UpdateAI, a chat-based tool for customer success management, has recently secured $2.3 million in funding through a new financing round. The round was led by IdealabX and featured participation from investors like Zoom Ventures, a16z’s scout fund and Howard Morgan. The AI-based platform uses ChatGPT for generating intelligent summaries of customer notes, and helps automate post-call duties like sending follow-up emails to customers etc. The company aims to revolutionize customer-centric operations across industries by making customer conversations measurable, shareable, and insightful.
The innovative platform is unique in its approach to addressing an essential industry challenge. CEO Josh Schachter explained that the software frees up meaningful time for customer success teams to invest in broader account coverage and strategic thinking. The addition of chat-based software into the customer success realm has led to better engagement in meetings and allows customer success professionals to stay present in meetings without any distractions.
The platform’s potential lies in the ability to monitor account needs throughout the customer journey, making it a tool that caters to sales teams as well. With the increase in SaaS businesses, it has become a critical commercial function in the industry. However, the current tools are unfit for the demands and requirements necessitated by the customer success realm. UpdateAI bridges this gap effectively.
UpdateAI has now become the inaugural funding of CS Angel, an investment group consisting of top Customer Success leaders and operators. The company plans to invest in the development of their software, building solutions that enhance productivity in the customer success realm further. The company’s vision is to elevate the role of Customer Success teams by enabling them to use conversational data uniquely in a cross-functional manner, with unproductive customer meetings becoming a thing of the past.
Howard Morgan, Investor, and Board Director at UpdateAI, spoke of the groundbreaking innovation that generative AI technology presents. He further expressed his enthusiasm to support UpdateAI’s vision of transforming customer-centric operations.
Taking into account the current state of the SaaS economy, there is no doubt that customer success has become one of the most crucial commercial functions in any SaaS business. With the recent funding announcement, UpdateAI could transform the industry further, making it easier for businesses of all sizes to improve their customer success operations.
