UpdateAI, a Customer Success platform powered by ChatGPT, has successfully raised $2.3 million in a funding round led by IdealabX. Other participants included Stage Venture Partners, Zoom Ventures, a16z’s scout fund, and Howard Morgan. This funding round brings UpdateAI’s total financing to $4 million, following a previous raise of $1.7 million.
The platform, which generates Smart Summaries™️ of customer meeting notes and automates Customer Success (CS) follow-up workflows, aims to revolutionize the SaaS economy. “Customer Success is one of the most important commercial functions in any SaaS business. And yet CS teams are being asked to do more with less and with tools that are unfit,” said Josh Schachter, Co-Founder and CEO of UpdateAI. The funding will be used to roll out a solution that saves CS teams time, allowing them to invest in more strategic thinking and scaling of account coverage.
UpdateAI’s software, the result of two years of dedicated research and development, leverages proprietary conversational AI technology, integrated with ChatGPT, to identify and analyze the most critical signals for post-sales teams. The platform automates post-call tasks, such as sending follow-up emails to customers and sharing notes with systems like Salesforce.
The company’s long-term vision is to elevate the role of Customer Success teams by enabling them to utilize conversational data in a cross-functional manner. “Customer Success is often undervalued due to the difficulty in quantifying its core value: effective customer management,” explained Mickey Powell, Head of Go-to-Market at UpdateAI. “Our platform makes customer conversations measurable, shareable, and insightful.”
UpdateAI distinguishes itself from existing conversational platforms which primarily cater to Sales teams. The company envisions a future where account needs are closely monitored throughout the customer journey, significant call moments are seamlessly shared across teams, and unproductive customer meetings become a thing of the past.
“We are experiencing the dawn of a new era with the advent of generative AI technology,” expressed Howard Morgan, Investor and Board Director at UpdateAI. “This groundbreaking innovation holds immense potential to transform various industries, and we are thrilled to support UpdateAI’s vision of revolutionizing customer-centric operations.”
As part of its financing, UpdateAI has become the inaugural investment of CS Angel, an investment group consisting of top Customer Success leaders and operators. “We are thrilled that UpdateAI is the first investment made by CS Angel. Their innovative approach to addressing a significant industry challenge has garnered immense admiration from our investors,” said Gemma Cipriani-Espineira, the founder of CS Angel and former Chief Customer Officer at Chili Piper.
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