UpdateAI lands $2.3M in funding to grow its ChatGPT-powered Customer Success platform 

UpdateAI, a ChatGPT-powered Customer Success platform, has raised $2.3 million in funding led by IdealabX, with participation from prominent investors including Stage Venture Partners, Zoom Ventures, a16z’s scout fund, and Howard Morgan. The latest round brings the company’s total funding to $4 million, which includes $1.7 million raised in the previous round.

The new platform, which is the result of two years of dedicated research and development, harnesses AI by leveraging the proprietary conversational AI technology integrated with ChatGPT, to identify and analyze the most critical signals for post-sales teams and Customer Success Managers.

Update AI co-founder and CEO Josh Schachter said the fresh capital infusion will be used to roll out a solution that saves Customer Success teams time so they focus on their primary tasks on more strategic thinking and scaling of account coverage

“With the current state of the SaaS economy, Customer Success is one of the most important commercial functions in any SaaS business. And yet CS teams are being asked to do more with less and with tools that are unfit,” said Josh Schachter, Co-Founder and CEO of UpdateAI. “With this funding, we are rolling out a solution that saves CS teams meaningful time that can be invested into more strategic thinking and scaling of account coverage.”

“UpdateAI allows me to stay completely present in my meetings,” said Jenny Calvert, UpdateAI user and Director of Customer Success at Hunt Club. “I don’t need to focus on taking notes or anything else outside of what is happening with my customer.”

While the current product focuses on enhancing productivity, the company’s long-term vision is to elevate the role of Customer Success teams by enabling them to utilize conversational data in a cross-functional manner.

While the existing product primarily aims to improve productivity, the company has a broader vision for the future. UpdateAI said it seeks to empower Customer Success teams by providing them with the ability to leverage conversational data in a collaborative and cross-functional manner. By doing so, the company aims to elevate the role of Customer Success and unlock new opportunities for efficient and effective customer engagement across various functions within an organization.

“Customer Success is often undervalued due to the difficulty in quantifying its core value: effective customer management,” explained Mickey Powell, Head of Go-to-Market at UpdateAI. “Our platform makes customer conversations measurable, shareable, and insightful.”

UpdateAI also sets itself apart from existing conversational platforms that primarily serve Sales teams. The company has a broader vision that involves closely monitoring account needs at every stage of the customer journey, facilitating seamless sharing of important call moments across teams, and eliminating unproductive customer meetings. By focusing on these aspects, UpdateAI aims to create a future where customer interactions are optimized, leading to improved outcomes and enhanced customer satisfaction.

“We are experiencing the dawn of a new era with the advent of generative AI technology,” expressed Howard Morgan, Investor and Board Director at UpdateAI. “This groundbreaking innovation holds immense potential to transform various industries, and we are thrilled to support UpdateAI’s vision of revolutionizing customer-centric operations.”