Botco.ai is a HIPAA-compliant platform enabling meaningful and intelligent conversations between providers and consumers. Pulse 2.0 interviewed Botco.ai co-founder and Executive Chairman Anu Shukla to learn more.
Anu Shukla’s Background
Shukla is a serial entrepreneur, typically in martech or adtech, along with some payment ventures. And Shukla said:
“Botco.ai is my fifth venture – applying Gen AI for marketing in the vertical segments of Healthcare, Behavioral Health, Senior Living, Contact Centers, Franchises, and others.”
Formation Of Botco.ai
How did the idea for Botco.ai come together? Shukla shared:
My co-founders and I saw how WeChat was being used as a business communication platform in Asia, and also felt that the application of GenAI and NLP for enterprise marketing applications presented an opportunity for a platform shift, that was the genesis based on our prior experience pioneering marketing automation with Rubric, Inc.
Favorite Memory
What has been your favorite memory working for Botco.ai so far? Shukla reflected:
“I have fond memories of all the inventing and pivoting we did to deal with the pandemic which was early on in our company’s history. Healthcare and Behavioral Health were not a focus for us until companies in those verticals started to call us due to the impact of the pandemic.”
“We had to move fast to react by building our fine-tuned models specific to those industry segments. So many people were adversely affected by the pandemic, and our GenAI-powered chatbots made a massive difference in our client’s bottom lines.”
Challenges Faced
What challenges have Shukla faced in building the company, and has the current macroeconomic climate affected your company? Shukla acknowledged:
“The current macroeconomic environment does depress valuations a bit, but conversely, GenAI is less affected, and from a customer adoption perspective, it has actually proven to be a boon – we are seeing increased momentum with customers.”
Core Products
What are Botco.ai core products and features? Shukla explained:
“Our main product is the GenAI Chat Cloud, which enables the creation of non-hallucinating virtual chat agents for enterprise applications that require accuracy and have privacy and security requirements.”
Evolution Of Botco.ai’s Technology
How has Botco.ai’s technology evolved since launching? Shuka noted:
“One example that comes to mind is that we have handled over seven million plus conversations in the Behavioral Health, Senior Living, and Healthcare industries since launching Botco.ai. This has provided our fine-tuned models with accuracy that is second to none in those industries.
Significant Milestones
What have been some of the company’s most significant milestones? Shukla cited:
“Significant milestones include this year’s GenAI Chat Cloud release, record revenues in Q2 of 2023, and the go-lives of over 30 customers so far this year –and we are just getting started!”
Customer Success Story
Upon asking Shukla about customer success stories, she replied:
“We like to ensure each and every customer is a success story! We have been working with Carlton Senior Living for close to two years. The company has a great quarterly ROI of 2500%. For more details, you can check out our Using GenAI to Educate, Validate and Convert in Senior Living webinar, where we talk about the applications of Artificial Intelligence, with a focus on GenAI chat, in the Senior Living industry.”
Funding
After asking Shukla about funding, she revealed:
“We raised $4.9 million in our seed round and are tripling revenue in 2023.”
Total Addressable Market
What total addressable market (TAM) size is Botco.ai pursuing? Shukla assessed:
“Immediate TAM in Senior Living is $5 billion, but the overall global TAM is $50 billion.”
Differentiation From The Competition
What differentiates Botco.ai from its competition? Shukla affirmed:
“Our fine-tuned models for our target verticals generated by our GenAI Chat Cloud, our focus on enterprise security and privacy requirements, our no-code platform for enterprise workflow compression and rapid deployment, and finally, our out-of-the-box integrations into EMRs, CRM, and other systems.”
Future Company Goals
What are some of Botco.ai’s future company goals? Shukla pointed out:
“We are looking to accelerate the development of Botco.ai through additional financing in our Series A round, growing revenues, and shipping additional product features and fine-tuned models that provide accurate answers and deep customer engagement to our customers.”
Additional Thoughts
Any other topics you would like to discuss? Shukla concluded:
“In the era of GenAI, enterprises must carefully examine their security and privacy policies for the adoption of these technologies. At Botco.ai, we prioritize the confidentiality of our customer’s data. We strictly adhere to a policy of not sharing recorded data or information with any external parties. Our systems are equipped with robust security measures, and we are proud to be HIPAA compliant, ensuring the utmost security for our customers’ data, including end-user information.”
“Furthermore, our technology sets us apart by focusing on relevance and customer approval. Unlike querying the entire internet database, our genAI only refers to information that is pertinent to each individual customer. This approach ensures that only approved and relevant content is utilized, safeguarding data privacy and enhancing the customer experience.”
“A great primer can be found in our Ensuring Data Privacy with Generative AI LLMs like ChatGPT and Bard where we discuss how to maintain control over your enterprise data when using publicly available large language models.”
