Neuron7 Series A Funding,
A Look Back, and a Look Ahead
Today I am excited to announce the beginning of a new chapter in Neuron7’s story, with a $10M Series A funding round, new team members, new customer service AI innovations, and most importantly, new customers!
Founded on a New Vision for Customer Service Efficiency
Neuron7 has come a long way since we started Neuron7 in 2020 along with my core founding team of Vinay Saini and Amit Verma. Prior to launching Neuron7, we had implemented customer service systems at hundreds of large companies and had seen so many of them collect massive amounts of customer service data yet struggle to use it effectively. It would become stale very quickly, and the real insight on how to resolve issues was spread across multiple service silos, and often, in experts’ heads. It was frustrating; the intelligence to resolve all the issues was stored in those systems, they just could not find it.
This seemed like a great problem for AI and Natural Language Processing (NLP) to solve.
So, we began a mission to help enterprises use AI to diagnose and resolve any issue, even really complex ones, in seconds. Our vision was to use the latest breakthroughs in customer service AI and NLP to extract intelligence from the two biggest sources of knowledge in an enterprise – its data and its people, and share it across all tiers of service. This approach of leveraging “Collective Intelligence,” helps enterprises raise crucial service metrics like tribal knowledge capture, first call resolutions, lower turn-around-time, greater call deflections, and customer service profitability.
New Neuron7 Customer Deployments
By 2021, the AI-powered Neuron7 Service Intelligence platform was being piloted at customers. Our customers are in industries where service is critical and complex. Global support organizations with hundreds or thousands of products and technicians, supporting high-tech devices with embedded software. Neuron7 helps customers make service more profitable and responsive to customers.
In recent months, we have seen Keysight Technologies, Xilinx, Parkview Healthcare, Softtek, and other companies deploy the Neuron7 platform. We are excited to see Neuron7 fulfilling our vision and helping global service organizations improve metrics end to end, from customer support to field service and self-service, and even on the back lines, in engineering and product. Going across silos means that we can bring the learnings from field service and engineering to the front-end support tiers and vice versa, creating a true resolution system of record.
New Funding, New Innovations
The Series A funding was led by Battery Ventures and Nexus Venture Partners. Both firms took part in Neuron7’s seed round funding last August, and are increasing their investments based on the progress we have made over the last ten months. They have been great partners in our journey so far.
The funding will be used to help us grow our go-to-market and product teams. It will enable us to continue bringing innovative solutions to the market that will help customers as they move to outcome-as-a-service and predictive service business models. Recent innovations include new Intelligent Search, Intelligent Diagnostics, and Intelligent Telemetry modules for the Neuron7 Service Intelligence platform.
Welcome New & Future Team Members
We have also recently welcomed some new team members to help with our next phase of growth. As announced today, we welcome Battery Ventures Operating Partner, Bill Binch as a Neuron7 board member. Bill is a veteran of the enterprise software industry and has been instrumental in scaling category-defining companies like Marketo and Pendo.io.
In addition, we have brought on a stellar list of advisors to help us create a solid 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), and Ashish Agarwal (CEO, Neudesic Global Services).
We are also excited to announce that Liz Wakefield has joined the team this week as our VP of Marketing.
If you would like to join the Neuron7 team, please check out our open positions. We are actively hiring in the US and India.
A Transformational Era in Customer Service
The recent pandemic drove millions of baby boomers into early retirement according to this study by the Federal Reserve Bank of St. Louis. As a result, enterprises are facing an unprecedented skills shortage today, and each resignation from customer service results in the loss of valuable tribal knowledge.
On top of that, products such as high-tech, medical devices, and industrial manufacturing equipment are growing more complex and harder to support, every day. And customers increasingly demand instant answers, often via self-service portals and chatbots. These challenges are growing more acute with the economic downturn looming, and service operational excellence and profitability will be even more in focus.
Fortunately, technologies like AI and NLP are here to help. Customer service productivity and collective intelligence building tools like Neuron7 make new employees as productive as experts and increase customer service KPIs across all tiers of service.
We believe it is important for AI to go way beyond analytics and high-level AI predictions. We do not want to just give you a report card that shows how your service organization is doing – we want to help you change your report card by impacting your most crucial service metrics.
If you would like to learn more about how Neuron7 can benefit your organization, let us know. We are happy to help.
See What Neuron7 Can Do For You...
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