  • Data Entry: Updates CRM systems with call information, streamlining operations.
  • Multilingual Support: Currently supports English, with German and French in beta.

Technology and Integration

Synthflow builds on OpenAI’s GPT language models, incorporating its own AI models fine-tuned to specific customer needs. The startup has developed a “voice orchestration layer” that converts speech to text, processes it with AI, and converts responses back to speech. This technology ensures that even non-technical users can design voice agents tailored to their business requirements.

Future Developments

Looking ahead, Synthflow plans to enhance its capabilities with features like “live actions” or “connections,” allowing AI to check live inventory or pull requested information during a call. The startup envisions a scenario where task-focused AI systems could collaborate, handing off calls to other specialized AI agents or human operators as needed.

Challenges and Opportunities

Astabatsyan acknowledges that while AI can increase productivity, it also raises questions about resource allocation. “If there’s so much capacity — and productivity gets unleashed — how do we channel this human resources in other sectors of the economy?” he pondered, highlighting a key challenge for managers and leaders.

Funding and Investor Participation

The $7.4 million seed round was led by Singular, with participation from existing investor Atlantic Labs and AI-focused investors, including the founders of Krisp AI. This robust financial backing underscores the confidence in Synthflow’s potential to transform SME operations through AI.

Summary of Synthflow’s Progress

Aspect Details
Funding Raised $9.1 million total, including $7.4 million seed round
Founding Date Around spring last year
Customer Base Approaching 1,000 customers
Growth Rate Double-digit monthly growth since December 2023
Core Focus Automating repetitive tasks for SMEs
Technological Foundation OpenAI’s GPT, proprietary AI models
Languages Supported English (main), German and French (beta)

Key Takeaways

  • High Investor Confidence: Significant funding highlights the potential of Synthflow’s AI platform.
  • Rapid Customer Growth: The startup’s user base is expanding quickly, indicating strong market demand.
  • Innovative Technology: Synthflow’s no-code platform and AI models offer tailored solutions for SMEs.
  • Multilingual Expansion: The addition of German and French versions points to a broader market reach.
  • Future Enhancements: Planned features like live actions will further increase the utility of Synthflow’s AI.

Synthflow’s innovative approach to AI voice assistance positions it as a promising player in the SME sector, with substantial backing from investors and a clear roadmap for growth and development.

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