The AI-based startup Tone bagged US$4m seed funding on 6th October 2020 in a funding round led by Bling Capital. One Way Ventures, TIA Ventures, Day One Ventures, and executives from renowned enterprises Google, Uber, Dropbox, and Facebook also participated in the round.
The future plans of company
The company Toner is based on the AI functionality that helps ecommerce companies to manage messaging conversations. The texting is done by the employees of Tone with the assistance of software that aids them to fetch the relevant information needed. The enterprise has planned to utilize this funding in building the relationship automation for their product. They are also thinking of going beyond text messaging, but apparently it is not their priority for now.
Tone is already working successfully with 1,000 plus brands; these include ThirdLove, Usual Wines, and Peak Designs. With the usability of Tone, their revenue has hiked up by 26%, and order size has seen an increase of 15%. They assign their agents to particular brands, so if customers are having any issues, they will be talking to the same person related to the platform. In some cases, even customers are engaged with the same agent for months. In further clarification, they said that the same agent doesn’t mean a single person but rather is the group of agents working on the same brand with the same persona.
The founder and CEO Tivan Amour created a bicycle startup, Fortified Bicycle, earlier with his co-founders Kyle Weidman and Vlad Pick. They figured out that engaging the customers with text messaging is the best way to be close with their customers for high purchases, which led to the foundation of Tone. In the near future, they are thinking of creating a semi-automated system that will keep the Sales Team on top for any of the conversations.
About Tone
Tone is a Greater Boston, England situated enterprise that helps various e-commerce platforms increase their revenue with their human text conversation enhanced by incorporating AI software. The Cambridge headquartered company was founded in the year 2017 and is in the run to make its impact in the ecommerce industry. The company’s human SMS marketing solutions are its Unique Selling Point that helps them gain new subscribers, send new messages, and reply to the customers.
About Bling Capital
Bling Capital is a San Francisco based company founded in 2018 by Benjamin Ling. It is a Venture Capital firm that primarily invests in mobile, data, fintech, marketplace, automation, SaaS, and consumer tech-based sectors. The company has made 26 investments to date. Some of the portfolio companies of Bling Investments include Lyft, Udemy, Gusto, GitLab, Lucidchart, Quora, and more.
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