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By Nancy Dahlberg
For companies, sales and revenue data hold a wealth of insights that they must swiftly unlock to stay at the top of their game. Fortunately, a Miami-based startup with conversational AI technology is here to help with that – and has raised seed funding to reach more customers and expand its offerings.
Myko AI announced this week a venture capital raise of $2.7 million led by Khosla Ventures. Zero Knowledge Ventures, DayDream Ventures, the AngelList Early-Stage Quant Fund, and others participated in the round.
“Sales is a key area where AI can be used to unlock valuable data insights. Myko’s conversational AI is designed to help sales teams get better insights faster to make effective revenue-driving decisions,” said Vinod Khosla of Khosla Ventures, in a statement.
Myko Ai was founded in 2020 by Trevor Lee and Zheng Li after they finished Columbia Business School. “We both had a background in AI working on other AI startups and it became clear to us that natural language analytics would be the way that all data analysis would be done in the future,” said Lee, Myko’s CEO, in an interview with Refresh Miami.
Under CTO Li, Myko built their own language model from scratch. “We came out with our first conversational AI a couple of weeks before ChatGPT launched, and then from there, we’ve just been really building out the product,” said Lee, who is also a University of Miami graduate.
Myko AI enables conversational AI for sales and revenue team data, helping companies drive more revenue by giving their teams deep analytical capabilities instantly. That solves a massive pain point for most sales and revenue teams, Lee said. Myko plugs directly into users’ existing CRM platforms such as Salesforce, and chat apps including Slack and Microsoft Teams. Data can be analyzed within seconds.
Myko’s natural language tech instantly answers questions and builds reports from a user’s existing data sources, with enterprise grade security, said Lee. For example, a sales manager could ask, “Which outbound channel had the largest decrease in average sales cycle between Q3 and Q4?” Myko will generate the analysis within seconds, and the user could ask follow-up questions.
“One of the use cases that we’ve seen users get a lot of value from is doing really deep analysis over their win-loss – asking questions such as win-loss by state over each quarter from the previous year. Questions like those involve both different time periods and then a level deeper analysis than what a lot of the out of the box reporting solutions can give you,” Lee said. Myko is able to link to all data sources, giving teams confidence in Myko’s results, and it is Soc II Type II compliant.
Myko is now a team of eight full-time employees, with a few of them based in Miami in addition to Lee. “We’ve been working with a number of design partners for the last couple of months and at this point, we’re opening up the waitlist and started to onboard significantly larger volume of companies on the platform,” Lee said.
Miami is a changed place since Lee’s UM days. “I love it. Connecting with all the tech companies down here now has been a great experience,” Lee said. “We’re excited to keep building.”
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