By the year 2025, artificial intelligence (AI) is projected to drive 95 percent of all customer service conversations. For businesses, AI customer interactions helps provide quicker responses that lead to more satisfied customers.
Aquant, one of the market leaders in AI customer support solutions, has announced it has raised $70 million in Series C funding to further develop and expand its product. The investment was led by Qumra Capital, Insight Partners, and Pitango Growth to help raise Aquant’s total capital to $110 million.
“To win the service game today, it’s not enough to just solve problems anymore,” said Shahar Chen, CEO and co-founder of Aquant. “Companies must also provide a stellar service experience. And when providing a stellar experience, service becomes more than just ‘maintenance’ for customers – it becomes magic.”
Since the company was founded in 2016, it has focused on providing customer service organizations with the AI and machine learning tools necessary to create data-driven strategies. The company has experienced accelerated global growth, and with the new funding plans to continue its growth into markets in Europe, Israel, and the United States.
Aquant works by using Natural Language Processing (NLP) technology to read data and provide users with actionable insights. With 33 percent of customers willing to move to a competitor without hesitation after just a single poor customer experience, it is vital that businesses base their customer service decisions on actionable data.
In a highly competitive market, Aquant is a trusted solution for global brands such as The Home Depot, Siemens Healthineers, 3D Systems, and Sysmex, along with over 30,000 other enterprises. With meaningful organizational insights, the solution allows users to service customers with the right content at the right time.
“We look forward to working with our new investors as we enter an important growth phase,” said Assaf Melochna, president and co-founder of Aquant. “The service industry is on the cusp of once-in-a-lifetime advancements, and helping these companies transform service by providing critical business insights is built into Aquant’s DNA.”
The funding round also had participation from Lightspeed Venture Partners, Angular Ventures, Schneider Electric Ventures, and Claltech.