Oct 12, 2021
Great Things From Small Beginnings: Our Next Chapter
Customer SentimentService ExperienceCustomer Support
When I founded SupportLogic, I set out to solve a simple issue: businesses were overlooking the incredible value found in customer interactions. Customer interactions contain valuable information about what customers want, why they are unhappy and what can be done to improve your product and service offering, if they are likely to churn or if there are up-sell and cross-sell opportunities. This treasure trove of information is unfortunately lost in silos of different systems of record and within the brains of customer support and field employees.
The idea of supportlogic started with a simple question, what if we can build a system that can extract signals from every customer interaction, maintain historical context and provide real-time recommendations.
While all this seems a perfectly “logical” observation – not all great ideas in tech pan out to be potential winners. Great ideas that do not align with timing and market needs have consistently failed. Timing is everything, the technology has to be ready and the market should be ready for your solution. We know that the market timing has been on our side. We are living in an “everything as a service” subscription economy where landing a customer is not just sufficient anymore but companies need to retain and grow the account after they land it.
Post-land support experience is now revenue-critical. The irony is that there are over 8,000 startups focusing on helping companies to land the customer but only a handful are focussing on post-land experience. Secondly, the technology to process unstructured data has really matured. The recent advances in Deep Neural Networks, NLP has really now made it possible to extract signals and semantics out of unstructured data. Gone are the days where you have to solely rely on metadata.
This premise and great validation from our early customers led us to raise our series A in November of 2019 just months before the pandemic. This pandemic has been hard on all of us. And for businesses customer retention and support experience became even more critical. Our ability to align with the needs of the market coupled with our unique technology triggered some fast, exponential growth. And that got the attention of a lot of venture capital firms.
Today I am proud to announce that we have closed our Series B funding, in the amount of $50 million, led by WestBridge Capital and General Catalyst. Our existing investors and our bullish believers since day one – Sierra Ventures and Emergent Ventures are also participating in this round. This funding is a huge milestone for us and massive validation of our vision. I could not be happier than to partner with some of the biggest and reputed funds in the valley who understand the vision of the company and the opportunities that are ahead of us.
This funding is going to help us grow our team and business, develop closer integration with the ecosystem and further extend our market lead. Today, we are helping people create far better experiences for their customers through escalation prevention, backlog reduction, customer health management and enabling companies to coach their front-line support engineers. But we are just scratching the surface of what is possible, we have an amazing roadmap ahead of us and I can’t wait to share it with you all.
I’m beyond excited for this next chapter. If you are a current SupportLogic customer – I say “thank you” because you directly helped to make this happen. If you’re an engineer, sales professional, or marketer, or anyone interested in joining a fast-growing company with a unique vision for the future – we’d love to hear from you!
Joining a fast-growing company
If you’re an engineer, sales professional, or marketer, or anyone interested in joining a fast-growing company with a unique vision for the future – we’d love to hear from you!
In the words of Sir Francis Drake, “sic parvis magna,” or “great things from small beginnings.” Here’s to the next chapter…