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UNITED STATES, 4 October 2023 – ClearFeed, a conversational support platform for enterprises, today announced US$2.7M in seed funding. The round was led by Peak XV’s Surge with participation from 8VC and other angels, and the new funds will be used to power ClearFeed’s next stage of growth across product development and go-to-market teams.
Increasingly, businesses are developing robust digital infrastructure as more transition towards a remote-work model. This new era of work has led to the adoption of chat services like Slack and Microsoft Teams, which help organizations streamline both internal and external communications. Slack Connect, a feature that allows businesses to collaborate with external organizations, is used by over 100,000 organizations, including 77 of the Fortune 100 companies1 – transforming the way that businesses work alongside partners, vendors, and customers. Meanwhile, Microsoft Teams recently surpassed the 300 million mark for monthly users2, with a study stating that the application saves a company nearly US$19.6 million by reducing worker inefficiencies3.
As businesses increasingly move towards chat services to manage employee and customer requests, there is a growing need for conversational support tools to help businesses bridge various departments. However, chat platforms lack the structure, tracking systems, and metrics needed by larger teams. Service teams struggle with high query volume on common questions and tasks, copying and pasting across tools, and being unable to close the loop with stakeholders on chat.
ClearFeed streamlines customer and employee requests on Slack and Microsoft Teams, by using AI models to track inquiries and escalate requests. Different departments can seamlessly interact with each other, and service teams are empowered with easy tracking and response capabilities, ensuring peak efficiency.
The company has progressively ramped up its product features since launch, introducing triage channels, one-click ticket filing, and live two-way syncing of data and now seamlessly integrates with eight industry-leading software tools like Zendesk, Jira, FreshDesk, HubSpot, Github, Linear, Intercom and Salesforce – providing support and IT teams with the versatility to work from their preferred tool when servicing customers and employees.
ClearFeed has also recently introduced OpenAI’s most advanced system to date, GPT-4, to index product documentation, knowledge bases, and wikis, automatically generate answers in response to user queries and assist agents in resolving user queries by pinpointing the right resources. In early trials, customers have reported 30%+ of customer queries being resolved automatically using ClearFeed’s GPT-Powered Answering system.
ClearFeed’s focus on its product has driven its growth exponentially since its launch. Since early 2023, ClearFeed’s revenue grew by 10x and its workforce doubled across its U.S. and India offices. In just this past quarter, ClearFeed has been used in over 100 organizations, including industry leaders like Teleport, Chronosphere, CastAI, and Coreweave, and is used by over 10,000 users globally.
Business customers using ClearFeed reported creating up to 90% of their tickets on Slack and collaborating on 40%+ of tickets within Slack. Employees can now work from both enterprise tools and Slack - deepening collaboration and speeding up response times.
“Customer service support and communication within organizations is undergoing a rapid transformation, particularly with the significant volume of conversations occurring on platforms like Slack daily. Sifting through these conversations and requests can be time-consuming and unproductive for organizations. ClearFeed is a platform that can elevate the customer service experience and streamline work discussions efficiently. We’re thrilled to embark on the next phase of our growth, fueled by the fresh funds, as we look to introduce more product features,” said Joydeep Sen Sarma, Co-Founder of ClearFeed.
“ClearFeed's dedication to revolutionizing enterprise support with cutting-edge technology aligns seamlessly with 8VC's mission to champion groundbreaking enterprise AI solutions. This funding round positions ClearFeed to disrupt the SaaS and B2B support landscape, giving companies the competitive edge they need in today's dynamic market. We're excited to partner with them as they lead the way into a new era of AI-driven enterprise excellence." said Bhaskar Ghosh, Partner and CTO, 8VC.
“We use ClearFeed at Teleport's 100+ slack channels in our community workspace. It's a must-have for any company supporting customers in Slack,” said Alexander Klizhentas, Chief Technology Officer of Teleport.
ClearFeed was founded out the United States and India by Ankit Jain, Joydeep Sen Sarma, and Lalit Indoria in September 2021. Previously, Ankit led product for conversational AI startup SkitAI and was a founder at YCombinator-funded SprintAI building products in the supply chain AI space. Joydeep was an early Facebook engineer who founded Apache Hive, and also served as co-founder and CTO of Qubole, which grew from zero to more than $50 million in ARR during his tenure. After obtaining a Bachelor of Engineering, Lalit worked at Udaan and was an early employee at Qubole.
1 Slack, Why nearly 80% of Fortune 100 companies rely on Slack Connect to build their digital HQ
2 M.I.O Dispatch, The History Of Microsoft Teams
3 Forrester, The Total Economic Impact Of Microsoft Teams
About ClearFeed
ClearFeed is a conversational support platform that leverages artificial intelligence and deep integration with enterprise tools like Slack and Microsoft Teams to streamline customer and employee requests. For more information on ClearFeed, visit https://clearfeed.ai/ or follow the team on LinkedIn.
About Peak XV
Peak XV (formerly Sequoia Capital India & SEA) is a leading venture capital firm investing across India, Southeast Asia and beyond. Peak XV (pronounced Peak Fifteen) was the name used for Mount Everest before it was called that. Over the last 17 years of our operations in the region, Peak XV has grown to manage over USD 9 billion in capital across 13 funds and invested in over 400 companies. To know more, please visit: www.peakxv.com.
About Surge
Surge is Peak XV Partners’ rapid-scale-up program. Surge combines up to USD 3 Mn of seed capital with company-building workshops, a global curriculum and support from a community of exceptional mentors and founders. The program’s goal is to supercharge early-stage startups in India and Southeast Asia and give founders an unfair advantage, right out of the gate. For more information on Surge, visit www.surgeahead.com.
About 8VC
8VC is a leading technology investment firm, investing in visionary teams and backing industry-transforming companies. The partners have a proven track-record as founders, engineers, and operators of successful companies including Palantir, Addepar, Affinity and OpenGov, amongst others. 8VC was founded in 2012 and manages $3.6 billion in committed capital. The firm invests primarily in smart enterprise platforms across industries including financial services, healthcare, logistics, Bio-IT, and others. For more information, please visit 8VC.com.
Media Contact
For inquiries and further information, please contact:
Kat Eller Murray
ROAM Communications for ClearFeed
kat@roamcomms.com
