Afiniti

Last updated
Afiniti
Company type Private
Industry Software development
Genre Artificial intelligence
Founded2005 in Washington, D.C., United States
Founders Zia Chishti
HeadquartersHamilton,
Bermuda
Area served
Worldwide
Key people
Hassan Afzal CEO
Thomas Inskip President [1]
Number of employees
1,300 [2]  (2021)
Website afiniti.com

Afiniti Ltd., also called Afiniti, [3] is an American multinational data and software company. Founded in 2005, Afiniti is focused on developing artificial intelligence for use in customer call centers. [2] Afiniti is a unicorn company with a valuation of $1.6 billion in 2017. [2] [4]

Contents

History

2006–2010: Initial years

In 2006, Afiniti was founded in Washington, D.C. by Zia Chishti, a former Morgan Stanley investment banker who had previously co-founded Align Technology, with the help of his partners at The Resource Group (TRG), Hasnain Aslam and Mohammed Khaishgi of the Kheshgi family. [2] [5] In 2008, the company submitted several patents related to matching caller data with computer models, which were granted in 2014. [6]

2011–2020: Growth and unicorn status

In late 2016, the company confidentially filed for a potential future initial public offering (IPO). [4] [7] [8] Around that time, Afiniti also introduced software to run phone numbers "through a variety of databases prior to when a call center agent picks up the phone." The system referred to around 100 databases to gather information on callers, including from public profiles such as Twitter. According to Fortune magazine, the system operated on "the idea that it's possible, using thousands of call records, to determine which agents perform best with certain type of customers." [9]

According to The Wall Street Journal , by January 2017, the company had installed its artificial intelligence software in around 150 call centers for several dozen companies, [3] among them Caesars Entertainment Corporation and Sprint. [9] In 2017, the company closed a fourth round of venture funding, [4] bringing in $80 million [4] from investors such as GAM, McKinsey & Co, Elisabeth Murdoch, and John Browne. The round brought the company's total funding raised since its inception to $100 million. [4] [10] Afiniti signed a deal with Huawei in September 2017 [11] and Avaya in April 2018. [12]

In January 2018, Fortune magazine included Afiniti on its list of the 100 companies "leading the way in A.I." [13] By June 2018, Afiniti had been active in 18 countries and had 1,000 employees. [2] [8]

2021–present: Resignation of Zia Chishti and decline

In November 2021, Zia Chishti stepped down as chairman, chief executive officer and director following allegations of sexual assault to an employee made in testimony to the United States House Committee on the Judiciary. [14] The former UK prime minister David Cameron left his role as chair of Afiniti's advisory board following the allegations. [15]

On September 19, 2024 Afiniti filed for liquidation and winding up under the Companies Act of 1981 in the Supreme Court of Bermuda. The company further shared that as part of its restructuring agreement with creditors, it would proceed to wind up its global entities in the courts of Bermuda and US to form a new company under the ownership of principal creditors Vista Capital Partners.

Services and technology

According to the company, its software uses AI to boost company's efficiency by "predicting interpersonal behavior" [10] between the callers and agents. [2] VentureBeat explains that "when a customer calls into a call center, Afiniti matches their phone number — either landline or cellphone — with any information tied to it from up to 100 databases. These databases carry purchase history, income, and other demographic information." [4] [3] Data on customers is collected from the customers and from data brokers. Afiniti does not charge for the software or service itself, but instead takes a percentage of any proven revenue increases resulting from use of the software. [2]

See also

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References

  1. ↑ "Management". Afiniti. Retrieved November 28, 2018.
  2. 1 2 3 4 5 6 7 Medici, Andy (June 11, 2018). "Meet D.C.'s little-known artificial intelligence firm — and its plans to go public". Washington Business Journal . Retrieved November 21, 2021.(subscription required)
  3. 1 2 3 Knutston, Ryan (January 10, 2017). "Many Call Centers Know a Surprising Amount About You". The Wall Street Journal . ISSN   0099-9660 . Retrieved November 21, 2021.(subscription required)
  4. 1 2 3 4 5 6 Marshall, Matt (April 14, 2017). "Sales AI company Afiniti valued at $1.6 billion, files for IPO". VentureBeat . Retrieved November 21, 2021.
  5. ↑ Memon, Bilal (December 7, 2017). "Born in the US, raised in Pakistan: Man who founded two billion-dollar companies". The Express Tribune . Retrieved November 21, 2021.
  6. ↑ "History". Afiniti. Archived from the original on December 11, 2018. Retrieved December 10, 2018.
  7. ↑ Turner, Giles; Baigorri, Manuel (January 2014). "AI Firm Afiniti Said to Weigh IPO at About $2 Billion Value". Bloomberg News . Retrieved November 21, 2021.(subscription required)
  8. 1 2 Hooper, Troy (January 12, 2018). "Top 30 Tech Exits To Watch In 2018". Forbes . Retrieved November 21, 2021.
  9. 1 2 Roberts, Jeff John (January 10, 2017). "How Companies Use Your Social Media Data When Taking Your Call". Fortune magazine . Retrieved November 21, 2021.(subscription required)
  10. 1 2 "This company founded by a Pakistani is valued at $1.6 billion". The Express Tribune . Karachi. April 16, 2017. Retrieved November 21, 2021.
  11. ↑ Faseeh Mangi (October 2, 2017). "Tycoon Takes Investors Heli Skiing to Show Them Pakistan's Safe". Bloomberg News. Retrieved November 21, 2021.(subscription required)
  12. ↑ "Avaya and Afiniti Partner to Bring Unique and Proven, AI-Driven Behavioral Pairing to the Contact Center". Avaya. April 24, 2018. Retrieved November 21, 2021.
  13. ↑ Rapp, Nicolas; O'Keef, Brian (January 8, 2018). "These 100 Companies Are Leading the Way in A.I." Fortune magazine. Retrieved November 21, 2021.
  14. ↑ "Afiniti founder Zia Chishti 'steps down' after sexual assault allegations". Dawn . Karachi. November 19, 2021. Retrieved November 21, 2021.
  15. ↑ Neate, Rupert (November 17, 2021). "David Cameron quits Afiniti role after founder accused of sexual assault". The Guardian . London. Retrieved November 21, 2021.
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