The market for conversational AI has experienced rapid growth since the launch of ChatGPT in November 2022 and is expected to reach a value of nearly $50 billion by 2031, according to a report by MarketsAndMarkets.
Synthflow AI is among the many companies operating in this burgeoning industry, focusing on providing enterprise-grade solutions that are easy to implement and customize.
Based in Berlin, Synthflow offers a no-code platform that enables businesses to create and deploy personalized white-labeled voice AI customer service agents. Since its inception in 2023, the company has acquired over 1,000 clients and managed more than 45 million calls.
The voice agents developed by Synthflow comply with both HIPAA and GDPR regulations, and they can be seamlessly integrated with over 200 enterprise platforms, including Salesforce, Twilio, and HubSpot.
Hakob Astabatsyan, the CEO and co-founder of Synthflow, along with his co-founders Albert Astabatsyan and Sassun Mirzakhan-Saky, began exploring the possibilities of leveraging OpenAI’s ChatGPT API in early 2023 to create user-friendly business applications on top of the AI model.
Their journey started with a text-to-text AI bot and eventually led them to develop a voice bot. The challenges posed by voice technology intrigued them, motivating them to focus exclusively on voice bots.
In 2023, the team established Synthflow and dedicated the year to building their product, launching the initial version in early 2024 and introducing an enterprise-grade version later that year. The company experienced significant growth, expanding 15 times over the previous year, with a remarkable 90% customer retention rate among enterprise clients.
Astabatsyan shared, “We handle 5 million calls monthly, a substantial increase from the previous year. This growth trajectory has allowed Synthflow to enhance its offerings significantly.”
Recently, Synthflow secured a $20 million Series A funding round led by Accel, with participation from Atlantic Labs and Singular. This investment will support team expansion, research and development efforts, and the establishment of the company’s first U.S. office.
Luca Bocchio, a partner at Accel, emphasized the team’s vision and commitment to delivering comprehensive integrations tailored for enterprises as key differentiators for Synthflow.
Despite the competitive landscape in conversational AI, with companies like Sierra and Bland AI making significant strides, Synthflow remains confident in its market position and long-term strategy.
Astabatsyan remarked, “We have identified our target customers, mapped out our product roadmap, and have a clear vision for the future. We are well-positioned for the next phase of growth.”
