CustomerSuccessBox, a startup which offers software as a service (SaaS) solutions to businesses, has raised $1 million in pre Series A funding led by pi Ventures. They want to direct these funds to drive growth and product innovation, said a statement.
CustomerSuccessBox founder and CEO Puneet Kataria said, “B2B SaaS businesses bleed, churn and struggle with customer retention. Customer churn is the biggest blocker of growth, it’s like trying fill up a leaky bucket. B2B SaaS and subscription businesses cannot continue to operate with the old ‘reactive’ support model. CustomerSuccessBox was built from a clear need for a solution which could deliver ‘proactive’ customer success.”
Founded in 2016, CustomerSuccessBox helps with B2B SaaS-based companies to reduce, churn and grow their recurring revenues. The company applies artificial intelligence and machine learning to automate customer on-boarding, product usage analysis and user communication, among others. They thus enable managers to retain their customers, drive, sell up and improve monthly recurring revenue (MRR) and life-time value (LTV).
Abishek Surendran, partner at pi Ventures, said, “The focus of SaaS companies has shifted from customer acquisition to reducing churn. The founding team’s extensive understanding of the customer success space has helped build a world class product which we have no doubt can help SaaS companies retain customers. The product is a natural fit for AI and ML to automatically calculate customer health.”
The company noted customers include names such as XebiaLabs, WizIQ, Synup and WoowUp, among others.
pi Ventures, India’s first stage venture fund focused on applied artificial intelligence, machine learning and IoT, had earlier announced that they would be investing over $25 million in various startups in India to give a boost to the tech sector.
Co-founded by Manish Singhal and Umakant Soni, pi Ventures invests in early stage startups that focus on solving problems in healthcare, logistics, retail, FinTech and enterprise sectors using applied AI, ML and IoT. With experience in setting up, building and scaling companies, the VC led by Singhal and Soni, plans to invest in 18-20 startups over a time frame of three to four years.