StepFunction, a Palo Alto, CA-based market leader in SaaS revenue growth solutions, announced a $5 million post-seed funding.
The round was led by Dallas Venture Capital (DVC), with participation from Hummer Winblad Venture Partners, Inventus Capital Partners, and Z5 Capital.
This post-seed funding will enable StepFunction to expand into new SaaS verticals such as security, information technology, and cloud storage.
StepFunction will also grow the company's go-to-market capabilities and product development teams globally, tripling in size and revenue by the end of next year.
StepFunction AI solution: predicts customers likely to churn, pinpoints optimal customer targets, provides proactive warnings, and recommends actions for retention.
Company: StepFunction Inc.
Round: Post-Seed Round
Funding Month: Aug 2022
Lead Investors: Dallas Venture Capital (DVC)
Additional Investors: Hummer Winblad Venture Partners, Inventus Capital Partners, and Z5 Capital
Company Website: https://www.stepfunction.ai/
Software Category: SaaS revenue growth solutions
About the Company: Founded by Navneet Singh and Tej Kohli, StepFunction is a growth solution for SaaS. Its mission is to make SaaS operations a science by applying advanced analytics to customer behavior signals and operational data. Using machine learning, StepFunction helps leading SaaS companies substantially improve the amount and predictability of their subscription revenues based on a data-driven, real-time understanding of customer intent. StepFunction’s product analyzes huge volumes of product, CRM, support, and operational data to provide actionable data for marketing and customer success for churn management, upsell, and retention. To date, major SaaS clients have used StepFunction to retain and upsell more than 2.5 million small-to-medium-sized businesses (SMBs).