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100X.VC Team
Written by various collaborators within Team 100X.VC
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Jan 24, 2023
Topic

Introduction

Telephone calls are one of the most common ways a business communicates with its customers, especially if the customer has a problem or question.Businesses make phone calls to their clients, but often struggle to provide a standard and consistent calling experience. Businesses are facing issues with customer experience and customer retention expectations are soaring high. Not calling prospects within 5 mins of submitting a lead can result in lower MRR. The current IVR Solutions have complex menus and lack personalization. Businesses have high and low demand for telecallers at times, yet it is tough to scale up and down the workforce, resulting in revenue loss or excessive cash burn. Businesses also struggle to hire, train, and retain telecallers, as well as conduct continuous telemarketing and inside sales.

Founded by Anshul & Kumar, Vodex is an AI-powered smart autonomous phone call tool. Vodex automates the outbound telecalling activities of a business using AI and State of the art NLP. With the rise of generative AI, bots can mimic human interactions and give intelligent and empathetic responses in human-like voices. AI is already automating most of the repeated tasks being done by businesses where humans are not required.

Vodex helps businesses automate their repeated outbound phone calls (like sales, marketing, feedback collection, surveys, reminders and update calls etc) using Voice AI. It uses Voice AI to connect businesses with their customers over phone call and engage with them in the most personalised way. Vodex is in the early revenue stage. 

Anshul and Kumar are university batchmates and have known each other for over a  decade now. Anshul has 12+ years of experience working in the IT industry and has a penchant for  AI and Chatbots.  He started a chatbot development agency in 2018 and created custom Chatbots and Voicebots for more than 200 clients across the world.  Kumar was also working on his own Chatbot development company. They both collaborated on a few projects. They built custom chatbots and voicebots for several clients together. At an inflection point, They  realised that there is a huge demand for AI powered voice bots on phone calls which can truly understand human speech and speak over phone call just like a human being.In 2021, they started Vodex together and their  vision is to create autonomous bots which can persuade prospects, close sales deals, onboard customers and provide consistent superlative experience over phone calls.

Market Size

The global contact centre market size amounted to almost 340 billion U.S. dollars in 2020. The industry was expected to grow steadily in the following years to reach a value of 496 billion U.S. dollars by 2027.Despite this expected financial growth, this industry has traditionally been slow to adopt new technology. This can include a lack of investment in software and tools that can improve efficiency and customer service, as well as a lack of training for employees to use these tools effectively. Additionally, some call centres may not have the infrastructure or resources to integrate new technology. 

However, in recent years, there has been a growing trend towards digital transformation in the call centre industry, with many companies investing in new technologies such as artificial intelligence, automation, and cloud-based solutions to improve their operations.

100X Thesis

While there are a few players, the team at Vodex has built a unique product. Automation and voice cloning is a big differentiation and stronger use cases are emerging for the same, with many firms wanting deeper engagement with customers and retaining them post Pandemic.

Conclusion

Artificial intelligence (AI) can be a powerful tool for enhancing customer interaction and experience. Vodex is currently building a unique product that will significantly improve the customer experience. Going forward, such technological solutions are going to be indispensable and the team has deep expertise in the segment and has already built and scaled multiple solutions.

 

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