How Synthflow AI is cutting through the noise in a loud AI voice category

The conversational AI market has experienced an unprecedented explosion since the release of ChatGPT in November 2022. This rapidly expanding sector is projected to burgeon into a nearly $50 billion global industry by 2031, according to insights from MarketsAndMarkets. Amidst this booming landscape, Synthflow AI is emerging as a formidable contender, aiming to distinguish itself through a steadfast focus on enterprise-grade solutions and unparalleled ease of setup.

Founded in Berlin in 2023, Synthflow offers a sophisticated no-code platform designed to empower enterprises to construct and deploy bespoke, white-labeled voice AI customer service agents. In a remarkably short span, the company has successfully attracted over 1,000 customers and managed an astounding 45 million calls, underscoring its significant traction in the market.

A cornerstone of Synthflow’s offering is its commitment to compliance and integration. The startup’s voice agents adhere strictly to both HIPAA and GDPR regulations, ensuring data privacy and security for its clientele. Furthermore, Synthflow boasts robust connectivity, plugging into more than 200 integrations with leading enterprise platforms, including industry giants like Salesforce, Twilio, and HubSpot.

The genesis of Synthflow AI stems from the pioneering efforts of co-founders Hakob Astabatsyan (CEO), Albert Astabatsyan (CPO), and Sassun Mirzakhan-Saky (CTO). Hakob Astabatsyan shared with TechCrunch that their journey began in early 2023, experimenting with OpenAI’s ChatGPT API to explore the potential for no-code business applications. Their initial foray into text-to-text AI bots soon evolved into an ambitious venture to build voice bots. It was during this transition that they unearthed the profound complexities and immense potential inherent in voice AI.

“We realized, oh my god, voice is really complicated, right? To actually make AI speak in real time like we do, having this 400 milliseconds latency, and handling interruptions, it turned out to be such a complicated task,” Astabatsyan recounted. “We fell in love with this problem, and we said, look, we’re gonna work only on voice bots from now on.”

The team dedicated the remainder of 2023 to intensive development, launching the initial version of Synthflow’s product at the beginning of 2024, followed by an enterprise-grade iteration later that year. This focused approach has yielded impressive results: the company reported a 15x growth last year and maintains an exceptional over 90% retention rate among its enterprise customers.

“We process 5 million calls monthly,” Astabatsyan confirmed. “Last year, it was like, I don’t know, 1 million, 2 million, and then we started growing very quickly. This is where Synthflow started really getting better and better because we had this velocity.”

Synthflow AI recently fortified its position with a significant $20 million Series A funding round. This round was spearheaded by Accel, with continued participation from existing investors Atlantic Labs and Singular. The capital infusion is strategically earmarked for expanding the team, accelerating research and development initiatives, and establishing its inaugural U.S. office.

Luca Bocchio, a partner at Accel, expressed his firm’s long-standing interest in Synthflow, tracking its development from its nascent stages. Bocchio highlighted the founding team’s relentless drive and their proactive approach to building enterprise-friendly integrations as key differentiators. “This team has [had] really strong views since the get-go about creating more depth with the technology and extensive integrations across CRMs, across tools enterprises may use to really provide enterprise-grade compliance,” Bocchio stated.

Despite the company’s impressive trajectory, the conversational AI category remains fiercely competitive, populated by numerous well-funded players. Notable competitors include Bret Taylor’s Sierra, which has amassed $285 million in venture capital, and Bland AI, securing over $50 million in funding. However, Synthflow’s leadership remains confident in its unique value proposition and established market fit.

“AI is moving so fast, and sometimes things happen faster than you would expect,” Astabatsyan reflected. “But for us, it’s very clear. We’re at this stage where, I would say, [we’re] in a post-product-market-fit era, where we know who our customers are. We have a pretty clear idea what’s our product roadmap, and where we want to be in the next three to five years.” Synthflow AI’s strategic focus on enterprise-grade solutions and continuous innovation positions it strongly to maintain its leading edge in the dynamic AI voice market.