PASADENA, Calif.--(BUSINESS WIRE)--UpdateAI, the ChatGPT-powered Customer Success platform that generates Smart Summaries™️ of customer meeting notes and automates CS follow-up workflow, announced it has raised a $2.3 million funding round led by IdealabX. Stage Venture Partners, Zoom Ventures, a16z’s scout fund and Howard Morgan also participated in the round. UpdateAI previously raised $1.7 million, bringing its total financing to $4 million.
“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.”
The result of two years of dedicated research and development, UpdateAI's software leverages proprietary conversational AI technology, integrated with ChatGPT, to identify and analyze the most critical signals for post-sales teams. The platform automates post-call tasks, such as sending follow-up emails to customers and sharing notes with systems like Salesforce.
"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. "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 distinguishes itself from existing conversational platforms which primarily cater to Sales teams. The company envisions a future where account needs are closely monitored throughout the customer journey, significant call moments are seamlessly shared across teams, and unproductive customer meetings become a thing of the past.
"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."
As part of its financing, UpdateAI has become the inaugural investment of CS Angel, an investment group consisting of top Customer Success leaders and operators. "We are thrilled that UpdateAI is the first investment made by CS Angel. Their innovative approach to addressing a significant industry challenge has garnered immense admiration from our investors," said Gemma Cipriani-Espineira, the founder of CS Angel and former Chief Customer Officer at Chili Piper.
UpdateAI's platform, which integrates with Zoom Meetings, is now available at https://www.update.ai/. The company recently published a 70-page e-book on how Customer Success teams can use ChatGPT to save hours of busywork per week: https://chatgpt.update.ai/
About UpdateAI
UpdateAI streamlines the busywork of customer calls, enabling Customer Success Managers (CSMs) to focus on delivering scalable client insights. Integrated with Zoom Meetings and utilizing ChatGPT, the platform generates Smart Meeting Summaries™, providing concise meeting overviews and automating post-call tasks such as sending follow-up emails to customers. UpdateAI saves teams time, allowing them to dedicate their efforts to higher-level strategic thinking and managing an expanded book of business (ARR) per CSM. For more information, visit https://update.ai/.
