Chattermill, which uses AI to extract insights from customer experience data, raises $26 million • TechCrunch
Chattermill, a platform that helps companies unlock insights by analyzing customer feedback data from myriad digital channels, has raised $26 million in a Series B funding round.
Founded in London in 2015, companies like Uber and Amazon use Chattermill to unify all their customer data, integrate with social networks, customer feedback and support tools, review websites and more to establish a “single source of customer truth,” as the company says the.
But collecting the data is only part of Chattermill’s promise. Given the typically unstructured nature of customer feedback and conversations, Chattermill has developed its own deep learning models to extract meaningful insights from the aggregated data. This can mean identifying ways to improve the overall customer experience, spotting relatively small problems before they snowball, and tracking the effectiveness of new initiatives designed specifically to improve customer experiences.
“The models are trained by learning to replicate how an expert would analyze this data,” Chattermill co-founder and CEO Mikhail Dubov explained to TechCrunch. “The models get smarter over time by reusing knowledge from the millions of data points we’ve already analyzed, as well as from architectural improvements.”
Chattermill in action. Image credit: Chattermill
Chattermill can be compared to various other experience management platforms out there, such as publicly traded Qualtrics and Thoma Bravo-owned Medallia, as well as younger venture-backed startups like Wonderflow. Although there are clear similarities, Dubov reckons that an important trump card it has over the competition lies in “the quality of insights extracted” via the machine learning smarts.
“Where most companies use keyword or key phrase approaches, Chattermill looks at meaningful concepts in the data,” he said. “This provides robust categories customers can trust.”
Chattermill last raised external funding via its $8 million Series A round nearly three years ago, and with a further $26 million in the bank, the company said it plans to double its expansion across Europe and the US.
“Companies understand that they must improve the customer experience to win, but [they] need help finding exactly what they need to work on and how to prioritize thousands of different initiatives, Dubov said.
Chattermill’s Series B round was led by Beringea, with participation from Runa Capital, DN Capital, Ventech, Btov, SVB and Blossom Street Ventures.
