Israeli augmented vision startup TechSee today announced that it has closed a $16 million Series B financing round led by Scale Venture Partners, with participation of existing investors including Planven Investments, OurCrowd, Comdata Group and Salesforce Ventures. As part of the funding, Andy Vitus, partner at Scale Venture Partners, will be joining TechSee's board of directors.
The funds will be used to further accelerate TechSee's global business growth and strengthen its breakthrough computer vision and AI augmented reality-powered visual customer assistance platform.
The Herzliya-based company was founded by CEO Eithan Cohen, Chief Scientist Prof. Gabby Sarussi and COO Amir Yoffe. TechSee also has offices in New York and Madrid. The company raised $7.5 million in a Series A financing round last year.
TechSee bridges the visual gap in customer experience by enabling consumers to receive augmented reality-based visual guidance through their smartphones from a virtual technical assistant or a human agent. The TechSee Live platform delivers an interactive visual customer experience along the customer journey - from purchase, to product unboxing, usage, guidance and support. The platform not only enhances customer experience, but also enables scalable customer operations, increased sales and reduced cost of service.
Over 15,000 customer care representatives in 24 countries working at Vodafone, Samsung, Orange, Hitachi, Accenture and other leading global enterprises across the telecommunications, consumer electronics, financial services and utilities industries rely on TechSee to deliver superior customer experience. Within the first year of using TechSee, customers consistently see significant improvements across their core KPIs, on average: 40% increase in customer satisfaction, 17% decrease in technician dispatches, and 20% increase in first call resolutions.
Cohen said, "While technology has become a commodity, customer service is still labor intensive and often involves friction-filled interactions.This results in high cost of service and barriers to customer adoption, negatively impacting enterprise profitability and scalability. TechSee helps companies overcome this challenge by deploying innovative autonomous visual applications that help them better connect with customers. ScaleVP's investment represents a great vote of confidence in our vision, technology and traction."
Published by Globes, Israel business news - en.globes.co.il - on December 11, 2018
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