出品｜虎嗅科技组 作者｜李一飞 编辑｜陈伊凡 头图｜Clay领英主页 "AI 原生 100" 是虎嗅科技组推出针对 AI 原生创新栏目，这是本系列的第「 21 」篇文章。 18个月，估值飙到 100 亿美元，到账 6.35 亿美元现金，年经常性收入逼近 1 亿美元——放在任何时 代都是"火箭"，在 AI 赛道也属罕见。 即便是在快速发展的AI创业时代，也很少见。 9 月，全球知名互联网投资公司Greenoaks Capital 又添一把火：领投 3.5 亿美元，让 Sierra 正式跻 身"百亿美金俱乐部"。 这家由前 Salesforce 联席 CEO Bret Taylor 与前谷歌高管 Clay Bavor 联手创办的 AI 客服公司，只 做一件事：用生成式 AI 替企业"包办"客户体验。成立伊始，它就按下快进键：产品上线、拿下大客 户、数据反哺模型、体验更优，飞轮越转越快。 "需求爆了。"嘉和资本 CEO 袁子恒一句话点破玄机，因为美国客服是人力"黑洞"，工资高、流动 大；恰好大模型最擅长多轮对话，企业换 AI 立竿见影。如今语音 AI 又成熟，电话端节省的人力可 量化、可计算尤其是随着AI语音技术的 ...

Group 1 - Agora, Inc. reported Q2 2025 total revenue of $34.26 million, representing an 11.0% year-over-year increase, excluding low-margin businesses terminated since Q3 of the previous year [1] - The company provided guidance for Q3 revenue in the range of $34.00 million to $36.00 million, indicating a year-over-year growth of 7.6% to 13.9% compared to Q3 of the previous year [1] - Revenue from the Chinese market for Agora was 116 million RMB, while revenue from non-Chinese markets was $18.20 million, showing a year-over-year increase of 16.7% [1] Group 2 - As of June 30, 2025, Agora had 1,997 active customers, a 1.4% year-over-year increase, while the number of active customers for Agora reached 1,880, reflecting a 12.4% year-over-year growth [1] - The company accelerated the implementation of conversational AI capabilities across various industry scenarios, with applications in AI smart assistants, AI companion robots, and multimodal AI agents [1] Group 3 - In the education sector, the conversational AI technology provided by Agora has been successfully utilized in the Miko3 STEAM smart education robot, which can engage in natural conversations with children and accurately recognize their emotions [3] - Miko3 serves as a caring emotional companion, providing timely feedback to children based on their emotional states [3]

8月18日，声网母公司Agora, Inc. （NASDAQ: API ）发布2025年第二季度财报。 此外，第二季度的运营费用为2650万美元，同比下降18.7%。其中，研发费用为1400万美元，同比下降23.0%；销售和营销费用为 650万美元，同比增长4.0%；一般和管理费用为600万美元，同比下降26.6%。 Agora, Inc.预计，2025年第二季度的总营收将在3400万美元至3600万美元之间，同比增幅在7.6%至13.9%之间。 财报显示，第二季度 Agora, Inc.实现总营收3426万美元，同比增长11.0%（不含已终止的低毛利业务）。在美国通用会计准则 （GAAP）下，Agora, Inc.第二季度净利润为146万美元（合人民币1050万元），超第一季度三倍以上。净利润率为4.3%。 业务聚焦在中国市场的声网实现第二季度营收1.16亿人民币；聚焦非中国市场的Agora实现营收1820万美元，同比增长16.7%。 在客户规模方面，截至2025年6月30日，声网活跃客户数量达1997个，同比增长1.4%；Agora活跃客户数量达1880个，同比增长 12.4%。 "自今年三月发布对话式A ...

