NEW YORK, March 28, 2019 /PRNewswire/ -- Satisfi Labs, an AI-powered Knowledge Management Platform, today announced it has completed a new round of funding led by Major League Baseball (MLB) with participation from Red Light Management (RLM). The investments bring Satisfi Labs' total funding to $6.0M, and will help the company further develop relationships in sports, entertainment and tourism while expanding to new areas like retail and enterprise. MLB and RLM join pre-existing investors including Stadia Ventures, Jeff Vinik, and Broadw.ai, a consortium of Broadway producers and theater owners.
The investments by MLB and RLM represent mutual confidences in Satisfi Labs' vision to unlock information for fans and customers that is not currently accessible elsewhere. A partner with MLB since 2016, Satisfi Labs' expanded partnership with, and investment from, the League further positions its platform as the dominant fan engagement technology solution used by professional sports properties, including more than 20 MLB Clubs. Additionally, Satisfi Labs is extremely excited about partnering with RLM and its ability to build meaningful relationships in the $31B live music industry.
"This is a milestone for Satisfi Labs, and having MLB, our long term client, as the lead investor is an honor," said Don White, CEO and Co-Founder of Satisfi Labs. "We are grateful for our committed group of strategic partners who believe in our mission and are helping us build a better solution for customer engagement. The integration of AI and superior technology is integral for venues and live events to create valuable and successful interactions with guests. We are ecstatic with the positive responses our investors, partners, and guests continue to show for our platform."
"MLB is excited to deepen our partnership with Satisfi Labs," said Chad Evans, MLB Senior Vice President, Product Development."Its industry leading capabilities in conversational interfaces, voice, and machine learning can help power the next generation of innovative fan experiences. We are looking forward to working with our Clubs to explore new opportunities with Satisfi Labs this year and beyond."
"Satisfi Labs' AI platform has enabled the music and entertainment industry to provide unprecedented customer service to our guests that was previously impossible to provide. Its platform teaches us critical information about our fans, while accurately answering their questions in real time. This data allows us to cater to all our fans needs including enabling ticketing and selling of merchandise, food and beverage in an easy and user friendly way across venues, festivals and events worldwide." Jason Weinstock, Red Light Management Executive Vice President.
Satisfi Labs, which also has professional sports team partnerships across the NFL, NBA, NHL, MLS and Minor League Baseball, plans to use the new funds to expand development in the retail and enterprise spaces. This expansion includes the development of key partnerships with best in breed conversational commerce services to provide more comprehensive solutions and products across all industries. Satisfi Labs also plans to grow its sales and marketing functions and product innovation teams as part of an effort to expand globally. Additionally, it will continue to broaden its product offerings such as ticketing and transactional products across industries.
Its technology goes beyond search engines and today's virtual assistants for some of the most prestigious sports teams and brands by unlocking the power of proprietary brand data to answer customer questions on-demand in manners not found anywhere else. The company is continuously expanding its work in the retail space post recent graduation from Target + Techstars retail accelerator in October of 2018. Also in 2018, Satisfi Labs expanded its offerings into 27 tourism and attraction locations, partnering with properties such as the Ripley's Believe It or Not! Gatlinburg TN, the Roger Williams Parks Zoo, the Norwalk Aquarium and the National Baseball Hall of Fame and Museum.
About Satisfi Labs
Satisfi Labs is an AI-powered Knowledge Management Platform. Its technology makes brand data accessible and conversational. The platform powers chatbot, app, web and voice touchpoints. Satisfi Labs creates unique customer experiences for leaders in Sports, Entertainment, Tourism & Retail. More information can be found at www.satisfilabs.com.
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