ST. LOUIS--(BUSINESS WIRE)--Capacity, a new kind of helpdesk powered by artificial intelligence, today announces $11 million in Series C financing. This represents $34 million of total investment in the company, which throughout its growth has intentionally eschewed large, institutional investors. To date, capital has been secured or reinvested from initial investors, angel investors, customers, and friends of Capacity, primarily from Midwest sources. The round is another indicator of the company’s rapid growth, having tripled revenue in 2020.
“Because of the way our society is moving, organizations can’t limit their customer service – or employee service – to the eight-hour work day,” said David Karandish, Capacity’s CEO. “Companies must add automation to their tech stacks to keep up with customers. With our Series C, we’re taking Capacity’s power to the next level so organizations can spend less time on level zero questions and processes and more time on value-adding tasks. We all know how helpful virtual assistants like Siri can be and it’s time that they enter the workplace.”
With nearly half of the U.S. labor force working from home, digital transformation projects have been accelerated to meet organizational demand. Capacity empowers customers and employees alike to find the information they’re searching for and kick off workflows independently, through an AI-powered helpdesk using NLP. Capacity mines an organization’s knowledge base to deliver information through the chatbot interface. Capacity is able to answer more than 84% of all inquiries without human involvement. If Capacity doesn’t know an answer, the question is escalated to the appropriate internal team member via a ticket or live chat, and the answer gets added to the Capacity knowledge base.
"It was a no-brainer to reinvest in Capacity," said Nick Smith, founder and managing partner of Rice Park Capital Management LP. "As investors, we see just how much the executive team also invests in the company, betting on themselves. David is an intentional leader, keeping the company close to the vest purposefully to create a better organization. What his team is doing has the potential to help organizations scale processes more efficiently than ever. And, who doesn't love a bot that can actually get your questions answered or kick off a needed process, not just take you through a decision tree to nowhere."
In addition to its Series C fundraising, Capacity recently earned two new distinctions. First, it was named a “Most Fundable Company” by the Pepperdine Graziadio Business School. To be considered, Capacity competed against more than 4,500 early-stage U.S. companies across the country. Capacity was one of 20 U.S. startups to earn a spot on this prestigious list. Second, Capacity won best product in the B2B category of the National Venture Plan Competition. Capacity competed against 200+ other companies to be named one of 10 category winners.
This announcement follows the introduction of Workflows which helps Capacity’s customers boost productivity and optimize operations. For more information on how Capacity helps teams do their best work, visit capacity.com.
Capacity is a new kind of helpdesk, powered by artificial intelligence, that automates support for your customers and employees. The Capacity AI continuously learns from organizational knowledge and the interactions within your business to automate processes and decisions. Capacity was founded in 2017 by David Karandish and Chris Sims, and is part of the Equity.com incubator. More information can be found at Capacity's website or on Twitter at @CapacityAI.