Tel Aviv-based voice emotion analytics startup Beyond Verbal has raised $3 million as part of a Series A round, led by China’s KuangChi Science Limited, part of the Kuang-Chi group. The news comes amidst growing buzz around the use of analytics to gauge emotional responses, with exponential advancements in the technology over recent years that have arisen as a result of improvements in AI having a variety of exciting implications for businesses and humanity on the whole.
Founded in 2012, Beyond Verbal analyzes the human voice for patterns in order to try and understand the speaker’s emotions. The applications are many, including measuring call center effectiveness, market research – even tracking health conditions over time by gauging mental wellbeing. Take call centers as one example. Calls are captured and categorized before being run through analytics algorithms to provide insights that can be leveraged for a range of purposes clearly beneficial to any call center, helping improve relationships between operators and customers to reduce call time, evaluate customer satisfaction to help improve employee performance, and reduce churn by pinpointing customers who show signs of leaving.
Matt Matsui, SVP, Product Startegy and Marketing, Calabrio, notes that: ‘Speech analytics is unique, especially compared to other types of analytics. When customers are speaking, they aren’t necessarily filtering and forming conversations the way they would in an email, text message, or on social media. Speech analytics give companies access to in-the-moment reactions and sentiments because customers are using both contextual and functional words during conversations. Contextual words are the nouns and verbs used to formulate a sentence, while functional words are used to fill in the gaps.