Core Insights - The article highlights Agora's leadership in the real-time interactive cloud service market, with a market share of 43.4% in the RTC sector, and its advancements in multimodal AI technology that enhances user interaction experiences [1][3]. Group 1: Multimodal AI Advancements - The new generation of conversational AI has evolved from simple text responses to emotional and multimodal interactions, integrating voice, visual, and text inputs [2]. - Agora's latest AI engine supports real-time visual understanding, allowing AI to interpret user gestures and respond accordingly [2]. - The AI system features context memory through voice recognition, enabling personalized interactions based on user history, particularly in educational settings [2]. Group 2: Technical Advantages - Agora's RTC business achieved 675 billion minutes of usage in 2021, leading the market with a 28.5% global share and 43.4% in China [3]. - The proprietary SD-RTN™ network offers low latency with a median end-to-end delay of 76ms and maintains voice quality even with an 80% packet loss [4]. - Advanced noise reduction technology can eliminate 95% of background noise, enhancing conversation accuracy in noisy environments [4]. Group 3: Developer Ecosystem - Agora provides a simplified SDK that allows developers to integrate AI voice capabilities with just two lines of code, enabling deployment of multimodal dialogue features in 15 minutes [5]. - The cost structure based on usage (0.098 yuan per minute) makes it affordable for small and medium enterprises, significantly increasing their decision-making flexibility [5]. Group 4: Application Scenarios - In smart customer service, Agora's engine enables highly realistic 24/7 service, with AI sales assistants recognizing returning customers and providing personalized recommendations, resulting in a threefold increase in customer engagement time [6]. - In AI education, the built-in pronunciation scoring system quantifies speech metrics, leading to a 20% increase in course completion rates and an average of 30,000 daily practice sessions per student [7]. - The integration of emotional interaction capabilities in virtual companionship applications has shown a 35% conversion rate at exhibitions, enhancing user engagement [8]. Group 5: Challenges and Future Directions - Despite its advantages, the industry faces challenges such as data privacy compliance and semantic understanding issues [9]. - The company plans to focus on "perceptive real-time internet" technologies, utilizing federated learning for localized AI model deployment to ensure data security and improve interaction experiences [9]. Group 6: Institutional Perspectives - Goldman Sachs notes significant synergy between Agora's RTC and AI capabilities, projecting a 30% increase in target price [10]. - IDC forecasts that by 2026, multimodal conversational AI will account for 25% of enterprise intelligence budgets [10].

Core Viewpoint - Agora, Inc. reported a total revenue of $34.26 million for Q2 2025, marking an 11.0% year-over-year increase, excluding low-margin businesses terminated since Q3 2024 [1] - The company provided guidance for Q3 revenue in the range of $34 million to $36 million, representing a year-over-year growth of 7.6% to 13.9% [1] Financial Performance - For Q2 2025, Agora, Inc. achieved a net profit of $1.46 million under GAAP, which is over three times the profit from Q1 2025, continuing a trend of profitability for three consecutive quarters [1] - As of June 30, 2025, the company had cash and cash equivalents totaling $377 million [2] Product Development and Innovation - The company launched a conversational AI engine in March 2025, enabling developers to create conversational AI agents quickly [2] - At the 2025 World Artificial Intelligence Conference, Agora introduced an upgraded version of its conversational AI engine, featuring voiceprint recognition, digital human interaction, and visual understanding [2] - Agora also released the world's first AI model evaluation platform for conversational AI, allowing developers to compare performance metrics of various suppliers [3] Market Applications and Future Outlook - The conversational AI capabilities are being integrated into various sectors, including customer service, education, and smart hardware, showcasing the potential for industry transformation [1][3] - The company aims to enhance real-time interaction experiences between humans and AI agents, driving deeper integration of AI across multiple industries [3]

