W.R. Berkley invests in AI firm Pypestream
Property/casualty insurer W.R. Berkley Corporation has led a more than $15 million investment round in artificial intelligence (AI) solutions startup Pypestream.
Pypestream’s product called Design Studio sits atop a patented messaging infrastructure purpose-built for enterprises and enables business analysts, designers, and integration developers within an enterprise to deploy their own conversational AI solutions for consumers.
W.R. Berkley is implementing Pypestream’s technology across a number of its own businesses. In addition to supporting more of the innovation that Pypestream used to develop Design Studio, the recently announced investments led by W.R. Berkley — which bring the total raised by Pypestream to more than $35 million — provides Pypestream with the capital needed to grow across a host of verticals, from telecom and insurance to healthcare, travel, and financial services, the company said. During the past year, Pypestream tripled its customer base, according to the firm.
“I was impressed by Pypestream’s ability to upgrade the customer experience,” said Michael Nannizzi, director of investments at W.R. Berkley and a member of Pypestream’s board of directors.
“Pypestream’s technology is helping companies improve their engagement and achieve important efficiencies through the use of its powerful conversational interface,” Nannizzi added.
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