Lost Wax, a European e-commerce technology company, has secured a £3 million investment from Prudential and Silicon Valley based Ideo, plus existing private investors. As part of the deal, Lost Wax will be working with Prudential to deploy its agent-based software in financial e-commerce applications.
"Lost Wax is at the cutting edge of the software industry, using agent technology to change e-commerce for both corporates and customers. We want to use their stream of innovation as a catalyst to change the way we operate," says Keith Bedell-Pearce, executive director, Prudential.
Software agents are virtual emmissaries, used by consumers to carry out a range of time-consuming and resource intensive tasks such as researching products and services, negotiating costs with other software agents or people, and presenting simple decisions for the customer to make. Over time, each agent builds up a relationship with each individual, improving the service each customer receives.
"This strategic investment is evidence that the potential for agent technology is beginning to be appreciated in the business world. Forward-thinking organisations are now understanding how software agents can benefit their businesses in two areas. Firstly, they will help their people deal with negotiations between businesses and secondly they will improve the way they interact with their customers," comments Tom Ilube, CEO, Lost Wax.
Lost Wax customers include the Baltic Exchange, Egg, Eurobenefits, General Motors (On:Line Finance), Sony, Psion and Orange.