TechSee Closes $30M Series C Investment Round to Accelerate Growth
Company plans to bring AI-powered computer vision tech to new markets
TechSee, the category leader in Intelligent Visual Assistance, announced it has raised $30 million in a Series C equity investment round. The round was co-led by OurCrowd, Salesforce Ventures, and TELUS Ventures with participation from Scale Venture Partners and Planven Entrepreneur Ventures.
Founded in 2015, the Tel Aviv-based company has grown rapidly by reducing customer friction points for enterprises. Its Visual Assistance technology bridges the visual gap in customer service, allowing customers and technicians to receive real-time AR guidance on their smartphone or tablet screens in assisted service or self-service mode. The company is also innovating in the field of Computer Vision AI with technology that can provide visual guidance to users installing, operating, or troubleshooting networking devices, smart home products, home appliances, and more. TechSee’s AI platform can automatically identify components, ports, cables, LED indicators, and more to detect issues and suggest resolutions for consumers, contact center agents, and field technicians.
“There has been a significant increase in demand for contactless customer service technologies propelled by COVID-19 social distancing requirements and the acceleration of digital transformation projects,” said Eitan Cohen, CEO of TechSee. “Our Visual Automation technology is at the heart of it, and now that momentum is growing exponentially as businesses seek to reduce costs and optimize customer experience strategies in the current environment. Our vision is to get rid of the user manual and replace it with dynamic AR assistants.”
TechSee’s solutions have become critical during the COVID-19 pandemic as enterprises seek ways to resolve customers’ issues without jeopardizing health and safety; dispatching field service technicians or allowing them to enter people’s homes is, in many cases, no longer viable. Even when in-person visits are feasible, businesses are actively seeking ways to reduce truck rolls in favor of remote resolutions that are more cost effective and efficient. TechSee recently announced a commercial partnership with Verizon to address this issue by bringing visual assistance to customers.
Additional commercial partnerships include Vodafone, Orange, Liberty Global, Accenture, Hitachi, and Lavazza, among others.
“Remote Visual Assistance is becoming an imperative technology for any customer-centric enterprise operating at scale,” said Alex Kayyal, Partner & Head of International, Salesforce Ventures. “The potential upside for the business and the customer is difficult to ignore. This industry has fundamentally shifted, and we’re excited by the innovation TechSee is bringing to the market in the area of customer assistance.”
TechSee addresses many of the issues that have historically plagued contact centers and field service operations. Its technology reduces customer effort, cuts costly truck rolls and product returns, improves the productivity and efficiency of support agents and technicians, and decreases call volume by enhancing self-service, in some cases saving companies hundreds of thousands of dollars per month while improving customer satisfaction and employee engagement.
“We couldn’t be more delighted with the progress TechSee has made since OurCrowd initially provided seed funding in 2017,” said OurCrowd CEO, Jon Medved. “While this company has already come a long way, we know the best is yet to come.”
The capital injection will be used to enter new markets and verticals while expanding TechSee’s product offerings and capabilities.
“Innovators like TechSee are revolutionizing the customer journey to deliver real value and meaningful improvement through digital transformation,” said Rich Osborn, managing partner, TELUS Ventures. “Our investments in market-leaders like TechSee aim to support the development of secure, innovative technologies to improve the customer experience which perfectly aligns with our corporate philosophy to put Customers First. We look forward to helping enable these future innovations.”
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