Israeli adaptive business operation software development company Tonkean has announced the completion of a $24 million Series A financing round led by Lightspeed Venture Partners. Lightspeed Venture Partners' Raviraj Jain will join Tonkean's board. Foundation Capital, who led Tonkean's $7.2 million seed round last year, also participated along with Magma Venture Partners and Slow Ventures.
With offices in San Francisco and Tel Aviv, the company was founded by CEO Sagi Eliyahu and CTO Offir Talmor.
Eliyahu said, "The world needs to start thinking differently about how to solve operational challenges. Business processes are about people, not only data. We need to start thinking people-first, as opposed to tech-first. For too long, we've subscribed to the 'there's an app for that' approach, but that's not always the solution you need. In order to create efficiencies in our own businesses' and people's unique reality, we need technology to easily adapt to our needs, instead of forcing us to learn a new app."
Tonkean's no-code platform enables operations teams to quickly create adaptive modules to solve their unique challenges in a way that doesn't require new systems or engineering work. By leveraging the platform, businesses of all sizes can drive faster SLAs, higher customer satisfaction, and greater efficiency. Fast-growing startups can adapt more quickly to changing business demands, and Fortune 100 enterprises can drive efficiencies with minimal change management.
"With Tonkean, we've seen customers eliminate manual, low-value work for certain processes, like chasing data in internal audits, for example, which amount to over 30% of an entire department's time," says Eliyahu. "In areas of customer or internal service, they've been able to reduce SLAs and turnaround time from 2-3 days down to 3 seconds, without any change of behavior. This, in turn, has massively improved customer retention and accelerated cycles for contracts and sales."
Published by Globes, Israel business news - www.globes-online.com - on April 9, 2020
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