UpdateAI, a Pasadena, CA-based customer success platform powered by ChatGPT, secured a $2.3 million funding round, bringing UpdateAI's total financing to $4 million.
IdealabX led the investment, with participation from Stage Venture Partners, Zoom Ventures, a16z's scout fund, and Howard Morgan.
Over the past two years, UpdateAI has focused on research and development to create its software, which utilizes proprietary conversational AI technology integrated with ChatGPT.
The platform is designed to identify and analyze crucial signals in customer meeting notes, generating Smart Summaries™️ that help automate post-sales team workflows. This includes tasks such as sending follow-up emails and sharing notes with systems like Salesforce.
“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,” said Josh Schachter, co-founder, and CEO of UpdateAI. “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.”
In addition to securing funding, UpdateAI has also become the inaugural investment of CS Angel, an investment group composed of prominent customer success leaders and operators. This further validates the potential and significance of UpdateAI's platform in the field of customer success.
Company: Update Technologies, Inc.
Raised: $2.3M
Round: Unknown
Funding Month: June 2023
Lead Investors: IdealabX
Additional Investors: Stage Venture Partners, Zoom Ventures, a16z's scout fund, and Howard Morgan
Company Website: https://update.ai/
Software Category: Customer Success platform
About the Company: UpdateAI provides a ChatGPT-powered Customer Success platform that generates Smart Summaries™️ of customer meeting notes and automates CS follow-up workflow. UpdateAI streamlines the busywork of customer calls, enabling customer success managers (CSMs) to focus on delivering scalable client insights. Integrated with Zoom Meetings and utilizing ChatGPT, the platform generates Smart Meeting Summaries™, providing concise meeting overviews and automating post-call tasks such as sending follow-up emails to customers. UpdateAI saves teams time, allowing them to dedicate their efforts to higher-level strategic thinking and managing an expanded book of business (ARR) per CSM. The company’s mission is to empower Customer Success teams to build great relationships with their customers.
Source: https://www.businesswire.com/news/home/20230601005243/en/UpdateAI-Lands-2.3M-to-Ignite-Customer-Success-with-Cutting-Edge-AI-Technology