A high-growth tech firm has announced it will open a new technology hub in Edinburgh following a successful Series B financing round.
California-headquartered Rasa Technologies, which develops open-source conversational AI software for a host of top global firms, will open the new site after raising $26 million in its latest funding round.
The investment takes Rasa’s total funding to $40 million since early 2019. The firm said it will be used to boost the company’s AI research, developer and community education and to better serve its “growing commercial customer base”.
Adam Lopez, a researcher from the University of Edinburgh, has also been brought on board at Rasa and will lead the launch of the new tech hub – which is expected to focus on research and product development.
Lopez is described as a ‘noted researcher’ from the University, commanding more than two decades experience in solving problems with natural language processing (NLP).
Commenting on the announcement, Lopez said: “I was first drawn to Rasa’s outstanding research programme, but decided to join the company because I believe in the mission.
“Rasa is making the best conversational AI technology available to everyone while ensuring data can remain private. I look forward to building a team in Edinburgh to further that mission.”
Rasa uses natural language processing (NLP), machine learning and flexible infrastructure to develop conversational AI assistants.
The firm’s chatbot software is used by developers at six of the world’s top ten banks, five of the largest global telecommunications firms and five of the 10 largest insurance companies.
Utility company ENGIE uses Rasa to streamline HR processes with a conversational AI assistant. Since launch, the firm said it has dramatically reduced the time it takes to recruit candidates from six months to two.
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In the past 14 months, Rasa has seen significant growth in product usage, with 6x growth in software downloads to more than three million. The firm has also tripled its community membership.
Alex Weidauer, CEO & Co-founder of Rasa, commented: “Rasa is committed to supporting the developer in creating robust, mission-critical bot applications, through better research, investment in open source software, superior developer tools and education, and flexible on-prem or cloud deployment.”