21 October 2017

SEB invests in machine learning outfit Now Interact

16 November 2016  |  4601 views  |  0 chess

Swedish bank SEB has invested around US$1.6 million in Now Interact, a local startup that has built a machine learning-based platform that helps firms predict customer need for advice over digital channels.

The bank's venture capital unit was joined by fellow Nordic VCs, Inventure and Industrifonden in a $5 million funding round for the AI specialist.

SEB has been using Now Interact technology for the last couple of years in the presentation of simple loans on its website. But the bank says that with its investment it is backing the vendor's new, more advanced, tools focused on "predictive intelligence".

The technology taps user data from digital channels to make predictions on which consumers are likely to make decisions if they get relevant advice and guidance. It also promises to help firms work out which customers are likely to purchase with the need of support and which need "proactive" help.

Ulf Lewander, senior investment manager, SEB Venture Capital, says: "We believe this technology has great potential to improve the customer experience and increase sales by connecting online and offline channels. The company has strong development potential, and the technology is highly relevant for us and our customers."

Now Interact says it will use new funding to invest in its platform and expand to the US through the opening of an office.

"Owing to our success in Europe, and our dedicated partner programme, this funding will allow us to leverage the momentum of our first significant customer wins in the US to make the area our biggest market," says Magnus Åström, CEO, Now Interact.

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