Core Viewpoint - Agora, Inc. has achieved GAAP profitability for three consecutive quarters, indicating strong revenue growth and operational efficiency improvements [3]. Financial Performance - In Q2 2025, Agora, Inc. reported total revenue of $34.26 million, a year-over-year increase of 11.0%, excluding low-margin businesses terminated since Q3 2024 [3]. - The company provided guidance for Q3 revenue in the range of $34.00 million to $36.00 million, representing a year-over-year growth of 7.6% to 13.9% compared to Q3 2024 [3]. - The net profit for Q2 2025 was $1.46 million (approximately 10.5 million RMB), which is over three times the profit from Q1 2025 [3]. Cash Reserves - As of June 30, 2025, Agora, Inc. had cash, cash equivalents, bank deposits, and bank wealth management products totaling $377 million [4]. AI Product Development - Since the launch of the conversational AI engine in March 2025, Agora has collaborated with clients to develop voice dialogue agents in various scenarios, including call centers and AI companion hardware [4]. - The company has upgraded its conversational AI engine to include features such as voiceprint recognition, digital humans, and visual understanding, enhancing the audio-visual interaction experience [6][9]. Technological Advancements - The voiceprint recognition feature allows the AI to accurately identify user voice characteristics, effectively filtering out 95% of background noise for improved dialogue accuracy [8]. - The digital human interaction feature enables real-time, lifelike conversations with highly realistic digital avatars, suitable for virtual customer service, educational companionship, and social entertainment [8]. - The visual understanding capability allows the AI to interpret visual cues and respond intelligently to user gestures and environmental objects, expanding the potential for human-AI collaboration [8]. Industry Applications - Agora's conversational AI capabilities are being applied across various sectors, including AI assistants, AI companion robots, and multi-modal AI agents [11]. - The company has seen successful implementations in platforms like MiniMax, which leverages advanced multi-modal AIGC technology for real-time voice interactions [11]. - Other applications include educational robots like Miko3, which can engage in natural conversations with children and recognize their emotions [12]. Future Outlook - Agora aims to deepen its innovation in scenarios and technology iterations, enhancing real-time interaction experiences to integrate AI into various industries effectively [13].

Core Insights - Agora (API.US) reported Q2 2025 total revenue of $34.3 million, a year-over-year increase of 0.1%, with a net profit of $1.5 million compared to a net loss of $9.2 million in the same period last year [1] - The company achieved earnings per ADS of $0.02 and $0.01 for basic and diluted respectively, compared to a loss of $0.10 in the previous year [1] - Revenue from the Chinese market decreased by 12.4% to 115.5 million RMB, while revenue from non-Chinese markets increased by 16.7% to $18.2 million [1] - As of June 30, 2025, the number of active customers reached 1,997, a 1.4% increase year-over-year, while Agora's active customer count was 1,880, up 12.4% [1] - The company's cash reserves amounted to $37.73 million as of June 30, 2025 [1] Future Outlook - The CEO, Zhao Bin, expressed pride in achieving GAAP profitability for the third consecutive quarter, attributing this to steady revenue growth and efficiency improvements [2] - The company has launched a conversational AI engine and is collaborating with multiple clients to develop voice AI solutions for various applications, including call centers and AI companion toys [2] - Looking ahead, the company projects Q3 2025 total revenue to be between $34 million and $36 million, representing a year-over-year growth of 7.6% to 13.9% [2]

