SAN JOSE, Calif .– (WIRE OF BUSINESS)-Neuron7.ai, a leading innovator in AI-powered customer and service software field, has raised $ 10 million in Series A funding led by Battery Ventures and Nexus Venture Partners. Bill Binch, Operating Partner at Battery Ventures, will help accelerate the company’s growth by joining its board of directors.
Customer organizations and the service field are greatly impacted by the following three industry trends:
- Lack of skill – An unprecedented lack of skills due to the tsunami of retired baby boomers, creating huge losses of “tribal knowledge” of products and customers
- Increasing complexity -Products such as high-tech electronics, medical devices, and industrial equipment manufacturing are becoming more complex and more difficult to support, every day
- Instant answers – Customers are increasingly asking for immediate answers, often through self-service portals and chatbots
These challenges are growing more acute with the economic downturn, and service operational efficiency and profitability will be more focused.
Neuron7 uses Artificial Intelligence (AI) and Natural Language Processing (NLP) to help service organizations overcome these challenges and greatly enhance service metrics such as first-time repairs, knowledge acquisition in the tribe, faster turnaround times, call diversion, and customer satisfaction. The Neuron7 Service Intelligence Platform is a cloud-based service that draws intelligence from the two largest sources of knowledge in an enterprise-its data and its people. This “Collective Intelligence” is made up of predictive actions that help people diagnose and resolve any issue in seconds, no matter how complex the issue is, and no matter how experienced the person serving is.
“Knowledge in a business is siloed. Support, field service, and engineering expertise are scattered across systems, data and experts,” said Niken Patel, CEO of Neuron7.ai. “Rethinking the way of acquiring and sharing knowledge/intelligence in enterprise loops, Neuron7.ai makes an enterprise-wide resolution system of record.”
The difference of Neuron7 is the end-to-end nature of its Service Intelligence platform, and how elegant you are the platform that captures tribal knowledge. Seamlessly integrated with existing customer service systems such as Salesforce Service Cloud, ServiceNow, and Microsoft D365, customers can start using the platform to address their immediate service pain points, in the channel they want pay close attention to.
New Neuron7 Customers and Product Innovations
Since its launch last year, Neuron7 has been deployed by Keysight Technologies, Xilinx, Parkview Healthcare, Softtek, and other leading companies.
Neuron7 also introduced several innovative new capabilities in the AI -enabled service:
- Smart Search – Understands the human context of questions to find the exact answer from within the company’s entire body of data and customer service documents
- Intuitive Diagnostics – Micro predictions at each step of the diagnostic process lead technicians to success for each issue in each product model and get “how” the technicians diagnosed and resolved each issue
- Intelligent Telemetry – Converts data sent by connected devices into actionable insights and preemptive maintenance recommendations
“We are excited to increase our investment and strengthen our partnership with Neuron7.ai,” said Abhishek Sharma, Managing Director at Nexus Venture Partners. “We like Neuron7’s vision of using AI and NLP to help customers resolve any issue in seconds and make customer service a revenue center.”
Neuron7 plans to use the new funding to grow the product and its customer success teams in the US and India. Both teams will enable Neuron7 to continue bringing innovative solutions to market that help customers as they move to results-as-a-service and predictive service business models.
“Neuron7 technology is a proven productivity enhancer for its customers. This leads to faster ticket resolution and reduces drag on customer agents — meaning customers are happier because their problem is resolved faster, ”said Battery’s Bill Binch. “I really admire the Neuron7 team and I hope to help them continue to scale, and to execute their broader vision.”
A good list of consultants in the domains helps the company create the right foundation for growth and innovation including Akash Palkhiwala (CFO, Qualcomm), John Capaldi (ex-SVP Sales Celonis & Qlik), Wenhao Liu ( NLP/AI expert, ex -Salesforce, Stanford), Ashish Agarwal (CEO, Neudesic Global Services).
To learn more about Neuron7’s intelligence services offered and current career opportunities, please visit neuron7.ai
About Neuron7.ai
Neuron7.ai helps businesses make accurate service decisions, on scale. Our AI-driven service intelligence platform delivers service predictions in seconds by ingesting and analyzing signals in structured and unstructured enterprise data, as well as input from leading expert. In complex service environments such as high-tech devices, manufacturing, and medical devices, Neuron7.ai helps service leaders deliver important metrics such as first call resolution, return time- interior, and service margins. https://www.neuron7.ai/
About Nexus Venture Partners
Nexus Venture Partners is a leading early stage venture capital firm that partners with exceptional entrepreneurs to build product -first companies. Under the management of $ 2 billion, Nexus works as a team across the US and India. Nexus portfolio includes Apollo.io, Aryaka, Clover Health, Delhivery, Druva, FingerprintJS, Hasura, H2O.ai, Infra Market, Kaltura, Mezi, MiniIO, Observe.ai, Postman, Pubmatic, Quizizz, Rancher, Sibros, Snapdeal, TileDB, Turtlemint, Unacademy, and Zomato. For more information, visit www.nexusvp.com or follow @nexusvp on Twitter.
About Battery Ventures
Battery partners with exceptional founders and management teams to build category -specific businesses in markets including software and services, enterprise infrastructure, online marketplace, healthcare IT, and industrial technology. Founded in 1983, the company supports companies at all stages, from seed and early to growth and purchase, and invests worldwide from six strategic locations: Boston; San Francisco and Menlo Park, Calif .; Tel Aviv; London; and New York. Follow the company on Twitter @BatteryVentures, visit our website at www.battery.com and find the full list of Battery company portfolios here.