AI And Blockchain Startup VAIOT Secures $5.9M To Further Develop “Siri” For Businesses
AI and blockchain startup VAIOT has secured 5 million euros ($5.9M USD) through seed funding and a private sale of its VAI Tokens.
VAIOT combines artificial intelligence and blockchain to create new ways of digitally accessing services and securely concluding legal agreements using a natural user interface. The company enables both businesses and consumers to utilize a set of technologies called Intelligent Contracts. It serves as a personal assistant, available on mobile devices via a simple natural user interface providing AI-based legal services. VAIOT also offers a novel, intelligent service-distribution channel that empowers businesses to adapt to modern customers by providing a new way of accessing services.
According to VAIOT, its first assistant will service the car insurance industry and is projected to be presented in the third quarter of this year. The assistant is reportedly built to be easily customized and adjusted to suit almost any industry and a wide set of business processes. VAIOT’s AI assistants mediate between businesses and their consumers in a competent and transparent way. Think of it like Siri for business. Consumers can ask the AI assistant to carry out any transaction on a business’ mobile app. Businesses benefit by reducing operational costs due to automation and, at the same time, increasing revenue with better market penetration and customer experience. This is not your average chatbot—it’s an AI virtual assistant for the next generation.
“By now almost everyone has tried smart assistants such as Siri and Alexa, usually to help with fairly prosaic tasks,” VAIOT said. “These assistants have not yet, however, made the leap toward being truly useful in business. VAIOT develops purpose-built Intelligent Virtual Assistants (IVA) that allow companies to move processes to AI-powered channels, as well as VAIOT-labeled intelligent virtual assistants delivered directly to consumers. The result is a virtual service channel that enables businesses to utilize smart technologies for business services and an assistant for consumers that transcends the mundane.”
VAIOT also plans to take the concept of a smart personal assistant and combine it with the unique skillset and knowledge possessed by lawyers. It aims to build an AI legal assistant for consumers and enterprises, providing legal services, including digital, blockchain-based contracts.
VAIOT’s seed and private sale have allocated close to 30 percent of the VAI Tokens to investors who support the project long-term. This indicates trust in both the project and the team standing behind it, as well as reflecting the viability of VAIOT’s business model, ensuring long term growth. VAI Tokens will initially use the Ethereum token standard and eventually be mirrored on a proprietary blockchain based on Cosmos, with an inter-blockchain bridge solution.
“We are elated to have completed the private sale,” said Christoph Surgowt, CEO of VAIOT. “Armed with this funding, we are equipped to deliver a product that can transform how businesses conduct their processes, and be of tremendous value to consumers. Putting the competency of AI into the hands of businesses and consumers will boost digital transformation across the board.”
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