EdgeTier, a company specialising in AI-powered solutions to enhance customer experience in contact centers, announced today that it has successfully raised €6 million in a Series A funding round. The funding was led by Smedvig Capital (that backed Mavenoid), with participation from Episode 1 and Act Venture Capital.
EdgeTier’s innovative AI platform aims to usher in a new era of customer experience management by providing contact centers with unlimited access and real-time insights on customer conversational data. This enables contact centers to deliver higher-quality customer experiences, ultimately driving customer acquisition and retention. Traditional toolsets used in contact centers often lack real-time capabilities, complexity in operation, and machine learning capabilities required for advanced analysis.
With EdgeTier’s AI platform, contact centers gain a deep understanding of customer attitudes and can detect even subtle issues in real-time, which might have otherwise gone unnoticed and unaddressed. The Software-as-a-Service (SaaS) platform utilises natural language processing to monitor customer conversations across multiple channels, around the clock, even in multilingual environments.
The Dublin-based startup offers a seamless setup process, requiring just one hour to get up and running. The platform easily integrates with contact centers’ existing customer service software, including Zendesk, Kustomer, Intercom, Salesforce, LivePerson, and others. Through proprietary AI and machine learning techniques, EdgeTier extracts insights from every customer conversation in real-time, enabling contact centers to react faster to problems, reduce agent workload, improve training and coaching, and enhance first-contact resolution rates through automation and suggested responses.
The increasing demand for automation in contact centers has resulted in significant interest in EdgeTier’s technology. With an impressive growth rate of 3.5 times in 2022, the fresh funding will support EdgeTier’s plans to expand its team from 22 to 70 employees across its Irish and Spanish offices within the next 24 months. The company is actively hiring in product development, commercial, and operations roles to meet its ambitious product roadmap.
Founded in 2015 by Dr. Shane Lynn, Dr. Bart Lehane, and Ciarán Tobin, EdgeTier brings together expertise in data science, software engineering, and machine learning. The co-founders shared a vision of creating user-friendly applications infused with machine learning to transform contact centers from data-rich but information-poor environments into highly efficient and high-performing operations.
EdgeTier boasts a 100% customer retention rate and has earned the trust of leading customer-centric brands in various industries, including retail, travel, gaming, and fintech. The company operates in over 20 countries across Europe and the Americas, processing billions of messages for renowned clients such as Abercrombie & Fitch, LoveHolidays, Holiday Extras, CarTrawler, RyanAir, TUI Travel, Electric Ireland, Tipico, and Betclic.
With the new funding injection, EdgeTier is well-positioned to continue its mission of revolutionising customer experience management in contact centers, leveraging AI-driven insights to drive exceptional customer satisfaction and business growth for its expanding roster of global clients.
Dr. Shane Lynn, CEO and Co-founder of EdgeTier, comments: “Companies will simply not be able to compete without AI and machine learning augmenting their ability to understand and support their customers at scale. We want to help more contact centres and customer experience professionals recover the missed insights in their conversations, react faster to changes, and have the data they need at their fingertips to make decisions. Over the fundraise, we’ve been really impressed with the Smedvig team; Joe and Maeve are already bringing great value to the business and I’m really excited to partner with them now on the journey ahead.”
Dr. Bart Lehane, CRO and Co-founder of EdgeTier, comments: “This funding round allows us to deliver our ambitious product road map and scale to meet the growing demand for our platform in the market. We’ve had a great experience working with Smedvig; it was a natural fit, and this investment and partnership position us to capitalise on a global opportunity during a rapidly changing AI and customer experience landscape.”
Joe Knowles, Partner at Smedvig Capital, comments: “We’ve been impressed with EdgeTier from day one. The company has achieved an extraordinary rate of growth on very little capital. The quality of its team is key to this; the founders have the AI expertise and commercial acumen needed to continue landing new clients and leading the way on product innovation. We’re at the beginning of a wave of AI-enabled improvements to customer service, and EdgeTier is well positioned to lead this category to become the de facto data solution for contact centres. The fact that EdgeTier has not lost a single customer to date and has an upsell rate of 150% is evidence that innovative and customer-centric brands are embracing the solution and unlocking tangible value from AI right now.”
