REDWOOD CITY, Calif.--(BUSINESS WIRE)--Jun 14, 2023--
AptEdge, a generative AI startup building an answer engine for customer service, raised an oversubscribed $11M seed+ round led by Stage 2 Capital with other investors (Unusual Ventures, National Grid Partners, Carya Venture Partners, Counterpart Ventures) to support momentum behind its revolutionary solution for the customer service industry.
This press release features multimedia. View the full release here: https://www.businesswire.com/news/home/20230614401861/en/
AptEdge co-founders Aakrit Prasad (left) and Anthony Kilman (right) (Photo: Business Wire)
“We’re excited to close this round and get back to expanding and servicing our rapidly growing customer base behind the rollout AnswerGPT ™ – the leading customer care solution,” said Aakrit Prasad, CEO and co-founder of AptEdge.
AptEdge’s contextual answer engine understands all the knowledge across the support team’s workflows. Its carefully tuned AI search layer surfaces customer service help desk knowledge scattered around a business’s digital platforms, while its generative AI capabilities, through OpenAI’s ChatGPT and other language models, create concise, easy to follow answers for frontline support to share with customers.
AptEdge’s AnswerGPT ™ is available directly in existing customer service and CRM platforms such as Salesforce, ServiceNow, and Zendesk. The company has seen its customer base grow over 300% since 2022.
“Customer questions and support tickets continue to rise which is putting incredible pressure on support teams that are facing tightening budgets and can no longer afford to throw bodies at the problem. The team at AptEdge is arming support teams with AI to help them increase CSAT and lower annoying wait times for customers. When we shared the value prop of AptEdge with our LPs, it was an instant no brainer seeing how their value prop resonated. AnswerGPT will set the bar for how support teams find answers for their customers,” said Stage 2 Capital Co-Founder, Jay Po.
Aakrit and Anthony founded AptEdge in 2020 after a successful exit of AppDynamics to Cisco for $4B. They realized AI was advancing quickly enough to provide real time, fully generated responses to technical customer service queries, and pivoted to invest heavily in the platform’s AI technology.
“Having experienced this problem while scaling AppDynamics made us realize every company had this problem and now we’ve shown that generative AI combined with enterprise AI search technology can truly augment human customer service agents, fundamentally improving the time to resolve technical customer service requests, and making each agent a 10x multiplier for their business,” said Prasad.
AnswerGPT ™ crawls all sources of enterprise knowledge, often spread across multiple services including Salesforce, Confluence, Sharepoint, Slack/MSTeams, ServiceNow, Jira, Zendesk, and more. AptEdge AI functionality quickly finds contextual information and recommends concise customer responses. AptEdge counts Cisco, EverBridge and Hexagon among its enterprise customers. The company plans to deploy the funds in further developing the product; incorporating new language models as they launch; and additional connectors to sources of industry and in-house knowledge.
"We partnered with AptEdge to provide fast, high quality answers to all our customer’s problems. The product is fast and easy to use,” said Charles Coaxum, VP of customer experience at Cisco.
To learn more, go to https://www.aptedge.io/.
About AptEdge
AptEdge has built the first Answer Engine for the technical customer service desk. Founded by experienced enterprise tech product leaders, AptEdge reduces the time to answer for customer service agents by 75%, improving CSAT scores and reducing customer churn. AptEdge’s first product, AnswerGPT, combines cutting edge enterprise search technology and generative AI to bring useful answers directly to customers as quickly as possible.
About Stage 2 Capital
The first go-to-market venture capital firm, Stage 2 Capital, combines capital and GTM execution expertise, leveraging its elite LP base of 300+ senior executives from unicorns and Fortune 500 firms to help portfolio companies scale revenue and accelerate growth. Co-founded in 2018 by Jay Po, former investor at Bessemer Venture Partners, and Mark Roberge, former CRO at HubSpot, Stage 2 Capital invests in B2B software companies between late seed stage and Series A. For more information, visit: http://www.stage2.capital.
About Unusual Ventures
Unusual Ventures is an early stage venture capital firm designed from the ground up to help founders find product-market fit. Launched in 2018, Unusual has over $1B under management and has backed iconic companies in enterprise software like Carta, Harness, Webflow and Arctic Wolf Networks. For more information, visit: https://www.unusual.vc/.
About National Grid Partners
We invest in innovators with the tenacity, ingenuity and creativity to make a difference. Our team’s experience gives us a network and a deep understanding. Our heritage provides access to the world’s largest utilities and the know-how to deploy and scale ideas. By connecting these two worlds, we’re accelerating the clean energy transition. For more information, visit: https://www.ngpartners.com/.
View source version on businesswire.com:https://www.businesswire.com/news/home/20230614401861/en/
CONTACT: Media Contact
Treble
Will Kruisbrink
AptEdge@treblepr.com
KEYWORD: UNITED STATES NORTH AMERICA CALIFORNIA
INDUSTRY KEYWORD: TECHNOLOGY MOBILE/WIRELESS OTHER TECHNOLOGY TELECOMMUNICATIONS SOFTWARE NETWORKS INTERNET DATA MANAGEMENT ARTIFICIAL INTELLIGENCE
SOURCE: AptEdge
Copyright Business Wire 2023.
PUB: 06/14/2023 07:00 AM/DISC: 06/14/2023 07:00 AM
http://www.businesswire.com/news/home/20230614401861/en
