Forethought Upgrades Digital Customer Service With Series C Funding
The $65 million funding by multiple enterprise and individual investors will help the company develop its product and expand its team.
Forethought, a full-cycle customer experience AI platform, has announced it has raised $65 million in a recent Series C funding round to accelerate the company’s growth and product development. The platform has the power to solve common cases and issues in real time, and delegate more complex issues to appropriate support agents.
“The pandemic pushed individuals and businesses alike to quickly move to digital channels and processes, a shift that many weren’t prepared for,” said Deon Nicholas, Co-Founder & CEO of Forethought. “We’re helping companies transform their customer experiences, and this funding round will allow us to rapidly expand our research, product development, and marketing to do just that.”
The funding round was led by STEADFAST Capital Ventures, with additional participation from NEA, Ashton Kutcher and Guy Oseary’s Sound Ventures, K9 Ventures, Collaborative Fund, Frontline Ventures, Cleo Capital, and Spearhead.
Multiple individual investors also participated in the funding round, including Gwyneth Paltrow, Baron Davis, Robert Downey Jr., Trevor McFedries, Kensho CEO Daniel Nadler, Dr. Christopher Manning, IronClad CEO Jason Boehmig, HumanFirst CEO Andy Coravos, Taylor Greene, and Adrienne Harris.
Since the company was established in 2018, the company has focused on creating an AI tool that transforms how business organizations approach customer service.
AI tools have been quickly transforming customer service in the past several years. Research suggests that by 2025, up to 95 percent of customer interactions will be handled by AI without any human interaction required.
Forethought’s award-winning platform uses AI to its advantage to innovate customer experiences. The advanced AI can analyze, solve, and triage customer issues to cut down on wait times, increase self service, and reduce backlog. The solution supports over 100 languages and it boasts a 90 percent accuracy in ticket resolution.
With the new funding, the company plans to:
- Expand its product development and engineering teams to further innovate its products.
- Invest in customer discovery strategies by taking the product to market and boosting reach.
- Hire in every department to support overall company growth.
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Around the world, the human-centered AI customer service platform is used by top brands such as Marriott, Crunchbase, Instacart, and Qualtrics.
“We believe there is a massive opportunity in the market to leverage the power of human-centered AI to automate a significant portion of the customer experience workflow as customer interactions race to being digital and online,” said Karan Mehandru, Managing Director and Head of Venture Capital at STEADFAST Capital Ventures.
“Forethought is the fastest-growing company in this emerging space with raving customers in every vertical, and their best-in-class team and technology are transforming the customer experience for some of the most important organizations of our time. We’re thrilled to be partners on this journey and couldn’t be more excited to be investing in Deon, Sami, and the Forethought team.”
Mehandru will join Forethought’s Board of Directors as part of the funding round.