Contact Center Solutions Featured Article

Solvvy Raises $12 Million to Fix Customer Service Industry with AI

October 30, 2017

Solvvy announced it has raised $12 million in Series A funding, led by Scale Venture Partners. The round included participation from existing investors Pear Ventures, Signatures Capital, and True Ventures, increasing the company’s total funding to $16.5 million.

“Customer service is often viewed as a painful experience, but it doesn't have to be. Recognizing that intelligent automation is the new competitive battleground for customer experience, the most admired brands are turning to us to keep their customers happy. This new investment will allow us to accelerate product development, focus on expanding our team and growing our customer portfolio,” said Mahesh Ram, Founding CEO of Solvvy.

Annually, $300 billion is spent on call center agents globally, with 80 percent of companies claiming to deliver “superior” customer service. However, only eight percent of their customers agree with the claim. This is frequently the result of businesses routing customers to articles and bots that fail to answer their questions or offering the wrong solutions because the technology just is not advanced enough.

Solvvy’s self-service platform was created by Ph.D graduates from Carnegie Mellon University.  It utilizes AI and natural language processing to understand questions and deliver answers in real time, even if the questions are complex.  When human assistance is needed, the technology instantly sends the customer to a live agent. The system is constantly learning and evolving over time, based on the company’s knowledge base.  It is estimated that by 2022, Solvvy’s natural language learning algorithm will achieve 90 percent automation of real-time transactional requests.

“There is so much hype around artificial intelligence — everywhere you look, companies are branding themselves as AI companies. I've been investing in AI technologies for the past twenty years, and I can tell you that very few AI claims these days are credible,” said Rory O'Driscoll, founding partner at Scale Venture Partners. “Solvvy is one of the few to deliver on the promise of AI.”

In its inaugural year, Solvvy attracted several global brands, including GoFundMe, Peloton, Rover, TaskRabbit, and Upwork. It now supports 200 million users with an average resolution time of one minute. Using this platform, customers have saved over $15 million this year alone. AI is touted as a transformational technology for businesses and Solvvy seems to be in the midst of it. 

Edited by Erik Linask