US-Israeli service intelligence platform Aquant has raised USD 70 million in a Series C funding round to support the growth and advancement of its technology, the company announced on Wednesday.
The funding round was led by Qumra Capital, Insight Partners, and Pitango Growth. Previous investors Lightspeed Venture Partners and Angular Ventures also participated in the round, along with new investors Schneider Electric Ventures and Claltech.
Founded in 2016, Aquant is an enterprise SaaS company that helps service organizations make smarter, faster, data-driven decisions by providing predictive, actionable service recommendations through AI and machine learning.
Aquant has now raised a total of USD 110 million. The company will use the new capital to support its rapid growth and expand use cases as it strengthens its position as a service intelligence leader in every market.
In order to accelerate this global expansion, Aquant will grow its engineering, client services, and go-to-market teams, adding positions in the US, Europe, and Israel. The company said the funding will also drive the continuous innovation of its artificial intelligence platform, including the development of cutting-edge technology that combines structured and unstructured data, and harnesses the knowledge of experts.
“To win the service game today, it’s not enough to just solve problems anymore,” said Shahar Chen, CEO and co-founder of Aquant. “Companies must also provide a stellar service experience. And when providing a stellar experience, service becomes more than just ‘maintenance’ for customers—it becomes magic.”
“Aquant is revolutionizing service intelligence and is well-positioned to lead this large market given their domain expertise and data savviness. Their technology enables companies to focus on what they’re good at, alleviating one of the most serious business challenges today,” said Sivan Shamri Dahan, managing partner at Qumra Capital. “We’re very excited to partner with them as they continue their rapid growth in order to significantly improve service experiences.”
Service intelligence is said to solve an increasingly problematic talent shortage in the field service industry, providing new hires access to decades of technical knowledge, account data, and service history. As baby boomers continue to retire from technician roles and younger millennial and Generation Z employees fill their positions, sharing knowledge and employing data effectively will be increasingly important.
“Customers trust Aquant’s AI-enabled offering as, unlike generic AI solutions, it is tailored to the service vertical’s needs and delivers clear ROI from day one,” said Idit Muallem-Yedid, partner at Pitango Growth, who is joining Aquant’s board. “Aquant’s insights shed light on areas traditionally perceived as blind spots in service operations and experience. I am excited to be part of Aquant’s journey, as it continues to bring value to all stakeholders of the service experience and roll out additional solutions highly anticipated by its customers.”
“We look forward to working with our new investors as we enter an important growth phase,” said Assaf Melochna, president and co-founder of Aquant. “The service industry is on the cusp of once-in-a-lifetime advancements, and helping these companies transform service by providing critical business insights is built into Aquant’s DNA.”
The article was originally published by NoCamels, a leading news website covering breakthrough innovation from Israel for a global audience.