Beringea leads Series B for the platform for analysing millions of online interactions between a company and its customers
- The Series B funding round – led by transatlantic venture capital firm Beringea – will enable Chattermill to continue its expansion across the US and Europe, and grow its platform capabilities to help more businesses truly understand their customers.
- Chattermill has built the first Unified Customer Intelligence platform that applies deep learning artificial intelligence (AI) to easily understand customer experience data and provides businesses with actionable insights.
- Co-Founded in 2015 by Mikhail Dubov and Dmitry Isupov at Entrepreneur First, Chattermill has grown to an 80-person team, headquartered in London.
- Customer experience has never been more critical to businesses as they fight harder to attract and retain customers in today’s economic climate.
Chattermill, the Unified Customer Intelligence platform, today announced a $26m Series B funding round to double down on its growth, expanding its platform capabilities to meet its vision as the first true Unified Customer Intelligence Platform. The Series B was led by Beringea, with participation from previous investors DN Capital, Ventech, Runa Capital, btov Partners, SVB, and new investors Blossom Street Ventures.
Chattermill analyses millions of interactions between a company and its customers, from feedback data to social media. It empowers businesses to easily unify their customer experience data, and uses deep learning-based AI to deliver actionable insights that help companies deliver loyalty and growth-driving customer experiences. Chattermill works with leading brands, including Amazon, Uber, H&M, and Zappos, to power their CX programs.
Since raising its $8m Series A in 2020, the Entrepreneur First alumnus Chattermill has more than doubled its team, and hit 200 per cent of its new business revenue and pipeline targets in Q1 ‘22. Chattermill has seen customers like Uber and JustEat triple their usage, having seen the impact the platform can drive. The company was ranked #1 in G2’s Momentum Grid Report for Text Analytics and has been named a High Performer in the Feedback Analytics Software category.
In the current economic downturn, customer experience is critical. In the UK, more than 8 million adults have cancelled monthly outgoings to combat rising bills and 76 per cent of customers who claim to be loyal to a brand would still buy from competitors if it were cheaper or more convenient.
Mark Shepherd, Investment Manager at Beringea, commented, “Customers today share vast amounts of feedback online across a wealth of platforms and channels, providing a huge opportunity for businesses to drive performance through customer insight. However, the current solutions in the market lack flexibility and accuracy when analysing this unstructured customer feedback across a wide range of sectors. Chattermill has, therefore, enabled a blue-chip roster of clients to tap into a ‘data gold mine’ that had previously been out of reach – the highly-scalable, intuitive product that Mikhail, Dmitry, and their exceptional team is demonstrating immense opportunity as proven by their rapid growth.”
Analysing customer experience data at scale to uncover meaningful insights is a difficult task, but it is the key to building great customer experiences. Today, customer experience data is spread across dozens of sources – including surveys, reviews, support conversations, product feedback and social media. Traditional analytics tools struggle to support the volume of feedback, and manual analysis is too time-consuming for CX teams to do. Chattermill solves this problem.
Mikhail Dubov, CEO & Co-Founder of Chattermill, said, “Building a customer experience strategy for large businesses is incredibly difficult, and it must be data-driven. Today, CX plays a huge part in any business's success – especially in these challenging economic times. We believe there is no other technology that can provide the level of efficiency and insight needed for CX teams to succeed – this is why we are trusted by major brands like Amazon and Uber. Our goal is that our AI is able to analyse over a billion pieces of customer feedback for our clients.”
Speaking on their work with Chattermill, Steve Crolic, Associate Director Voice of the Customer at HelloFresh, said, “Chattermill is an integral part of our success in delivering our market-leading customer experience. We were one of the first brands to recognise the impact Chattermill could have in making sense of our customer data. Over our years working together, it has been a crucial tool in improving the HelloFresh experience to keep our customers happy and, better still, keep them coming back for more.”
Dubov continued, “Raising a Series B in the current economic environment can be challenging, and the fact we were able to raise this round is a huge testament to our product. This further validates the market demand for our vision and technology, enabling us to build the Unified Customer Intelligence category, expand the range of insights we deliver to users, and further develop our solutions.”
Konstantin Vinogradov, London-based General Partner at Runa Capital, added, “Customer experience is crucial, but many businesses still lack proper AI-based tools to analyse data to help improve it. Chattermill has built a comprehensive tech product suite that brilliantly solves this issue for enterprises. Having worked with the founders for some time, we at Runa are impressed by their results and resilience, and consider this team as capable of building a true category leader.”
Chattermill is headquartered in London. The funding will support its continued organic expansion in the US and Europe as well as its growing partner network across the world. Chattermill is growing its team and is hiring across Engineering, Data and Commercial functions.
For more information, go to https://chattermill.com/.