On behalf of the entire team at Solvvy, I am very pleased to announce that we have raised $12M in Series A funding, led by Scale Venture Partners. The round also included full participation from our earlier investors, including Pear Ventures, Signatures Capital and True Ventures, and we are very grateful to them for their continued faith in our vision and team. We are also pleased to welcome Rory O’Driscoll, Founding Partner at Scale and one of the pre-eminent SaaS investors in Silicon Valley, to Solvvy’s Board of Directors.
With this funding, we are even better equipped to pursue our vision of applying the promise of Artificial Intelligence and Machine Learning to create a better customer experience that all consumers around the world expect and deserve!
Of course, the biggest reasons for our success are our team and the customers we serve. Our little team has now grown to include many of the brightest minds in the world, brilliant and resourceful, who share our deep commitment to deliver the customer experience of the future! Our customers are our heartbeat – they are leading brands whose passion for customer satisfaction motivates and drives us every day.
In today’s competitive economy, every business has become a service business, where customer experience determines success or failure. As consumers, we have moved from merely purchasing goods and services to demanding rewarding and immediate experiences from the companies that serve us. Leading companies also understand that they are in the customer-experience business. They recognize that their end-users demand consistent resolutions, delivered quickly and effortlessly, anytime and anywhere, and on any channel. A superior customer experience is a true competitive advantage today in a way that it has never been before in history.
At Solvvy, we believe intelligent automation is the best way to meet these high consumer expectations, delivering cost benefits to business and an always-on and delightful customer experience. Artificial Intelligence represents the next big wave of computing (mainframes -> desktop computers -> cloud and mobile -> now AI) and is the natural next step in the evolution of computing. It will be a part of every system we use and will profoundly improve all our experiences including our interactions with businesses. Intelligent automation is already transforming self-service from its early days of customers searching for online FAQs articles with keywords to a truly conversational experience. Companies adopting these technologies early are gaining a strategic advantage. Our five-year vision is that 90% of the interactions between companies and customers will be automated and effortlessly resolved under five minutes. Since the average response time today is over 12 hours, that’s on par with moving from trans-atlantic travel to a Mars landing but we are poised to make that leap.
We are very proud and excited about the progress we have made so far. Solvvy’s intelligent automation platform allows businesses to deliver an effortless customer experience cost-effectively. In its first year on the market, Solvvy has attracted many leading global brands, including GoFundMe, Peloton, Rover, TaskRabbit and Upwork. We, now, support 200 million users with an average ticket resolution time of one minute. Through this, Solvvy has helped customers save over $15 million just this year. We’ve simplified onboarding so that most customers are live with less than 1 hour of work on their side and the ROI is immediate from Day 1.
From all of us at Solvvy, we would like to say thank you to all of our customers, partners and investors. While we are very thrilled and grateful about the funding and welcome the opportunity to also work with Rory and Scale, raising funds has never been an end goal for us, only an outcome. Our journey is only beginning and this funding allows us to accelerate our progress, add great new team members, and drive relentlessly towards our bigger vision. Stay tuned for more exciting news from us in the next few months. In the meantime, we are always happy to hear from you. Reach out with any questions or just to say hi!
Here’s to the future!
On Behalf of The Entire Solvvy Team,
Mahesh Ram, CEO