Aquant Announces $70 Million Series C Funding Round to Revolutionize the Service Industry Using Artificial Intelligence
Aquant, the leading Service Intelligence Platform that gives service leaders, reps and teams the most vital information they need for every situation, has raised $70 million in Series C funding. The investment will support the growth and advance its industry-leading service intelligence technology.
The funding round was led by Qumra Capital, Insight Partners and Pitango Growth. Previous investors Lightspeed Venture Partners and Angular Ventures also participated in the round, along with new investors Schneider Electric Ventures and Claltech.
Aquant has now raised a total of $110 million. The company will use the fresh capital to support its rapid growth and expand use cases as it strengthens its position as the service intelligence leader in every market for every company that provides service. To accelerate its global expansion, Aquant will grow its engineering, client services and go-to-market teams, adding positions in the US, Europe and Israel. The funding will also drive the continuous innovation of its Artificial Intelligence platform, including the development of cutting-edge technology that combines structured and unstructured data and harnesses the tribal knowledge of experts.
“To win the service game today, it’s not enough to just solve problems anymore,” said Shahar Chen, CEO and co-founder of Aquant. “Companies must also provide a stellar service experience. And when providing a stellar experience, service becomes more than just “maintenance” for customers – it becomes magic.”
Using deep service expertise and specialized Natural Language Processing (NLP), Aquant understands all service data, combines it with tribal knowledge, and provides service leaders, technicians, and reps with the most vital information they need, exactly when they need it.
Service has largely remained the same for decades, but is now at a turning point. Companies are seeking to transform the way they deliver service, with service leaders expected to deliver exceptional service to differentiate the brand. They are also being asked to provide customer insights, derived from service data, to help executives and front line managers make strategic business decisions across all lines of business, including service, product development, sales, and more.
Aquant’s rapid growth is a direct result of how it’s helping companies of all sizes make these transformative changes. The company gives service leaders needed insights into their business, enabling them to make proactive, data-driven decisions, identify at-risk customers, understand asset performance, identify compliance risks, and more. The AI-powered technology is also helping to erase the talent shortage by providing the entire workforce access to information that was previously siloed in databases or held in the minds of long-tenured technicians.
Leading market researchers like Gartner Research have noted the unfulfilled need to leverage service intelligence throughout the industry, citing the powerful potential of machine learning and data mining to increase field service efficiency.
Aquant’s proprietary service intelligence platform harnesses Artificial Intelligence to ingest unstructured data, tribal knowledge, and industry insights. This combination gives service leaders meaningful insights into the state of their organization, enabling them to make data-driven decisions. It also empowers service technicians to be at the right place with the right knowledge and the right parts at the right time to solve technical problems immediately. Making every Aquant-powered customer experience a magical service interaction.
“Aquant is revolutionizing service intelligence and is well-positioned to lead this large market given their domain expertise and data savviness. Their technology enables companies to focus on what they’re good at, alleviating one of the most serious business challenges today,” said Sivan Shamri Dahan, managing partner at Qumra Capital. “We’re very excited to partner with them as they continue their rapid growth in order to significantly improve service experiences.”
Service intelligence solves an increasingly problematic talent shortage in the field service industry, providing new hires access to decades of technical knowledge, account data and service history at their fingertips. As Baby Boomers continue to retire from technician roles and younger Millennial and Generation Z employees fill their positions, sharing knowledge and employing data effectively will be increasingly important.
“Customers trust Aquant’s AI-enabled offering, as unlike generic AI solutions, it is tailored to the service vertical’s needs and delivers clear ROI from day one,” said Idit Muallem-Yedid, partner at Pitango Growth, who’s joining Aquant’s Board. “Aquant’s insights shed light on areas traditionally perceived as blind spots in service operations and experience. I am excited to be part of Aquant’s journey, as it continues to bring value to all stakeholders of the service experience and roll out additional solutions highly anticipated by its customers.”
“We look forward to working with our new investors as we enter an important growth phase,” said Assaf Melochna, president and co-founder of Aquant. “The service industry is on the cusp of once-in-a-lifetime advancements, and helping these companies transform service by providing critical business insights is built into Aquant’s DNA.”
The company works across a number of industries, including medical device manufacturers, food equipment manufacturers, capital equipment manufacturers, industrial automation and appliances. Its clients include Siemens Healthineers, The Home Depot, 3D Systems, and Sysmex, among others.
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