- Involve.ai, a business that uses artificial intelligence to improve customer success, said today that it has secured $16 million in a Series A round-headed by Sapphire Ventures and other investors.
- involve.ai is an AI early warning solution that provides actionable insights and automation to customer teams, allowing them to minimize churn, enhance upsells, and improve customer experience.
- The platform has attracted 22,000 paying clients in three years — revenue increased 480 percent from 2020 to 2021.
- Involve intends to implement new AI-driven workflows and improve its renewal sentiment classifier, which parses natural language to discover insights potentially beneficial to customer success, in the coming months.
Involve.ai, a business that uses artificial intelligence to improve customer success, said today that it has secured $16 million in a Series A round-headed by Sapphire Ventures and other investors. According to the firm, the funds will be used for product development as well as recruiting in engineering, data science, and go-to-market.
As the pandemic disrupted procedures, forcing businesses to rethink how they function, customer success emerged as a major concern for organizations. However, although having a strong pulse on customer behaviors, preferences, and goals is critical. Customer success teams frequently lack the proper technologies to support their processes. In a recent SmartKarrot poll, for example, 84 percent of customer success executives stated that automation is crucial, yet 70 percent had no or low levels of automation.
Involve’s goal is to assist clients in locating signals in siloed systems and parsing through millions of data points in order to reduce customer churn, improve revenue, and customize customer experiences. Gaurav Bhattacharya and Saumya Bhatnagar co-founded the firm when they were barely 10 years old and met in a high school coding class in India.
Before Involve, Bhattacharya, and Bhatnagar founded a patient experience software company while still in high school. The Indian government finally disseminated this software to ultrasound professionals.
“Involve [began] as a platform for employee involvement and volunteerism. As a customer-centric company, we created primitive AI scripts to identify churn risk and expansion possibilities in our user base. That proved to be really beneficial,” CEO Bhattacharya stated.
“When the pandemic struck and client retention became a hot subject, we made our platform available to businesses, and they liked it. That was our “aha” moment, and it was at that point that we decided to shift the firm to become an actionable customer intelligence platform, assisting the globe in becoming more customer-centric.”
involve.ai is an AI early warning solution that provides actionable insights and automation to customer teams, allowing them to minimize churn, enhance upsells, and improve customer experience. involve.ai was created in Santa Monica, California, with team members from San Diego, San Francisco, Austin, New Delhi, Manila, Buenos Aires, Ontario, and St. Petersburg, Russia, to mention a few. Involve.ai implements essential compliance controls and objects to protect your data’s security, confidentiality, and privacy.
They aim to be the market’s most highly trained, accurate, and automated consumer intelligence platform by 2025. They will continue to spend in developing new features and improving the overall consumer experience. They will also invest in our employees and offer them the skills and resources they need to advance personally and professionally. Their 100-year aim is to become a generational organization, creating 1 million employment opportunities for individuals to perform their best work while supporting their families.
AI for customer success
According to Bhattacharya, following the pivot, Involve was forced to create its own databases of the qualitative data that a customer success representative evaluates on a regular basis. These datasets were used to train the company’s prediction model, which considers nine criteria per business vertical to determine a customer’s performance with an organization.
“We saw there was a big problem for customer success companies that we could assist solve, but we needed to adopt a more qualitative vs quantitative approach to do so,” Bhattacharya stated. “We [also] had to uncover several elements that influence a customer’s success across multiple verticals.”
Involve’s Future Goals
The platform has attracted 22,000 paying clients in three years — revenue increased 480 percent from 2020 to 2021 — but Bhattacharya aims to reach 200,000 by 2023. Involve intends to implement new AI-driven workflows and improve its renewal sentiment classifier, which parses natural language to discover insights potentially beneficial to customer success, in the coming months.
Involve eliminates the huge losses that businesses incur as a result of poor customer service. Companies are under intense pressure to retain consumers and decrease turnover, which is made more difficult by the epidemic and made even more crucial by the advent of the subscription economy.
After COVID, every client matters, therefore businesses are looking for methods to reduce churn, expand, and provide a great customer experience to every customer, increasing the value of this platform. Involve, located in San Francisco, plans to grow to 58 workers by the end of the year and 120 by the middle of next year. The new round of investment takes the company’s total capital to $35 million.