Financial Data and Key Metrics Changes - The company reported $42.7 million in revenue for Q2 2025, representing a 217% year-over-year increase [31][36] - GAAP gross margin was 39%, down year-over-year, while non-GAAP gross margin was 58%, both metrics improved sequentially [37][40] - The company experienced a GAAP net loss of $74.7 million and a non-GAAP net loss of $11.9 million for the quarter [41][42] Business Line Data and Key Metrics Changes - Significant growth was noted across all key business lines, including automotive, AI customer service for enterprises, and AI for restaurants [6][31] - The number of active restaurants using the Voice AI ordering solutions exceeded 14,000 locations, adding approximately 1,000 locations in Q2 [35] - The automotive sector saw strong growth with new OEM deals, including a major win in China [15][36] Market Data and Key Metrics Changes - The company processed over 3 billion queries in Q2, marking a 100% increase year-over-year [35] - The enterprise AI segment showed strong execution, with notable traction across various industry verticals [31][32] - The company has established relationships with seven of the top 10 global financial institutions, with upsell deals contributing to growth [21] Company Strategy and Development Direction - The company is focused on a three-pillar strategy that integrates voice AI, AI customer service, and voice commerce, creating a comprehensive ecosystem [30] - The introduction of the agentic AI platform Amelia Seven is expected to drive upsell opportunities and enhance customer engagement [24][30] - The company aims to leverage its advanced technology to capture growth opportunities in various sectors, including automotive and restaurants [30] Management's Comments on Operating Environment and Future Outlook - Management expressed optimism about the strong demand for AI solutions and the potential for continued growth, despite acknowledging the non-linear nature of revenue momentum [44][46] - The company is increasing its revenue outlook for 2025 to between $160 million and $178 million, reflecting strong close rates on major deals [44][46] - Management highlighted the importance of customer success initiatives to reduce churn and drive growth within existing accounts [86] Other Important Information - The company is migrating its solutions to its proprietary Polaris model, which has shown significant improvements in performance and cost efficiency [11][39] - The company has no debt and reported cash and equivalents of $230 million at the end of the quarter [42] Q&A Session Summary Question: How would you rank the contribution of different verticals to sequential growth? - Management noted strong momentum across all verticals, with enterprise AI showing significant progress and restaurants continuing to scale [48][50] Question: Who are you competing with for the Chinese OEM business? - The company competes with both legacy providers and local Chinese AI companies, emphasizing the quality and comprehensiveness of its technology [54][56] Question: Are there opportunities to improve your selling process or optimize pricing? - The company is using AI internally to enhance processes and improve efficiency, which has led to increased headcount and development capabilities [61][62] Question: What is the potential wallet share with existing customers? - Management believes there is significant runway for growth, with low penetration of voice AI solutions across various verticals [65][67] Question: Is the revised guidance for 2025 conservative or seasonal? - Management indicated that the guidance reflects a prudent approach due to the lumpiness of major deals and seasonality in the business [71][74] Question: Can you provide details on the Red Lobster account? - The company has maintained a partnership with Red Lobster through its bankruptcy and is now scaling the relationship as the brand recovers [75][78] Question: How to model Q3 versus Q4 revenue? - Management expects Q4 to be stronger than Q3, driven by seasonal dynamics and ongoing deal momentum [81][82] Question: What are the key drivers for growth in the second half of the year? - Growth is expected across all pillars, with a focus on customer success and expanding existing partnerships [85][88] Question: Can you provide updates on voice commerce? - Voice commerce is expected to have an indirect revenue impact, enhancing adoption in existing customer segments [100][101]

Core Viewpoint - The user base of ChatGPT is rapidly increasing, with expectations to surpass 700 million users this week, marking a fourfold increase compared to the same period last year [2][4]. User Growth - ChatGPT was launched in November 2022, and by approximately one year later, the weekly active users exceeded 100 million. As of early August 2023, the user count was around 175 million, and by March 2025, it is projected to reach 500 million [4]. - The growth rate of users is accelerating, with Japan's user count expected to exceed 6 million by the end of 2024. Additionally, the number of commercial user accounts utilizing ChatGPT for business purposes has surpassed 5 million globally [5]. User Composition - The total user count of 700 million includes free users, paid users starting at $20 per month, and enterprise users. OpenAI defines active users as those who use the service at least once a week [4].

Core Insights - The conversational AI market has experienced explosive growth since the release of ChatGPT in November 2022, with MarketsAndMarkets predicting it will reach nearly $50 billion by 2031 [1] - Synthflow AI aims to differentiate itself by focusing on enterprise-level solutions and easy deployment, achieving a 15-fold growth last year and maintaining a customer retention rate of over 90% [1][2] - The company recently completed a $20 million Series A funding round led by Accel, with existing investors Atlantic Labs and Singular participating, to expand its team, enhance R&D, and open its first office in the U.S. [1][2] Company Overview - Synthflow, based in Berlin, is a no-code platform that enables businesses to build and deploy customized white-label voice AI customer service agents, having accumulated over 1,000 clients and processed more than 45 million calls [2] - The voice agents comply with HIPAA and GDPR standards and can integrate with over 200 enterprise platforms, including Salesforce, Twilio, and HubSpot [2] Development Journey - The founding team began exploring OpenAI's ChatGPT API in early 2023, initially developing a text-to-text AI bot before shifting focus to voice technology due to its complexity and potential [2][3] - The team decided to concentrate solely on voice bot development after recognizing the challenges involved, aiming to launch the first version in early 2024 and an enterprise-level version by the end of that year [3][4] Competitive Landscape - Despite strong growth, the conversational AI sector is highly competitive, with other players like Sierra, founded by Bret Taylor, raising $285 million, and Bland AI securing over $50 million in funding [4] - The company has a clear understanding of its target customers and product roadmap, indicating it has entered the post-product-market fit stage with defined development goals for the next three to five years [4]