Scottish fintech firm Aveni has secured a £1.1m investment to launch an AI-based platform to support speech analytics in business.

The investment was led by the TRICAPITAL Angel syndicate.

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The platform, called Aveni Detect, will use Natural Language Processing (NLP) and AI technologies to assess voice interactions with customers.

Aveni Detect was developed in collaboration with top businesses in the UK. The platform converts conversations to text and then processes it provide new insights and automation.

The automation is expected to enhance efficiencies in quality assurance as well as identify vulnerable customers.

Additionally, Aveni Detect will also help in building a better trained workforce and identify opportunities for new products and services.

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Aveni CEO Joseph Twigg said: “Consumer behaviour and business needs have changed significantly over the past 18 months as the service industry digitised in response to the pandemic.

“This created a new base of consumers comfortable with video conferencing led, digital-first services.  But it also created a major challenge for firms to monitor and assess these calls, especially as an increasing number of them were from vulnerable customers who needed additional attention.

“In the new world, AI can be adopted throughout the customer journey, driving new insight, significant efficiency gains and better protecting the vulnerable. It’s a win-win situation.”

Founded in 2018, Aveni focuses on leveraging AI to deliver new solutions and transform the financial services industry. The latest investment is expected to fuel company growth and expand to other regulated industries.