Neuron7.ai Emerges from Stealth Mode, Raises $4.2 Million in Seed Funding to Pioneer Industry-Focused Service Intelligence
All the sessions from Transform 2021 are available on-demand now. Watch now.
Company is part of a new class of start-ups using artificial intelligence to transform customer service
SAN JOSE, Calif.–(BUSINESS WIRE)–August 10, 2021–
Amid the broad proliferation of devices and data in our homes and businesses, Neuron7.ai, a new cloud-software company focused on the new category of service intelligence, has emerged from stealth mode and announced a seed investment of $4.2 million from Nexus Venture Partners and Battery Ventures.
The company, led by repeat entrepreneurs Niken Patel and Vinay Saini, is helping drive the transformation of customer service into a cloud-based AI-powered workflow, particularly for companies managing complex products in technology, manufacturing, and healthcare, where service organizations are required to support hundreds of product models, versions, errors, and issues.
When critical errors appear in essential devices and machines, customers want their service issue resolved immediately, preferably on the first call, by one service representative. But in complex service environments, metrics like first-call resolution are notoriously difficult. Neuron7.ai solves this problem by leveraging the greatest sources of intelligence within an enterprise: its data and people. By ingesting and analyzing signals across many structured and unstructured datasets-including CRM data, technician notes, knowledge base content, product manuals, device data, and even Slack messages-the platform’s AI-driven intelligence can deliver accurate predictions like root causes, resolution paths, etc. at scale. In addition, Neuron7.ai captures the expertise of a company’s best technicians as part of closed-loop learning, making its AI more accurate.
“Our value increases multi-fold when our centralized intelligence platform provides predictions across different parts of the service business – Tier 1 service centers, repair, field technicians, etc. AI-driven diagnostics and resolution predictions are just the start. Our vision is that service decisions at scale within a company are accurately taken via a Service Intelligence system of record,” said Neuron7.ai founder and CEO Niken Patel. “As multiple industries move to an outcome-as-a-service subscription model, platforms like Neuron7.ai are going to be foundational to a company’s service business.”
In stealth mode, Neuron7.ai tested the product with multiple Fortune 1000 companies, seeing excellent results across multiple industry datasets. “The signal or prediction accuracy is achieved when AI works across heterogeneous datasets. For a particular industry, the signal could be in the combination of technician notes, device data and service manuals. And that is where Neuron7 excels. Our point of view is that service-intelligence solutions are going to be massively successful when they are industry-specific. Or even specific to a particular device or machine,” said Amit Verma, Neuron7.ai engineering head.
Neuron7.ai plans to use the new funds to expand its engineering, product, and sales teams.
“We’re thrilled to partner with Niken and Vinay. They are not only serial entrepreneurs, but also domain experts who have deployed service solutions at hundreds of customers in the past. We believe service intelligence is an absolute eventuality in the $350 billion customer-service market,” said Abhishek Sharma, managing director at Nexus Venture Partners, who joins the company’s board.
“We were drawn to Neuron7.ai because of the company’s unique ability to capture data from various sources including case history, knowledge articles and industry-specific workflows to optimize the customer-care center and field-service workflows,” added Dharmesh Thakker, general partner at Battery Ventures. “Neuron7.ai’s focus on complex devices, where issue resolution is complex, provides large enterprises an opportunity to convert cost centers into recurring revenue streams.”
Other early backers and advisors of the company include Akash Palkhiwala, CFO Qualcomm; Ashish Agarwal, CEO Neudesic Global Services; Kintan Brahmbhatt, GM Amazon Podcasts; and Anand Chandrasekaran, EVP Five9.
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 building 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 developing 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.; Herzliya, Israel; 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.
View source version on businesswire.com: https://www.businesswire.com/news/home/20210810005232/en/
425-985-9034 | [email protected]
- up-to-date information on the subjects of interest to you
- our newsletters
- gated thought-leader content and discounted access to our prized events, such as Transform 2021: Learn More
- networking features, and more
Source: Read Full Article