TechSee Announces $16 Million Series B Led by Scale Venture Partners

TEL AVIV, Israel, Dec. 11, 2018 /PRNewswire/ -- TechSee, the leader in AI-powered visual customer engagement, today announced that it has closed a $16 million Series B funding round to further accelerate its global business growth and strengthen its breakthrough computer vision and augmented reality-powered visual customer assistance platform. The investment round is led by Scale Venture Partners, with participation of existing investors including Planven Investments, OurCrowd, Comdata Group and Salesforce Ventures. As part of the funding, Andy Vitus, partner at Scale Venture Partners, will be joining TechSee's board of directors.

Video: https://youtu.be/rcPegwBDjM8

TechSee bridges the visual gap in customer experience by enabling consumers to receive augmented reality-based visual guidance through their smartphones from a virtual technical assistant or a human agent. The TechSee Live platform delivers an interactive visual customer experience along the customer journey – from purchase, to product unboxing, usage, guidance and support. The platform not only enhances customer experience, but also enables scalable customer operations, increased sales and reduced cost of service.

Over 15,000 customer care representatives in 24 countries working at Vodafone, Samsung, Orange, Hitachi, Accenture and other leading global enterprises across the telecommunications, consumer electronics, financial services and utilities industries rely on TechSee to deliver superior customer experience. Within the first year of using TechSee, customers consistently see significant improvements across their core KPIs, on average: 40 percent increase in customer satisfaction, 17 percent decrease in technician dispatches, and 20 percent increase in first call resolutions.

"While technology has become a commodity, customer service is still labor intensive and often involves friction-filled interactions.This results in high cost of service and barriers to customer adoption, negatively impacting enterprise profitability and scalability. TechSee helps companies overcome this challenge by deploying innovative autonomous visual applications that help them better connect with customers," said Eitan Cohen, CEO & co-founder of TechSee. "ScaleVP's investment represents a great vote of confidence in our vision, technology and traction."

As the pioneer in visual customer engagement, TechSee has established itself as the de-facto market leader. The new capital will help the company widen its competitive gap by fueling ongoing product development for its breakthrough platform, expanding marketing and sales efforts in the U.S. and other key markets, and accelerating rapid corporate growth to support customer demand.

TechSee's patented technology applies deep learning computer vision to a massive visual dataset of consumer products. The TechSee platform has already reached image recognition accuracy levels of over 95 percent for devices including TVs, set top boxes, broadband routers and small home appliances. TechSee recently released its Visual Agent Assistant for contact centers, which demonstrates automated device recognition, analysis and issue resolution.The new investment will accelerate TechSee's research and development, enabling support of additional device categories and improving automation capabilities. The new funding will also back the continued development of a visual customer assistant product for self-service, now available to select customers participating in TechSee's Visual Self Service early access program.

"TechSee recognized the great potential for combining computer vision AI with augmented reality in customer engagement," said Andy Vitus, Partner at Scale Venture Partners. "Electronic devices become more complex with every generation, making their adoption a perennial challenge. TechSee is solving a massive problem for brands with a technology solution that simplifies the customer experience via visual and interactive guidance."

About TechSee

TechSee revolutionizes the customer experience domain by providing the first intelligent visual engagement solution powered by artificial intelligence and augmented reality. TechSee empowers enterprises across the globe to deliver a better customer experience and reduce costs. TechSee is led by industry veterans with years of experience in mobile technologies, computer vision, machine learning and big data. The company headquartered in Tel Aviv with offices in New York and Madrid. For more information, visit www.techsee.me.

About Scale Venture Partners

Scale Venture Partners (@scalevp) invests in software companies that are transforming the future of work. Investments include: Box (BOX), Chef, Cloudhealth, DataStax, Demandbase, DocuSign (DOCU), ExactTarget (ET), HubSpot (HUBS), JFrog, Lever, and WalkMe. ScaleVP partners with entrepreneurs to support accelerated growth from the first customer to market leadership. Founded in 2000, ScaleVP has over $1 billion under management and is located in Silicon Valley. For more information, visit www.scalevp.com.

Contact:
Liad Churchill
[email protected]

SOURCE TechSee