Capacity Raises $11 Million in Series C Financing

Capacity has announced $11 million in Series C funding, amounting to the total value of 34$ million. The firm’s revenue grew tripled in the years 2020 and the capital has been raised or reinvested by initial investors, angel investors, customers, primarily from Midwest sources. 

The need for such kind of intelligent help desk comes from the fact that around 60 percent of the data from organizations is never utilized. Additionally with the world working from home, the digital transformation projects have sped up to meet the organizational demand. 

Capacity helps users to find the information that they seek and then employ it with independent workflows. The helpdesk uses NLP and mines businesses’ data to deliver information through the chatbot interface. The chatbot carries the ability to answer over eighty-four inquiries without any human intervention. 

Recommended AI News: Apptio Named a Leader in Cloud Cost Management Optimization by Independent Research Firm

“Because of the way our society is moving, organizations can’t limit their customer service – or employee service – to the eight-hour work day,” said David Karandish, Capacity’s CEO. “Companies must add automation to their tech stacks to keep up with customers. With our Series C, we’re taking Capacity’s power to the next level so organizations can spend less time on level zero questions and processes and more time on value-adding tasks. We all know how helpful virtual assistants like Siri can be and it’s time that they enter the workplace.”

It creates a knowledge base that automates desks, workflows, and choices through knowledge and interaction within a company. In the knowledge base, Capacity includes alerts when multiple responses to a question are identified and seeks to find the right answer and to decide whether it is applicable to specific team members. If no answers are found, the helpdesk escalates the matter to the internal team via live chat or a ticket. Afterward, the answer to the question is added to the Capacity knowledge base. 

“It was a no-brainer to reinvest in Capacity,” said Nick Smith, founder, and managing partner of Rice Park Capital Management LP. “As investors, we see just how much the executive team also invests in the company, betting on themselves. David is an intentional leader, keeping the company close to the vest purposefully to create a better organization. What his team is doing has the potential to help organizations scale processes more efficiently than ever. And, who doesn’t love a bot that can actually get your questions answered or kick off a needed process, not just take you through a decision tree to nowhere.”

Recommended AI News: Ingram Micro Selects OneStream Software to Streamline Complex Finance Operations

The Series C funding also marks the Capacity’s win for Most Fundable Company by the Pepperdine Graziadio Business School. It performed against 4500 early US companies to win the distinction and became one of the 20 US startups to earn a spot on this prestigious list. 

It was also bestowed within the B2B category of the National Venture Plan Competition where it competed against 200+ other companies to be named one of the 10 category winners. 

Going ahead, our reliance on data is going to get bigger. However, structuring the unstructured data has been one of the world’s biggest challenges. Around 85% of Stored Data Is Either Dark or Redundant, Obsolete, or Trivial. Data overload is also esteemed to cost organizations up to $3.3 Trillion Cumulatively by 2020. 

Gartner reported that around 35% of large organizations will be either sellers or buyers of data via formal online data marketplaces by By 2022. More than 33% of large organizations will have analysts practicing decision intelligence by 2023. And by 2024, 75% of organizations will transition to operationalizing artificial intelligence (AI).

Recommended AI News: CyberSheath Selected to Join Microsoft Intelligent Security Association