Neuron7 Raises $10 Million Series A Funding to Revolutionize AI-Powered Customer Service, Led by Battery Ventures and Nexus Venture Partners
Neuron7.ai , a leading innovator in AI-powered customer and field service software, has raised $10 million in Series A funding led by Battery Ventures and Nexus Venture Partners .
Neuron7.ai, a leading innovator in AI-powered customer and field service software, 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.
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Neuron7 co-founders Niken Patel, left, and Vinay Saini. (Photo: Business Wire)
Customer and field service organizations are significantly impacted by the following three industry trends:
- Skills shortage - An unprecedented skills shortage due to a tsunami of baby boomers retiring, creating huge losses of “tribal knowledge” of products and customers
- Increasing complexity - Products such as high-tech electronics, medical devices, and industrial manufacturing equipment are growing more complex and harder to support, every day
- Instant answers - 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.
Neuron7 leverages Artificial Intelligence (AI) and Natural Language Processing (NLP) to help service organizations overcome these challenges and greatly improve service metrics like first-time fix, tribal knowledge capture, faster turnaround times, call deflections, and customer satisfaction. The Neuron7 Service Intelligence Platform is a cloud-based service that extracts intelligence from the two biggest sources of knowledge in an enterprise – its data and its people. This “Collective Intelligence” is turned into actionable predictions that help people diagnose and resolve any issue in seconds, no matter how complex the issue, and no matter how experienced the service person is.
“Knowledge in an enterprise is siloed. Support, field service, and engineering expertise is spread across systems, data and experts,” said Niken Patel, CEO of Neuron7.ai. “Re-thinking the way knowledge/intelligence is captured and shared across silos in the enterprise, Neuron7.ai creates an enterprise-wide resolution system of record.”
Neuron7’s differentiation is the end-to-end nature of its Service Intelligence platform, and how elegantly the platform captures tribal knowledge. Seamlessly integrated with existing customer service systems like 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 to focus on.
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 has also introduced several groundbreaking new AI-powered service intelligence capabilities:
- Intelligent Search - Understands the human context of questions to find the exact answer from within a company’s entire body of customer service data and documents
- Intelligent Diagnostics - Micro predictions at each step of the diagnostic process lead technicians to success for every issue across every product model and capture ”how” technicians diagnose and solve each issue
- Intelligent Telemetry - Converts data sent by connected devices into actionable insights and preemptive maintenance recommendations
“We’re thrilled to be increasing our investment in and strengthening 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 within seconds and turn customer service into a profit center.”
Neuron7 plans to use the new funding to grow its product and customer success teams in the US and India. Both teams will enable Neuron7 to continue bringing innovative solutions to the market that help customers as they move to outcome-as-a-service and predictive service business models.
“Neuron7’s technology is a proven productivity enhancer for its customers. It leads to faster ticket resolution and reduces drag on customer agents—meaning customers are happier because their problem is solved faster,” said Battery’s Bill Binch. “I am so impressed with the Neuron7 team and look forward to helping them continue to scale, and to execute on their broader vision.”
A stellar list of advisors across domains are helping the company to 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 service intelligence offerings and current career opportunities, please visit neuron7.ai
About Neuron7.ai
Neuron7.ai helps enterprises make accurate service decisions, at scale. Our AI-driven service intelligence platform delivers service predictions in seconds by ingesting and analyzing signals across structured and unstructured enterprise data, as well as input from top experts. In complex service environments such as high-tech devices, manufacturing, and medical devices, Neuron7.ai helps service leaders deliver on crucial metrics like first call resolution, turn-around time, and service margins. https://www.neuron7.ai/
About Nexus Venture Partners
Nexus Venture Partners is a leading early-stage venture capital firm partnering with extraordinary entrepreneurs to build product-first companies. With $2 billion under management, Nexus operates as one team across the US and India. Nexus portfolio includes Apollo.io, Aryaka, Clover Health, Delhivery, Druva, FingerprintJS, Hasura, H2O.ai, Infra Market, Kaltura, Mezi, MinIO, 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 develop category-defining businesses in markets including software and services, enterprise infrastructure, online marketplaces, healthcare IT, and industrial technology. Founded in 1983, the firm backs companies at all stages, ranging from seed and early to growth and buyout, and invests globally from six strategic locations: Boston; San Francisco and Menlo Park, Calif.; Tel Aviv; London; and New York. Follow the firm on Twitter @BatteryVentures, visit our website at www.battery.com and find a full list of Battery's portfolio companies here.
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