Brand Engagement Network Announces Private Placement And Promotion Of Paul Chang To Co-CEO
Detroit, Michigan
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June 07, 2024 08:20 AM Eastern Daylight Time
By Anthony Termini, Benzinga
Brand Engagement Network (BEN) (NASDAQ: BNAI), creator of a conversational AI technology that develops human-like AI and AI Avatars for personalized customer engagement, recently announced the completion of a private placement from an investor group comprised of exiting investors that raised nearly $5 million in new funding.
The deal also lines up more than $3 million in additional commitments from the investor group. According to the chairman of BEN’s board of directors, Chris Gaertner, the new investment will help the company “execute on its growth and revenue strategies.”
Gaertner went on to say that this “represent[s] a powerful vote of confidence in our strategy from our board, executive team, and our existing investors.”
BEN’s Executive Team Expands With Addition Of Co-CEO
The new investment comes at the same time that BEN announced the promotion of Paul Chang to Co-CEO. Chang had previously held the title of global president at BEN. He brings decades of experience creating new markets for emerging technologies at IBM and multiple start-ups.
Chang led the expansion of various AI, blockchain, analytics and IoT solutions into new global markets and has key industry relationships within the life science, industrial and retail sectors.
“I am thrilled to take on the role of Co-CEO,” said Chang. He added that “as we transition into delivering value to our customers by commercializing our safe and comprehensive Gen AI Platform, BEN is well positioned both financially and technologically to execute our plans.”
BEN’s technology seeks to humanize experiences between people and machines through human-like AI avatars. This is a deliberate philosophy of its management. Its board includes former military officers and a former chairperson of the Federal Trade Commission.
Why Should Investors Care About Conversational AI?
Conversational AI has the ability to recognize, translate, predict, and respond to a given customer’s written or spoken input. Personalized customer engagement improves a company’s efficiency and productivity.
More importantly, when the customer service experience makes people feel connected to a company they do business with, it improves customer loyalty, brand perception and overall satisfaction.
According to Co-CEO Michael Zacharski, “Now is a pivotal time for the AI industry.” Markets and Markets has also reported that the conversational AI sector is expected to grow to nearly $50 billion by 2030.
Zacharski says that the company is excited about the prospect of partnering with organizations that complement its vision and capabilities. Their technology is targeted at consumer products and services companies, automotive dealers and manufacturers, financial institutions, healthcare providers and retailers.
While BEN is not the only provider of conversational AI solutions, it is unique in its approach. Personalizing human-machine interaction with the use of friendly AI assistants that can mimic human gestures could be significantly disruptive in a segment of AI that is experiencing rapid adoption. And today, BEN is a leader in creating more empathetic AI experiences.
Featured photo by Steve Johnson on Unsplash.
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