UpdateAI – a ChatGPT-powered Customer Success platform that generates Smart Summaries of customer meeting notes and automates CS follow-up workflow – announced recently that it has raised a $2.3 million funding round led by IdealabX. And Stage Venture Partners, Zoom Ventures, a16z’s scout fund, and Howard Morgan also participated in the round. UpdateAI previously raised $1.7 million, bringing its total financing to $4 million.
The result of two years of dedicated research and development, UpdateAI’s software utilizes proprietary conversational AI technology, integrated with ChatGPT, to identify and analyze the most critical signals for post-sales teams. And the platform automates post-call tasks, such as sending follow-up emails to customers and sharing notes with systems like Salesforce. Even though the current product focuses on enhancing productivity, 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.
UpdateAI differentiates itself from existing conversational platforms which primarily cater to sales teams. And 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.
As part of the funding round, UpdateAI has become the inaugural investment of CS Angel, an investment group consisting of top Customer Success leaders and operators.
KEY QUOTES:
“With the current state of 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. With this funding we are rolling out a solution that saves CS teams meaningful time that can be invested into more strategic thinking and scaling of account coverage.”
— Josh Schachter, Co-Founder and CEO of UpdateAI
“UpdateAI allows me to stay completely present in my meetings. I don’t need to focus on taking notes or anything else outside of what is happening with my customer.”
— Jenny Calvert, UpdateAI user and Director of Customer Success at Hunt Club
“Customer Success is often undervalued due to the difficulty in quantifying its core value: effective customer management. Our platform makes customer conversations measurable, shareable, and insightful.”
— Mickey Powell, Head of Go-to-Market at UpdateAI
“We are experiencing the dawn of a new era with the advent of generative AI technology. This groundbreaking innovation holds immense potential to transform various industries, and we are thrilled to support UpdateAI’s vision of revolutionizing customer-centric operations.”
— Howard Morgan, Investor and Board Director at UpdateAI
“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.”
— Gemma Cipriani-Espineira, the founder of CS Angel and former Chief Customer Officer at Chili Piper
