Peak XV's Surge Leads ClearFeed $2.7mn Seed Funding Round
The new funds will be used to power ClearFeed’s next stage of growth across product development and go-to-market teams in India
ClearFeed, a conversational support platform for enterprises raises USD 2.7 million in seed funding. The round was led by Peak XV’s Surge with participation from 8VC and other angels, and the new funds will be used to power ClearFeed’s next stage of growth across product development and go-to-market teams in India.
Increasingly, businesses are developing robust digital infrastructure as more transition towards a remote-work model. This new era of work has led to the adoption of chat services like Slack and Microsoft Teams, which help organisations streamline both internal and external communications. Slack Connect, a feature that allows businesses to collaborate with external organisations, is used
by over 100,000 organisations, including 77 of the Fortune 100 companies1 – transforming the way that businesses work alongside partners, vendors, and customers. Meanwhile, Microsoft Teams recently surpassed the 300 million mark for monthly users2, with a study stating that the application saves a company nearly USD 19.6 million by reducing worker inefficiencies3.
As businesses increasingly move towards chat services to manage employee and customer requests, there is a growing need for conversational support tools to help businesses bridge various departments. However, chat platforms lack the structure, tracking systems, and metrics needed by larger teams. Service teams struggle with high query volume on common questions and tasks, copying and pasting across tools, and being unable to close the loop with stakeholders on chat.
ClearFeed streamlines customer and employee requests on Slack and Microsoft Teams, by using AI models to track inquiries and escalate requests. Different departments can seamlessly interact with each other, and service teams are empowered with easy tracking and response capabilities, ensuring peak efficiency.
The company has aggressively ramped up its product features since launch, introducing triage channels, one-click ticket filing, and live two-way syncing of data and now seamlessly integrates with eight industry-leading software tools like Zendesk, Jira, FreshDesk, HubSpot, Github, Linear, Intercom and Salesforce – providing support and IT teams with the versatility to work from their preferred tool when servicing customers and employees.
ClearFeed has also recently introduced OpenAI’s most advanced system to date, GPT-4, to index product documentation, knowledge bases, and wikis, automatically generate answers in response to user queries, and assist agents in resolving user queries by pinpointing the right resources. In early trials, customers have reported 30%+ of customer queries being resolved automatically using ClearFeed’s GPT-Powered Answering system.
ClearFeed’s focus on its product has driven its growth exponentially since its launch. Since early 2023, ClearFeed’s revenue grew by 10x and its workforce doubled in India offices. In just this past quarter, ClearFeed has been used in over 100 organisations globally, including industry leaders like Atlan Data, Last9, Sprinto, and Plum Insurance, and is used by over 10,000 users globally.
Business customers using ClearFeed reported creating up to 90% of their tickets on Slack and collaborating on 40%+ of tickets within Slack. Employees can now work from both enterprise tools and Slack - deepening collaboration and speeding up response times.
“Customer service support and communication within organisations is undergoing a rapid transformation, particularly with the significant volume of conversations occurring on platforms like Slack daily. Sifting through these conversations and requests can be time-consuming and unproductive for organisations. ClearFeed is a platform that can elevate the customer service experience and streamline work discussions efficiently. We’re thrilled to embark on the next phase of our growth, fueled by the fresh funds, as we look to introduce more product features,” said Joydeep Sen Sarma, co-founder of ClearFeed.
“ClearFeed's dedication to revolutionising enterprise support with cutting-edge technology aligns seamlessly with 8VC's mission to champion groundbreaking enterprise AI solutions. This funding round positions ClearFeed to disrupt the SaaS and B2B support landscape, giving companies the competitive edge they need in today's dynamic market. We're excited to partner with them as they lead the way into a new era of AI-driven enterprise excellence." said Bhaskar Ghosh, Partner and CTO, 8VC.
"We operate 100's of Slack channels for customers, and Clearfeed has made it much simpler to manage them with its deep integrations between Slack and Zendesk," said Ashwin Murali, Director of Customer Success, Atlan Data.
ClearFeed was founded in September 2021 in Bangalore by Ankit Jain, Joydeep Sen Sarma, and Lalit Indoria. Previously, Ankit led product for conversational AI startup SkitAI and was a founder at YCombinator-funded SprintAI building products in the supply chain AI space. Joydeep was an early Facebook engineer who founded Apache Hive, and also served as co-founder and CTO of Qubole, which grew from zero to more than $50 million in ARR during his tenure. After obtaining a Bachelor of Engineering, Lalit worked at Udaan and was an early employee at Qubole.
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