SupportLogic Raises $12 Million to Accelerate Its Intelligent Support Platform
SAN JOSE, Calif., Aug. 19, 2020 /PRNewswire/ -- SupportLogic, the world's first intelligent support platform for customer support/success teams, announced today that it has raised $12 million of seed and series A funding, led by Sorenson Ventures. This latest series A round will help the company drive its market expansion and fuel customer acquisition efforts.
SupportLogic was founded in 2016 by Krishna Raj Raja. Krishna established VMware's office in India in 2004 and scaled that company's support functions across the globe. That experience exposed him to collaboration challenges between technical support, engineering, and product teams, and SupportLogic emerged to fill that gap.
SupportLogic's intelligent support platform helps Chief Customer Officers and VPs of Customer Support/Success extract the voice of the customer from the company's existing data — no need to run expensive survey programs anymore. SupportLogic reads every support ticket using natural language processing and deep neural network methodologies. The software extracts sentiment and other latent signals, then maintains context across ticket boundaries.
SupportLogic has enabled organizations to reduce their operational costs by 35%, reduce costly customer escalations and appeasements by up to 40%, and reduce mean time to resolution by 25% while helping them to scale their teams and increase customer satisfaction. By easily syncing with your existing ticketing systems, this next-generation technology provides prescriptive recommendations, intelligent workflows, and seamless integration with collaboration software. A number of global companies have deployed SupportLogic's technology long-term, including Nutanix, Rubrik, and Databricks.
"The role of support has changed due to the rise of SaaS, the subscription economy, and product-led growth. Companies must iterate their products faster than ever before, and customer churn has become a monthly concern," Krishna says. "70% of customer engagement happens via support and support dataset contains valuable insights about how customers feel about the product. It's critical to extract signals from this dataset and foster collaboration between support, sales, customer success, and product teams. This trend has only been further driven by the recent global pandemic — organizations are forced to rethink their product strategy and look for tools that facilitate remote collaboration."
"The core functionality of CRM systems hasn't changed in years," says Tim Guleri, managing partner at Sierra Ventures. "SupportLogic's unique approach in extracting signals from unstructured data and letting organizations collaborate on these signals was very exciting to see and we saw an opportunity for new category creation in this space." (Tim built two successful companies in the CRM space — Scopus was acquired by Siebel and Octane Software was sold to Epiphany for $3.2 billion.)
"With the world moving into the subscription economy, churn and customer retention is a top priority for organizations," says Ken Elefant, managing partner at Sorenson Ventures. "The role of systems of record has to change from static, reactive bookkeeping to a proactive recommendation engine. SupportLogic's unique approach to this problem space and the technology that they have built to extract signals from existing systems of record really excited us."
SupportLogic's latest series A round combined with its earlier seed round brings the company's funding to $12 million. In addition to Sorenson and Sierra Ventures, SupportLogic has previously attracted top-tier angel investors like Bogomil Balkansky, Gokul Rajaram, Jocelyn Goldfein, and Ankur Jain.
About Sorenson Ventures
About Sierra Ventures
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