The promise of AI has consistently been to solve problems and deliver experiences in ways that are faster, cheaper and better. At Deepgram, AI is in our DNA - we're an automatic speech recognition company focused on solving the inherent challenges of speech technology and powering the next generation of voice-enabled applications. We've been working hard since we raised $25 million in our Series B earlier this year to continue creating AI-driven products that make our customers' (and their customers') lives easier.
Today, we're excited to announce the availability of three new product features: conversational AI, sales and support enablement, and real-time streaming. These product additions and features (real-time streaming, trained and tailored models, multi-language, on-premise or cloud deployment) were built to help enable the next generation of human-like virtual agents and can be tailored for specific high-volume voice tasks like billing, support, add-on sales, compliance or ID verifications. In addition, real-time streaming allows software platforms to immediately push sales tips and knowledge base solutions to salespeople and support agents. Deepgram customers will now get to leverage our new capabilities to enable a whole new set of product possibilities.
Conversational AI:Most existing conservational AI solutions' lag time is more than two seconds, but our new conversational AI feature reduces the response lag to only <300 milliseconds. Customers now have a base model tuned to Conversational AI use cases that can be even further tailored to specific domains. These capabilities allow organizations to improve word error rate by up to 50 percent and reduce noise and filter crosstalk to help focus on the key terms and phrases for intent and understanding. For example, Elerian AI has used Deepgram to build a bot that is so human-like, customers naturally say "thank you" to it. Our speed and accuracy on trained models allowed Elerian AI to meet the needs of a South African bank that needed to understand a host of accents and names that varied by region.
Sales and Support Enablement:Customer-facing teams from every industry can boost sales with accurate and fast ASR optimized for real-time enablement. Our new product features help reduce customer churn with faster ASR for real-time offers and alerts, and improve employee success with accurate call analytics and transcripts for coaching. To help paint the picture, a sales enablement customer embedded Deepgram into its revenue intelligence platform to automatically transcribe all of their customer sales calls and find insights on the status of deals, as well as the performance and coaching needs of the sales team.