TheLoops Secures $8.75M in Seed Funding to Reinvent Support Operations for Modern SaaS Businesses
Investment Led by Dell Technologies Capital Positions Company to Meet Significant Demand for Agile, Intelligent Support Operations
SAN JOSE, UNITED STATES, June 23, 2021 – TheLoops, an intelligent support operations platform, today announced it has closed $8.5 million in a seed funding round led by Dell Technologies Capital, with participation from Tidal Ventures and Westwave Capital. The company will use the funds to scale its research and development and go-to-market operations to accelerate adoption of its Intelligent support operations platform.
The Increasing Demand for Agile, Intelligent Support Operations
According to a recent McKinsey report, the overall cost of an intelligent customer support strategy is small compared to the long term benefits it provides. Following an agile approach and deploying new AI technologies, organizations could reap huge benefits in increased sales conversions (15%-20%), decreased service costs (50%), and improved customer satisfaction (10%-20%).
Accelerated digital transformation strategies leads to an increased volume and variety of digital data that overwhelms customer support operations. Traditionally, support representatives have not been empowered to own the resolution process – spending an inordinate amount of time trying to understand the user issue but lacking contextual insight. Today, SaaS businesses recognize that leveraging automation and analytics across collaborative processes is the best approach to reducing average handle time to assure the life-time revenue of a customer.
“To achieve quick resolutions in the digital era, support teams need immediate insights based on data from many sources that can only be delivered through an intelligent real-time solution like TheLoops,” said Tyler Jewell, managing director at Dell Technologies Capital. “The offering is well-timed as we are seeing a dramatic increase in demand for solutions that can resolve complex issues faster and close the gap between cross-functional teams. DTC is confident that this, coupled with a founding team that boasts significance experience within this space, will position TheLoops as a strategic player in the market.”
TheLoops – Contextualizing Data for Modern Support Operations
TheLoops is a platform that provides contextualized data to enable support representatives to make decisions faster. By learning from collaborations across Support, DevOps and Engineering, TheLoops transforms the customer support experience by providing insights from broad sets of data and recommendations embedded in intelligent workflows. These intelligent operations upskill representatives with correlated product insights and actions within tools such as Zendesk, Jira, and Salesforce . Real-time insights drawn from people, process, and tooling interaction also helps support managers to be more effective in monitoring the state of their service operations.
Ravi Bulusu, CTO of TheLoops, who has been working in this space for over five years, said: “Modern day support operations need to look beyond Natural Language Processing, as it cannot solve complex user issues.”
Transforming the Customer Support Experience
Somya Kapoor, CEO of TheLoops, said: “Today’s modern support operations need to make sense of all digital data – contextualize it and make it consumable for support reps. It’s about combining workflows, insights and integrations, to create an intelligent support operations platform that can drive efficiencies and proactiveness, leading to a phenomenal customer experience. We are pleased to have already kicked off 2021 with strong market interest, particularly with modern SaaS vendors in search of intelligent service operations. In fact, our customers have already reported back on ticket resolution being 37% faster than average – a huge testament to how TheLoops is already adding value to our customers.”
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TheLoops is the first intelligent support operations platform to bring product context to support, optimizing the support experience. It contextualizes data from a variety of sources and provides insights to reps within the tools they are using. Its collaborative capability keeps learning from resolutions across organizations providing managers with real-time visibility into the state of their support operations. TheLoops transforms support organizations from a cost center to a growth driver. For more information visit www.theloops.io.
About Dell Technologies Capital
Dell Technologies Capital is the global venture capital investment arm of Dell Technologies. The investment team backs passionate early stage founders who push the envelope on technology innovation for enterprises. Since inception in 2012, the team has sustained an investment pace of $150 million a year and has invested in more than 12 5 startups, 52 of which have been acquired and 7 have gone public. Portfolio companies also gain unique access to the go-to-market capabilities of Dell Technologies (Dell, Dell EMC, VMWare, Pivotal, Secureworks). Notable investments include Arista Networks, Cylance, Docusign, Graphcore, JFrog, MongoDB, Netskope, Nutanix, Nuvia, RedisLabs, RiskRecon, and Zscaler. Headquartered in Palo Alto, California, Dell Technologies Capital has offices in Boston, Austin, and Israel. For more information visit www.delltechnologiescapital.com.