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Involve.ai, a startup that uses artificial intelligence to bolster customer success, announced today that it raised $ 16 million in a Series A round led by Sapphire Ventures and other investors. The company says the capital will go towards product development and contracting in the engineering, data science and marketing aspects.
Customer success has become one of the top priorities for businesses during the pandemic. The processes have been interrupted, which has caused companies to reconsider their operation. But while having a good pulse on customer behaviors, preferences, and goals is best practice: 35% of respondents on a Deloitte report ranked customer success goals, such as reducing churn, as top goals – Customer success teams often lack the right tools to support their workflows. For example, in a recent SmartKarrot poll84% of customer success leaders said automation is important, yet many (70%) have low or no levels.
Involve aims to help customers find signals in siled systems and analyze millions of data points to prevent customer churn, increase revenue, and personalize customer experiences. The company was co-founded by Gaurav Bhattacharya and Saumya Bhatnagar, who started coding when they were just 10 years old and met in a coding class at a high school in India. Before Involve, Bhattacharya and Bhatnagar released high school out of patient experience software, which was eventually distributed by the Indian government to ultrasound specialists.
“Involve [began] as a platform for employee participation and volunteering. Being customer-centric, we create rudimentary AI scripts to find churn risk and expansion potential in our user base. That was very valuable, ”CEO Bhattacharya told VentureBeat by email. “When the pandemic hit and customer retention became a big issue, we provided our platform for businesses to use, and they loved it. That was our ‘aha moment’, and when we decided to turn the company into an actionable customer intelligence platform, helping the world become more customer-centric. “
AI for customer success
According to post-pivot Bhattacharya, Involve, based in San Francisco, California, had to build its own qualitative information data sets that a customer success representative reviews in his daily work. It uses these data sets to train its predictive model, which takes into account nine different factors per business vertical to establish a customer’s success with an organization.
“We realized there was a massive problem for customer success organizations that we could help solve, but to do so, we had to take a more qualitative than quantitative approach to creating the results we wanted for customer success,” he explained. Bhattacharya. . “U.S [also] I had to identify different variables that impacted on the success of a client in various verticals. “
The platform has managed to attract 22,000 paying customers in three years (revenue grew 480% in 2021 from 2020), but Bhattacharya expects to reach 200,000 customers by 2023. In the coming months, it involves plans to implement new streams of AI-powered work and enhance your renewal. sentiment classifier, which analyzes natural language to find potentially valuable information for customer success.
“Involve solves the massive losses companies face as a result of bad customer experiences: Companies are experiencing high pressure to retain customers and reduce churn, which becomes especially challenging amid the pandemic and still more important with the rise of the subscription economy, ”said Bhattacharya. “Every customer matters after COVID, so companies are finding ways to prevent churn, increase expansion, and deliver a great customer experience to every customer, increasing the value of our platform.”
Involve, which currently has 34 employees, aims to have 58 by the end of the year and 120 by the middle of next. The latest round of funding brings the company’s total raised to $ 35 million to date.
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