Santa Clara, Calif. — February 7, 2023 — Ushur, the leader in AI-powered Customer Experience Automation™ (CXA), has raised a $50M Series C funding round led by Third Point Ventures with participation from existing investors Iron Pillar, 8VC, Aflac Ventures and Pentland Ventures. Funds from this round will go toward expanding Ushur’s experience automation portfolio, developing new innovations in AI and moving into new regions and industry verticals.
In the last 12 months, Ushur has tripled its headcount, doubled its customer base and achieved a Net Revenue Retention (NRR) of 164% as enterprises increasingly moved toward AI-driven automation solutions purpose-built for end-to-end customer engagement applications. This is an area where back-office automation technologies, such as Robotic Process Automation (RPA), continue to struggle to deliver business value.
"The previous generation of enterprise automation was designed for infrastructure processes," said Simha Sadasiva, CEO and co-founder, Ushur. "We built Ushur’s AI platform with a different goal in mind: to provide excellent customer experiences at scale and to deliver meaningful interactions that put the customer’s needs at the center. Enterprises have a massive appetite for modernizing the customer experience to maintain their market position and when combined with automation, it unlocks tremendous financial value. Ushur’s CXA cloud delivers on both of these promises. Our success is a direct result of the value created for the enterprise with a focus on the customer experience, which continues to shape our technology, our strategy and our culture."
Ushur’s CXA platform facilitates Micro-Engagements™, short exchanges of information that give customers the freedom to dip in and out of interactions at their convenience. With digital self-service at the core, Ushur’s no-code platform enables non-technical users, especially in highly-regulated industries such as healthcare, insurance and financial services, to visually create sophisticated AI-powered workflows for automating tasks such as claims processing and claimant engagement, urgent member interactions in adverse weather events, customer support, Medicaid redetermination, pharmacy experiences and appointment scheduling. Ushur supports more than 60 languages and comes with industry-leading conversational AI, sentiment analysis and intelligent document processing capabilities.
Half of Ushur’s customers are Fortune 500 companies including globally recognized brand names such as Aflac, Cigna, CVS, Irish Life, United Healthcare and Unum Group.
With Ushur, these enterprises have improved customer engagement rates as much as 85%, reduced email triage times from five days down to five minutes and slashed customer issue resolution times by as much as 90%.
"Ushur is achieving impressive growth and deployment with production technology perfectly suited to automate enterprise-class customer engagements," said Rob Schwartz, Managing Partner, Third Point Ventures. "As enterprises in verticals such as Insurance, Healthcare and Financial Services run into the limits of the previous generation of business process automation, we see Ushur’s user experience-focused, AI-driven platform deliver massive value to their customers. Our continued investment in Ushur further demonstrates our conviction that Ushur is shaping a new category, one that will fundamentally transform how enterprises engage and serve their customers at scale. I just can’t wait to see what comes next for this truly innovative company."
Ushur’s enterprise-ready platform has artificial intelligence at the core. It uses conversational AI, language intelligence and document understanding to deliver industry-specific, hyper-personalized customer experience solutions. Ushur will use the latest round of funding to enhance its platform with transformative new technologies including Large Language Models (LLMs) and Generative AI.
"Today's enterprises seek solutions that are easy to implement and quick to deliver value", said Mohanjit Jolly, Partner at Iron Pillar Fund. "We have been long-time believers in Ushur’s unique approach of using AI-powered automation to elevate the enterprise customer experience while delivering operational efficiencies that are the need of the hour for every business leader. It is exactly the sort of super-practical, high-impact technology that Iron Pillar looks for when we invest."
In addition to rapidly growing its customer base, Ushur has expanded its ecosystem through strategic partnerships with Benefitfocus, Sutherland, HCL, WNS, Sagility and Guidewire, the launch of a rapid integration capability with Salesforce AppExchange and the addition of Ushur’s Healthcare solution to the Amazon Web Services Marketplace.