TheLoops, an intelligent support operations platform, announced it has closed $8.5 million in a seed funding round led by Dell Technologies Capital, with participation from Tidal Ventures and Westwave Capital. The company will use the funds to scale its research and development and go-to-market operations to accelerate the adoption of its Intelligent support operations platform.
According to a recent McKinsey report, the overall cost of an intelligent customer support strategy is small compared to the long-term benefits it provides. Following an agile approach and deploying new AI technologies, organizations could reap huge benefits in increased sales conversions (15%-20%), decreased service costs (50%), and improved customer satisfaction (10%-20%).
Accelerated digital transformation strategies lead to an increased volume and variety of digital data that overwhelms customer support operations. Traditionally, support representatives have not been empowered to own the resolution process – spending an inordinate amount of time trying to understand the user issue but lacking contextual insight. Today, SaaS businesses recognize that leveraging automation and analytics across collaborative processes is the best approach to reducing average handle time to assure the lifetime revenue of a customer.
“To achieve quick resolutions in the digital era, support teams need immediate insights based on data from many sources that can only be delivered through an intelligent real-time solution like TheLoops. The offering is well-timed as we are seeing a dramatic increase in demand for solutions that can resolve complex issues faster and close the gap between cross-functional teams. DTC is confident that this, coupled with a founding team that boasts significant experience within this space, will position TheLoops as a strategic player in the market,” said Tyler Jewell, managing director at Dell Technologies Capital.
TheLoops is a platform that provides contextualized data to enable support representatives to make decisions faster. By learning from collaborations across Support, DevOps, and Engineering, TheLoops transforms the customer support experience by providing insights from broad sets of data and recommendations embedded in intelligent workflows. These intelligent operations upskill representatives with correlated product insights and actions within tools such as Zendesk, Jira, and Salesforce. Real-time insights are drawn from people, process, and tooling interaction also help support managers to be more effective in monitoring the state of their service operations.
“Modern-day support operations need to look beyond Natural Language Processing, as it cannot solve complex user issues,” said Ravi Bulusu, CTO of TheLoops, who has been working in this space for over five years.
“Today’s modern support operations need to make sense of all digital data – contextualize it and make it consumable for support reps. It’s about combining workflows, insights, and integrations, to create an intelligent support operations platform that can drive efficiencies and proactiveness, leading to a phenomenal customer experience. We are pleased to have already kicked off 2021 with strong market interest, particularly with modern SaaS vendors in search of intelligent service operations. In fact, our customers have already reported back on ticket resolution being 37% faster than average – a huge testament to how TheLoops is already adding value to our customers,” said Somya Kapoor, CEO of TheLoops.
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