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Square acquires AI firm Eloquent Labs

May 08, 2019 / Tatiana Walk-Morris

Square on Tuesday announced its acquisition of Eloquent Labs, an artificial intelligence (AI) tech company which automates responses to customer questions and feedback, according to a Square blog post. Square stated that Eloquent's  AI services can "level the playing field for businesses of all sizes by providing sellers efficient ways to interact with their customers," per the post. The move comes after Eloquent Labs raised $1.5 million in seed funding in 2017, according to PitchBook data. Other startups, including LiveChat, DigitalGenius and Olark have entered this sector and have raised more money, which may have factored into Square's decision to acquire eloquent labs, according to Techcrunch.