Linq Secures $20 Million Funding to Integrate AI Assistants into Messaging Platforms
Linq, a Birmingham-based tech company originally recognized for its digital business card and lead capture solutions, has successfully secured $20 million in a Series A funding round to enhance its messaging platform’s capabilities. This latest investment, led by TQ Ventures with participation from Mucker Capital and angel investors, aims to facilitate the integration of AI assistants into popular messaging services like iMessage and RCS.
With consumer communication preferences evolving, Linq has recognized a need to transition from traditional SMS to more modern messaging platforms. Businesses often struggle with maintaining authenticity in their communications; users can easily identify messages from companies due to obvious branding and the gray text bubble typical of business messages. Linq’s clients sought to send messages with a more personal touch, represented by blue text bubbles.
The company’s recent pivot towards the AI market was inspired by the viral success of its peer, Poke, an AI assistant adept at handling tasks and queries directly within messaging apps. This surge in interest prompted Linq to rethink its strategy, moving from a B2B-centric model to a broader infrastructure role in the burgeoning AI landscape.
Key points of interest include:
– Linq’s customer base saw a 132% increase in just one quarter, with an average account growth of 34%.
– The platform now reaches 134,000 monthly active users, processing over 30 million messages monthly, boasting a net revenue retention rate of 295% with no customer churn.
– The company aims to expand its team and explore new market strategies with the newly acquired funds, though it remains dependent on Apple’s iMessage platform for now.
However, Linq faces potential challenges, including possible restrictions from Apple on third-party AI chatbots. Additionally, while iMessage holds popularity in the U.S., global messaging preferences vary widely, encompassing platforms like WhatsApp, WeChat, and Telegram.
“Our vision extends beyond mere messaging,” said the company’s leadership. “We aspire to create a robust platform for conversational technology that spans all customer communication channels—whether it be Slack, email, or any other messaging service.”
As Andrew Marks, co-founding partner of TQ Ventures, noted, Linq is positioned to transform AI-to-human interactions into an effortless experience akin to texting a friend, paving the way for an entirely new category of businesses.
