Retorio, a German AI startup, has raised €9 million in Series-A funding to expand their personalized AI coaching platform. The lead investor in the new round is SquareOne, a Berlin-based VC firm specializing in B2B tech. Other new investors include Porsche Ventures, the venture capital unit of Porsche AG, and Storm Ventures, a Silicon Valley-based VC firm. Existing investors, such as Basinghall Partners (London/Luxembourg), Passion Capital (London) and Sofia Angels Ventures (Sofia) as well as the family offices of several DAX board members and entrepreneurs, also participated in this round.
At the heart of Retorio lies the proprietary Behavioral Intelligence, a cutting-edge technology that uses video analysis to identify and train successful behaviors of sales, service and leadership teams. By using Retorio, five out of the ten most profitable German companies have been able to boost their employees’ performance in a fast, scalable and cost-effective way.
“Our personalized AI coaching is a game changer for global enterprises. It allows them to identify successful behaviors within sales and service teams and unleash them across the entire organization,” said Dr. Christoph Hohenberger, Co-CEO of Retorio. “This lets companies respond faster to new market conditions and compete in an increasingly tough global market. Our revenues are growing in the triple-digit percentage range, we have gained strong new investors and are currently preparing to enter the US market.”
Founded in 2018, Retorio’s AI coach can be seamlessly integrated into the employee’s workflow. A CRM system or another system (e.g. HRIS) would trigger a virtual training session in which sales staff can prepare for a customer meeting the next day. Furthermore, managers can access similar training modules for an upcoming appraisal interview. The learning content is created from real-life scenarios using generative AI. Managers and employees from sales and services receive customized and up-to-date training effectively preparing them for upcoming meetings. Retorio’s vision is to use AI to empower people to unlock their full potential and activate the best version of themselves.
Charlotte Baumhauer, Investment Manager at SquareOne, commented: “Retorio’s AI technology unlocks new growth potential for companies that is hardly used today. Through the smart use of behavioral data, Retorio is able to significantly multiply a company’s sales performance at scale.”
In addition to major German corporations, the Munich-based AI company’s customer list includes American, British and Asian enterprises from various industries, such as automotive, insurance, telecommunications or logistics groups. Retorio’s customers understand that their business’ success largely depends on how their employees present themselves to customers and colleagues. With practical AI coaching, they can close the skills and motivation gaps of their employees, gather data on desired and actual behaviors and demonstrate the progress of their corporate transformation.
“AI can make us more human by helping us improve our interpersonal skills,” added Dr. Patrick Oehler, founder and co-CEO of Retorio. “Our technology puts the employee first. We create a learning space that encourages self-awareness: how do I connect with my customers and colleagues and how can I improve my behavior? This is not only for the company’s success but also for a person’s personal growth. Our digital coach, who knows the best practices of thousands of peers in and outside the company, is always ready to give honest feedback.”
Read the orginal article: https://www.eu-startups.com/2023/11/munich-based-retorio-secures-e9-million-series-a-to-expand-their-personalized-ai-coaching-platform/
