Dublin, Ireland-based company that helps customer contact centres improve customer experience using AI, EdgeTier raised EUR 6 million in Series A funding. The round took place on June 12, 2023. Smedvig Capital led the financing for the company. Meanwhile, Episode 1 and Act Venture Capital joined in the Series A round.
Purpose of financing for EdgeTier
With the latest capital injection in Series A, the company intends to cater to increasing demand for its real-time AI analytics platform. The platform enables companies to deliver excellent customer experience using their conversational data.
In addition, EdgeTier has plans to grow its headcount from 22 people to 70 across its Irish and Spanish bases in the coming 24 months. Besides, the team is hiring across sectors such as product, commercial, and operations functions to meet an ambitious product roadmap.
What the company’s official has to add
Dr Shane Lynn, CEO and Co-founder of EdgeTier, said, “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.”
What the investors have to comment
Joe Knowles, Partner at Smedvig Capital, said, “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 in product innovation. We’re at the beginning of a wave of AI-enabled improvements to customer service. 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.”
About the company
In 2015, Founders Bart Lehane, Ciaran Tobin, and Shane Lynn launched the company. The company operates in more than 20 countries across Europe and the Americas. It further processes billions of messages through its systems for household-name clients. Its clientele boasts giants such as Abercrombie & Fitch, LoveHolidays, Holiday Extras, CarTrawler, RyanAir, TUI Travel, Electric Ireland, Tipico, and Betclic.
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