LongOn Capital Bets Big on AI-Powered Voice Assistants for Small Business

January 11, 2024 - LongOn Capital has announced a significant investment in SquawkVoice, an artificial intelligence company developing intelligent virtual agents (IVAs) tailored for the small business market.The investment highlights LongOn's conviction in the immense potential of conversational AI and voice assistants to transform how small businesses operate and serve customers. The SquawkVoice technology aims to provide an affordable, automated virtual receptionist solution powered by natural language processing."Small businesses are seeking ways to provide excellent customer service cost-effectively," said Jayne Smith, Partner at LongOn Capital. "Squawk's voice AI can act as an always-available virtual front desk to handle inquiries, schedule appointments, and streamline workflows.

We're thrilled to back their vision."The voice AI market is projected for explosive growth, with Gartner estimating the conversational AI segment will swell from $0.8 billion in 2021 to $16.4 billion by 2027 at a 58% CAGR. Within this, the virtual receptionist market for small businesses alone is valued at $2.7 billion in 2023 and growing over 12% annually."Squawk is laser-focused on delivering a simple yet powerful voice assistant tailored for the needs and budgets of businesses and solopreneurs," said Anuj Grover, CEO of SquawkVoice. "This investment from LongOn accelerates our ability to bring an affordable AI receptionist to Main Street."The funding will allow Squawk to expand its product development, sales, and marketing efforts. While starting with virtual receptionist capabilities, the company aims to evolve its voice AI into a comprehensive intelligent assistant for small business workflow automation. As AI voice technologies mature, Squawk's is well-positioned to capitalize on pent-up demand for automated customer service solutions accessible to businesses of all sizes.