Coho AI nabs $8.5M to help SaaS companies with revenue growth
Coho AI, a product-led revenue platform that uses machine learning to help software-as-a-service businesses, today announced that it raised $8.5 million in seed funding led by Eight Roads, TechAviv and a number of angel investors.
The company’s platform uses artificial intelligence and machine learning to give beleaguered SaaS companies better visibility into their customer data by delving deeply into customer activity and engagement with the product in real time and gathering insights.
With its tools, companies can decide what parts of their product are working to keep their customers engaged, or are “sticky,” and interested and what their customers are abandoning, or are causing “churn.” As a result, they can more easily focus on what customers want and fine-tune what customers don’t.
“SaaS companies are in a unique position where they can actually measure the value their users extract from their products,” Itamar Falcon, chief executive of Coho AI. “By correlating this information with data coming from customer success, sales, and support, we create a customer observability platform, which is crucial to generating sustainable and proactive revenue growth.”
The target audience of Coho is sales, customer success and product teams who work directly with the services that SaaS companies provide in order to digest and deliver actionable insights about their product. This is in order to give them ways to understand how to better upsell subscriptions, perks or other services to customers that might be interested based on their behavior.
Coho’s tools require no coding experience to integrate and deliver a single point of truth with dashboards that are easy to understand for business users once installed. They also integrate with a number of different tools and can automate the management of workflow processes between Slack, email and ticketing systems when certain thresholds or alerts happen.
For example, it’s possible to set up customized notifications when users are ready to buy or reach particular milestones or get notified when users get stuck on their journey through the product and might abandon it before renewing a subscription. All of this is triggered by a sophisticated AI that learns from the long-term historical behavior of users in order to predict their future behavior so that the customer success team can offer proactive support before churn happens, or relieve potential pain points ahead of their breaking point.
“As revenue teams need more product insights, we aim to provide an out-of-the-box solution to a problem which companies tried to solve internally until now,” said Falcon.
Coho will use the new funding to continue developing its AI platform to provide superior product-led revenue insights and grow its team.
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