Bellwethr, a machine-learning customer conversion and retention platform, has just announced $2. Five million seed funding round
The financing comes at a pivotal time for the enterprise software company, giving priority to rapid growth. The seed round was led by Royal Street Ventures, with the participation of Greenway Capital, KCRise Fund, SaaS Venture Capital, Stout Street Capital, Beth Ellyn McClendon, Karen and Paul Fenaroli (Minerva Fund), among others.
“This funding adds fuel to what we’ve built as we race to automate conversion and retention processes,” said Matt Moody, Bellwethr’s founder and CEO.
Bellwethr uses a form of machine learning known as reinforcement learning to help companies continuously reduce CAC (customer acquisition cost), increase conversion rates, and increase customer retention. While technology can be applied to virtually any industry, the team focuses on B2C companies with monthly recurring revenues, such as SaaS platforms and subscription services.
The new funding round will enable Bellwethr to strengthen its engineering and sales teams while offering new products and services. One such product, Retention Engine, handles the cancelation of consumer accounts/subscriptions by resolving issues and offering alternatives to cancellations.
Bellwethr stands out from other AI-powered tools by focusing less on analysis and insight, and more action and automation. Most machine learning tools provide valuable insights, but rely on people to take action. Bellwethr’s software identifies data patterns and implements actions automatically
The objectives of the company go beyond capturing market share Bellwethr’s larger mission is to democratize machine learning and AI, enabling people to focus on creative tasks by automatically taking care of implementation and orchestration.
“At the moment, machine learning tools are limited to large organizations with significant resources,” said Moody, “We believe that in order for this technology to reach its full potential, it needs to be in the hands of everyone and everyone. “That’s right.
Since graduating from Techstars in 2018, Bellwethr has more than doubled its revenues.
About Bellwether
Bellwethr (Techstars 2018) is a machine-learning customer conversion and retention platform for B2C businesses. It helps companies deliver dynamic and personalized experience in converting customers and increasing customer retention.
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