Here’s a look at the 11-slide pitch deck SupportLogic, a startup that uses AI to improve customer service, used to raise $50 million from Stripe investor General Catalyst
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- Customer service startup SupportLogic recently raised $50 million in a Series B funding round.
- The firm won the backing of VC giant General Catalyst, which has backed Snapchat and Airbnb.
- Insider got an exclusive look at the pitch deck SupportLogic used to bring investors on board.
SupportLogic, a startup that aims to improve customer service using artificial intelligence, recently raised $50 million in a round backed by Snapchat investor General Catalyst.
The San Jose-based firm uses natural language processing to help predict and prevent customer queries from escalating due to poor service. The startup claims its tech can reduce churn and increase the lifetime value of a customer.
SupportLogic counts cloud-computing giants Databricks and Snowflake among its users. When a customer query is lodged in a ticketing system, the startup’s tech then scans the language in the ticket to determine the severity of the complaint.
The Series B round was led by both General Catalyst and WestBridge Capital Partners. Existing investors Sierra Ventures and Emergent Ventures also joined the round, which was just over a year on from its $12 million Series A.
SupportLogic has tipped the value of the ticketing spend industry to swell to $32 billion by 2024, up from the existing level of $20 billion.
The firm told Insider its clients had reported operational expenses falling by as much as 35% after signing up with SupportLogic, and a 25% reduction in customer churn.
Krishna Raj Raja, founder and CEO of SupportLogic, said improving support experience was key to protecting and growing revenue.
“Our high customer demand for our solutions and this oversubscribed funding round indicate strong market validation,” he said. “We will use these funds to drive growth and develop new product offerings that expand our value to the market.”