SupportLogic Announces $50 Million Series B Funding From WestBridge Capital And General Catalyst

New Investment Will Fuel Continued Growth and Expand SupportLogic’s AI-Based Platform That Improves the Customer Support Experience

SupportLogic, creator of the world’s first proactive support experience (SX) platform, announced it has closed a $50 million Series B funding round, led by WestBridge Capital Partners and General Catalyst. Existing investors Sierra Ventures and Emergent Ventures also participated in this new funding round.

Recommended AI News: GrayMatter Robotics Awarded $1 Million from the National Science Foundation

The funding will support and accelerate SupportLogic’s growth and ongoing platform innovation, providing organizations with an artificial intelligence (AI)-based, next-generation service solution. This platform allows businesses to understand and act on the “voice of the customer” in real-time to enhance customer service and support, which helps to build brands, improve operational efficiency, and protect and grow revenue.

Recently, SupportLogic was named to CRN Magazine’s 10 Hottest AI Startups of 2021 list and was named a “Hot Startup to Watch” in the 2021 Big50 Startup Report. A number of leading enterprise companies are already using SupportLogic SX, including Cloudera, Databricks, Fivetran, Khoros, Nutanix, Qlik, Rubrik, Snowflake and others. Some customers have reported significant results from their use of SupportLogic, including:

• 40 percent reduction in customer escalations
• 25 percent reduction in customer churn
• 60 percent reduction in case time review
• 35 percent reduction in operational expenses

SupportLogic was initially developed to augment support ticketing systems by extracting underlying customer sentiment signals from unstructured data using Natural Language Processing (NLP) and surfacing insights and predictions. This intelligence allows managers and executives to prioritize and assign cases to the right agents and preemptively prevent escalations. In February 2021, the company launched Agent SX, providing an easy-to-use console that delivers more context and insights on backlog cases to improve the quality of agents’ responses. In addition, it can adjust future caseloads and provides real-time performance metrics and coaching.

Supporting Quotes

“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,” said Krishna Raj Raja, founder and CEO of SupportLogic. “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.”

“Businesses in all industries are challenged by the need to retain and grow customer relationships, and this has been especially exacerbated during the pandemic era. The ability to assist and enhance customer service teams using AI can elevate a company’s performance and make the difference between success and failure,” said Sumir Chadha, Co-Founder and Managing Director at WestBridge Capital Partners. “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.”

Recommended AI News: Ripple and Nelnet Announce $44 Million Clean Energy Fund for a More Sustainable Future

“Today, more than ever, support teams have a direct impact on customer retention and growth. Harnessing and acting on customer signals in real-time is key,” said Trevor Oelschig, Managing Director at General Catalyst. “We invest in companies with a unique vision that have the potential to innovate in large markets. This is a common theme we’ve found with companies we’ve invested in like Stripe, HubSpot, Contentful, Fivetran, and Samsara. SupportLogic has seen tremendous traction with enterprise customers and their AI technology is changing how support and service teams operate and improve the customer experience.”

“Continually looking to improve the Customer Experience (CX) is a key element in Snowflake’s DNA. SupportLogic enables visibility into how we’re delivering it in real-time, over thousands of customer interactions per day,” said Angus Klein, VP of Global Support at Snowflake. “With this platform embedded in our operations, we have an early warning system to get ahead of our emerging customer challenges and provide critical customer perspectives to our support engineers. SupportLogic raises our collective intelligence to focus our time and resources on things that matter most to our customers.”

“Historically, the valuable data inside support interactions has been largely ignored by companies, leaving it trapped in the CRM,” said Paul Greenberg, president of The 56 Group and author of the best-selling book CRM at The Speed of Light: Social CRM Strategies, Tools and Techniques for Engaging Your Customers. “Unlocking that data can provide a huge amount of insight not only towards improving the support experience, but also in driving actionable recommendations for product development and even sales and marketing teams. It’s great to see that SupportLogic is addressing this opportunity head-on and I congratulate them on this funding round.”

Recommended AI News: Crown Electrokinetics Acquires 10 Patents from IBM

[To share your insights with us, please write to sghosh@martechseries.com]