The funding will be used to drive growth and product innovation.
“pi's focus is to invest in start-ups that leverage dark data to solve a large-scale problem and CSB’s solution fit well. In a large SaaS company, it is the job of the Customer Success Managers (CSM) to drive retention. However, if a SaaS company has several customers, it is difficult to keep track of customer usage patterns and predict churn,” Abishek Surendran, partner, pi Ventures, told Business Standard
. “Also, CSMs need to be involved in the lifecycle of a customer to improve retention. Hence, the requirement of a sophisticated tool like CSB that leverages AI to improve the productivity of CSMs.”
The Bengaluru-based VC firm had closed $25 million in funding, its second, in January this year. Its first close was announced in March 2017 at $13 million, with backing from former Infosys director T V Mohandas Pai, Flipkart co-founder Binny Bansal, MakeMyTrip founder Deep Kalra and Info Edge’s Sanjeev Bikchandani.
The firm focuses on financing artificial intelligence-backed businesses, including those in the health care, logistics, retail, fintech and enterprise sectors. It follows the model of investing Rs 30 million to Rs 60 million per start-up.
It had earlier invested in energy data analytics company Zenatix, health care AI start-up SigTuple, NIRAMAI, which is developing a novel software to detect breast cancer and medical grade wearable device ten3T.