Published on : Feb 23, 2018
A gratifying customer service delivery is no easy task filled with several pain points both for businesses across industries and their customers. While repetitive requests may get mundane for human representatives, a delayed and unsatisfying response to unique queries may get overly frustrating for customers. Against this background, companies offering AI-powered and machine learning solutions are developing customer service bots, blending technologies with humans. A number of interested players and venture capitalist firms have recently upped their investments to accelerate the development. To this end, Agent IQ, Inc. a provider of AI-based customer service solution based in San Francisco, California, has secured US$6.3 million in Series A round of funding. With this funding, the total investment is estimated at US$8.5 million. The funding is notably led by Sierra Ventures, a privately held venture capital firm, with CRCM and Rubicon Venture Capital taking an active participation in the round.
AI-based Customer Service Platform to help make Conversation Engaging
Agent IQ operates a customer communication platform powered by AI and its platform is used by companies such as Procter & Gamble (for its Gillette brand), Airbnb, Nike Inc. to bolstering their customer services. The startup acknowledged that neither bots nor human agents alone can prove sufficiently reliable to solve this puzzle, but a mix of two is essential for an intimate one-to-one conversation. The AI-enhanced customer engagement platform is used by the companies to facilitate more engaging conversation and at scale.
Funding to Focus on Fortifying Customer Success Teams
Using the bot platform, human agents can handle a wide variety of simple, mundane requests while they can sharpen their focus to more analytical tasks. Agent IQ also believes that AI and machine learning technologies that its platform employs can be used to shape their response by learning on knowledge-based articles.
The startup isn’t oblivious of the tough competition it is facing from stalwarts such as Oracle and Salesforce but gleefully states that their products surpass the benefits by offering closed loop AI learning. The substantial funding will be used by the startup to consolidate sales and expand its customer success teams.