LOS ANGELES--(BUSINESS WIRE)--involve.ai, a customer intelligence platform, today announced the close of a $16 million Series A financing round led by Sapphire Ventures, with participation from existing investors Bonfire Ventures, Greycroft, Launch Capital, BDMI and new investors GTMfund, Fenwick, Gokul Rajaram, Stanford University and Michael Whitmire.
In the growing subscription economy, customer retention is becoming the new growth engine, but Customer Success teams often have the least advanced tools, and minimal data and insights. Adding to this, customer data is messy, highly qualitative and dispersed across most organizations. CRM platforms and data hubs rarely solve these problems, adding work, clicks and data entry, without being able to predict customer churn or revenue expansion. As a result, the teams responsible for customer success are experiencing an environment of reactivity. They’re losing revenue opportunities and are under constant pressure to retain customers with little time to proactively identify upsell opportunities.
involve.ai's platform uses artificial intelligence to help businesses prevent customer churn and accelerate revenue growth, unlocking predictive customer intelligence from existing data. involve.ai has trained its AI algorithms on over 120 million data points, focusing on dispersed qualitative data (email, call notes, chat records and more), which makes up the lion’s share of a company’s records. Its early warning dashboard has an average accuracy of 94 percent in predicting churn for customers while continuously improving and automating industry best practices.
The new funding will enable involve.ai to fulfill strong market demand for its customer intelligence platform by investing heavily in product, engineering and AI teams. The funding will also allow the company to accelerate its product roadmap to establish market leadership, expand its go-to-market teams and improve customer experience.
"We are thrilled by the support of our investors who believe in our mission of using AI to help leaders take control of their revenue base and customer experience," said Gaurav Bhattacharya, co-founder and CEO of involve.ai. "80 percent of a company's revenue comes from existing customers, yet advanced intelligence tools for customer teams are not prioritized. We believe retention is the next growth frontier, and it is our mission to make the world truly customer-centric."
“involve.ai is an innovative platform that is creating the future of customer success: predictive insights derived from all of our customer data," said Dave Williams, VP of Customer Success at Emsi, an involve.ai customer. "Their early warning dashboard is incredibly intuitive and has helped us to considerably bolster our customer retention and growth."
"We are thrilled to partner with founders Gaurav, Saumya and the entire involve.ai team on their journey to build a leading intelligence platform for customer-facing teams to truly understand the health of their customers," said Cathy Gao, Partner at Sapphire Ventures. "Acquiring a new customer can be 25 times more expensive than selling to an existing one, so it's no wonder that we're seeing companies heavily invest in their customer success teams. These teams need tools that are purpose-built for them. I have been blown away by involve.ai's bold vision to build a different type of solution that is completely reinventing the category."
involve.ai was founded by Gaurav Bhattacharya and Saumya Bhatnagar, who have built successful startups by staying customer-centric and having a data-driven, action-oriented approach to customer success. involve.ai is an AI early warning dashboard to supercharge customer teams with actionable insights and automation, so they can reduce churn, increase upsells, and improve customer experience. involve.ai is built with love in Santa Monica, California, with team members in San Diego, San Francisco, Austin, New Delhi, Manilla, Canada, Argentina, and St. Petersburg, Russia. To learn more about involve.ai, visit https://www.involve.ai.
About Sapphire Ventures
Sapphire Ventures is a leading venture capital firm that partners with visionary teams and venture funds to build companies of consequence. For nearly two decades, Sapphire has been investing capital, resources and expertise in innovative startups and technology-focused venture funds around the world. With more than $6.8B in AUM across Sapphire Ventures, Sapphire Partners and Sapphire Sport, and with team members in Austin, London, Palo Alto and San Francisco, Sapphire is well-positioned to help scale companies and venture funds, elevating them to become global category leaders. To learn more about Sapphire Ventures, visit https://sapphireventures.com.