SupportLogic, an AI startup based in California, has raised $50 million in Series B funding to expand its support experience management platform.
The oversubscribed round, which was co-led by WestBridge Capital Partners and General Catalyst, brings the total funding raised by the startup to $62 million. Existing investors Sierra Ventures and Emergent Ventures also doubled down by participating in the round. Sumir Chadha, Co-Founder and Managing Director at WestBridge Capital Partners, referred to the firm’s participation in the round by stating:
“We were drawn by the high caliber of SupportLogic customers, who were all strong advocates for the value they get. We invest for the long term and believe that SupportLogic is in a unique position to lead a new era focused on support and service experience, and we see significant growth opportunities ahead.”
Founded in 2016 by Krishna Raj Raja, SupportLogic is looking to change how corporations approach customer service by harvesting the potential of Artificial Intelligence (AI) to enhance human-to-human communication. Named as one of CRN Magazine’s 10 Hottest AI Startups of 2021 and a “Hot Startup to Watch” in the 2021 Big50 Startup Report, the startup has experienced rapid growth over the years as a result of increasing adoption by leading companies like Cloudera, Databricks, Fivetran, Khoros, Nutanix, Qlik, and Rubrik.
SupportLogic’s customers are reporting impactful results in the performance of its operations, including a 40% reduction in customer escalations and a 60% reduction in case time review. Now, SupportLogic is looking to sustain its growth by focusing on platform innovation to provide its customers with added value. Krishna Raj Raja, Founder and CEO of SupportLogic, said in this regard:
“Improving the customer support experience is key to protecting and growing revenue, and SupportLogic is the first solution purpose-built for support and service teams that prevents customer escalations and reduces case backlog to improve overall service levels. Our high customer demand for our solutions and this oversubscribed funding round indicate strong market validation. We will use these funds to drive growth and develop new product offerings that expand our value to the market.”
AI is now being widely applied to diverse industries and use cases, with about 56% of service decision-makers already showing an interest in it. However, the solution developed by SupportLogic aims to stand out by using Natural Language Processing (NLP) to obtain data on customer sentiment while also using contextual intelligence to improve the interpretation process, allowing organizations to take a proactive stance towards customer service.