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AI-powered customer support analytics platform SupportLogic as we speak introduced that it raised $50 million in collection B funding led by WestBridge Capital Companions and Basic Catalyst, with participation from Sierra Ventures and Emergent Ventures. CEO Krishna Raj Raja says that the funds, which convey SupportLogic’s whole raised to over $62 million, will probably be put towards supporting the corporate’s progress and ongoing platform growth.
Santa Clara, California-based SupportLogic was based in 2016 by Krishna Raj Raja, an early help engineer at VMware and the primary worker on the firm’s India workplace. Raja says he noticed firsthand that buyer intent indicators have been getting misplaced amid organizational silos and buyer relationship administration and help ticketing programs.
“[I] based SupportLogic with the mission to rework the position of buyer help as a proactive change agent inside firms by with the ability to seize and act on the true voice of the shopper to develop and defend buyer income,” Raja advised VentureBeat by way of electronic mail. “Our new funding will assist SupportLogic so as to add extra buyer interplay channels to the answer set — for instance, a number of information sources akin to chat, voice, dialogue boards, surveys, and emails. We can even broaden our agent teaching and buyer well being administration capabilities.”
AI-powered customer support
The pandemic introduced into sharp aid the worth of AI in customer support operations. Gartner predicts that 15% of all customer support interactions globally will probably be absolutely powered by AI in 2021. And in line with Deloitte, 56% of firms are investing in conversational AI technology to enhance cross-channel experiences.
SupportLogic makes a speciality of extracting buyer indicators from enterprise communications with case analysis and agent teaching instruments. Utilizing pure language processing, the platform offers suggestions to managers to get forward of escalations and helps to establish the very best circumstances in a backlog to overview. SupportLogic additionally offers clever case routing, utilizing its AI engine to find out the very best out there agent to deal with a case based mostly on components like sentiment and churn danger. Furthermore, the corporate’s product helps non-support capabilities, together with product administration, providing visibility to buyer challenges that purchasers can act on.
Above: SupportLogic’s customer support analytics platform.
Picture Credit score: SupportLogic
“Off-the-shelf sentiment evaluation and entity extraction machine studying fashions are educated on a very completely different corpus and don’t work on these datasets. A lot of the instruments on this area give attention to case deflection use circumstances, akin to chatbots, robotic course of automation, and information administration,” Raja stated. “As such, there haven’t been any software-as-a-service options that do what SupportLogic does to this point. In truth, a lot of our prospects initially began down the trail of constructing their very own options and SupportLogic usually displaces these homegrown initiatives.”
SupportLogic designed its platform utilizing an ensemble technique — a machine studying method that mixes a number of base fashions to be able to produce one optimum predictive mannequin — operating on Google’s BERT. Skilled from hundreds of thousands of buyer interactions, the mannequin and its predictions are personalised for every buyer, leveraging a core sign extraction engine constructed on a standard framework.
SupportLogic claims that it has a number of thousand customers throughout “many massive enterprise accounts.” In 2021, the startup’s buyer base grew 300%, whereas the variety of interactions analyzed by its AI grew from 15 million in 2020 to over 60 million in 2021, the corporate says.
“When the pandemic hit, like in each different trade, we thought we’d be negatively affected. However surprisingly, we weren’t,” Raja stated. “The help engineers of our prospects all began to work extra remotely and collaboratively. SupportLogic delivered an instantaneous profit for these organizations — e.g., agent teaching turned simpler to do … We additionally developed the product to assist our prospects to handle the affect of the pandemic inside their very own companies. For instance, a couple of prospects requested us to assist them monitor pandemic-related key phrases like ‘COVID 19’ that we shortly turned on inside our product.”
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