London-based Chattermill, a unified customer intelligence platform, announced on Tuesday that it has secured $26M (approximately €24M) in a Series B round of funding led by Beringea.
New investor Blossom Street Ventures and existing investors DN Capital, Ventech, Runa Capital, btov Partners, and SVB also participated.
The UK company says it will use the funds to accelerate its continued organic expansion in the US and Europe, as well as its growing partner network worldwide. Chattermill is also planning to use a part of the funds to grow its team across Engineering, Data, and Commercial functions.
What does Chattermill solve?
Currently, analysing customer experience data is a difficult task. However, it is the key to building great customer experiences.
The data is spread across dozens of sources – surveys, reviews, support conversations, product feedback, and social media. Traditional analytics tools struggle to support the volume of feedback, and manual analysis is too time-consuming for CX teams.
Mikhail Dubov, CEO & Co-Founder of Chattermill, says, “Building a customer experience strategy for large businesses is incredibly difficult, and it must be data-driven. Today, CX plays a huge part in any business’s success – especially in these challenging economic times. We believe there is no other technology that can provide the level of efficiency and insight needed for CX teams to succeed – this is why major brands like Amazon and Uber trust us. Our goal is that our AI can analyse over a billion pieces of customer feedback for our clients.”
Here’s where Chattermill comes into play and addresses the problem.
Chattermill: What you need to know
Founded in 2015 by Mikhail Dubov and Dmitry Isupov, Chattermill enables businesses to unify their customer feedback (reviews, support tickets, conversations, and social media data) using deep learning artificial intelligence.
As a result, it helps understand customer experience data and provides businesses with actionable insights.
The world’s leading brands, including Amazon, Uber, H&M, and Zappos, use Chattermill every day to power their CX programs.
Since raising its $8M (approximately €7.6M) Series A in 2020, Chattermill says it has doubled its team and hit 200 per cent of its new business revenue and pipeline targets in Q1, 2022.
Dubov continues, “Raising a Series B in the current economic environment can be challenging, and the fact we were able to raise this round is a huge testament to our product. This further validates the market demand for our vision and technology, enabling us to build the Unified Customer Intelligence category, expand the range of insights we deliver to users, and further develop our solutions.”
Beringea is a transatlantic venture capital investor who manages over $800M in funds and more than 60 portfolio companies across the UK, Europe, and North America.
The VC provides patient capital and a global footprint to back founders, helping them scale and build international success stories. To date, Beringea has invested across retail, software, media, and artificial intelligence sectors.
Mark Shepherd, Investment Manager at Beringea, says, “Customers today share vast amounts of feedback online across a wealth of platforms and channels, providing a huge opportunity for businesses to drive performance through customer insight. However, the current solutions in the market lack flexibility and accuracy when analysing this unstructured customer feedback across a wide range of sectors. Chattermill has enabled a blue-chip roster of clients to tap into a ‘data gold mine’ that had previously been out of reach – the highly-scalable, intuitive product that Mikhail, Dmitry, and their exceptional team is demonstrating immense opportunity, as proven by their rapid growth.”
Konstantin Vinogradov, General Partner at Runa Capital, says, “Customer experience is crucial, but many businesses still lack proper AI-based tools to analyse data to help improve it. Chattermill has built a comprehensive tech product suite that solves this issue for enterprises. Having worked with the founders for some time, we at Runa are impressed by their results and resilience and consider this team capable of building a true category leader.”