EdgeTier, which helps contact centres improve the customer experience using AI, has raised €6 million in Series A funding in a round led by Smedvig Capital, with participation from Episode 1 and Act Venture Capital.
EdgeTier was founded in 2015 by Dr. Shane Lynn, Dr. Bart Lehane, and Ciarán Tobin, whose vision was to build “user-friendly, machine learning infused applications that move contact centres from data rich but information poor environments into a new era of efficiency and performance”.
The company operates in more than 20 countries across Europe and the Americas, processing billions of messages through its systems for the likes of Abercrombie & Fitch, LoveHolidays, Holiday Extras, CarTrawler, RyanAir, TUI Travel, Electric Ireland, Tipico, and Betclic.
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— EdgeTier (@TeamEdgetier) August 4, 2022
Lynn comments: “Companies will simply not be able to compete without AI and machine learning augmenting their ability to understand and support their customers at scale.”
“We want to help more contact centres and customer experience professionals recover the missed insights in their conversations, react faster to changes, and have the data they need at their fingertips to make decisions.”
“Over the fundraise, we’ve been really impressed with the Smedvig team; Joe and Maeve are already bringing great value to the business and I’m really excited to partner with them now on the journey ahead.”
Lehane says: “This funding round allows us to deliver our ambitious product road map and scale to meet the growing demand for our platform in the market.”
“We’ve had a great experience working with Smedvig; it was a natural fit, and this investment and partnership position us to capitalise on a global opportunity during a rapidly changing AI and customer experience landscape.”
Joe Knowles, Partner at Smedvig Capital, comments: “We’ve been impressed with EdgeTier from day one. The company has achieved an extraordinary rate of growth on very little capital.”
“The quality of its team is key to this; the founders have the AI expertise and commercial acumen needed to continue landing new clients and leading the way on product innovation.”
“We’re at the beginning of a wave of AI enabled improvements to customer service, and EdgeTier is well positioned to lead this category to become the de facto data solution for contact centres.”
“The fact that EdgeTier has not lost a single customer to date and has an upsell rate of 150% is evidence that innovative and customer centric brands are embracing the solution and unlocking tangible value from AI right now.”
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