Venture Capital

Netomi Scores $30 Million Series B

SAN MATEONetomi, developer of an AI-first customer service platform, has secured $30 million in Series B funding led by WndrCo, the investment firm co-founded by Jeffrey Katzenberg. Existing investors Eldridge and Fin Venture Capital also participated in the round, bringing the company’s total funding to date to $52 million.

“Customer service is going through a crisis – it’s expensive for businesses, frustrating for customers and inconvenient for everyone,” said Puneet Mehta, Founder and CEO of Netomi. “This situation is only exacerbated post-pandemic due to labor shortages and the global supply chain slowdown. Customer care teams have more support tickets than ever before and fewer people to solve them. The only proven option to provide 24/7, immediate and omnichannel support and build profitable customer relationships is with AI.”

Netomi resolves more than 80% of routine consumer questions without human intervention across multiple channels, leaving agents to focus on the issues that require uniquely human creativity, empathy and subjectivity. The platform enables companies to simultaneously reduce the cost and increase the quality of their customer interactions, which allows them to build brand loyalty, increase customer lifetime value and secure feedback that ultimately informs product and business decisions.

In 2020, Netomi said it experienced 300% revenue growth and is on track to triple revenue again in 2021. The new funding will allow Netomi to further scale its business operations, serving customers across new verticals and in more locations. Additionally, Netomi is hiring across every division, and plans to double its headcount in the next six months.

“Every company today knows that fast and personalized service is key to their success,” said ChenLi Wang, General Partner at WndrCo. “We believe Netomi’s AI-powered platform can deliver transformational impact for any high volume support operation.”

Netomi’s relationship operating system is used by global brands spanning many industries, including WestJet Airlines, which uses the company to resolve 87% of its support tickets across Web chat, Facebook Messenger, Google Assistant and WhatsApp. With Netomi, WestJet has experienced a 24% rise in customer satisfaction (a stat only 14% of companies track according to the Netomi Customer Service Benchmark Report).

“The rate of digital transformation is going to be 10X more over the next ten years than the last ten. One of the most exciting areas will be in the area of customer experience,” said Jeffrey Katzenberg, Co-Founder & Managing Partner of WndrCo. “Netomi’s AI is transforming how companies and their customers interact, and helping them create deeper and more profitable customer relationships.”