Teams dedicated to driving customer acquisition, retention, and sales don’t necessarily have the time or tools to use data insights effectively. In a 2019 survey, NewVantage partners found that the The percentage of companies that identified themselves as data-driven decreased in each of the past three years, with more than half admitting they don’t compete on data and analytics.
That’s why Ariel Maislos, who sold semiconductor startup Anobit to Apple for $400 million in 2012, teamed up with Itamar Falcon and Michael Ehrlich to launch Coho AI, a product-based revenue optimization platform designed to help companies companies, specifically software as a service. (SaaS): Access valuable information to increase sales and growth.
Coho AI announced today that it has raised $8.5 million in a seed funding round led by Eight Roads, TechAviv and angel investors. CEO Falcon says the capital will go toward product R&D and expanding the size of Coho AI’s team, which currently numbers 17 people.
“Coho AI has developed a unique data consolidation platform that models the business value of a software-as-a-service company and maps it to customer behavior in real time using machine learning and advanced analytics,” Falcon told TechCrunch in an interview. by email. “Coho AI’s behavior modeling enables the crafting of personalized customer journeys that improve conversion metrics and help revenue teams, from sales and customer success, along with product teams, achieve greater growth and sales efficiencies.
Coho AI’s target audience is sales, customer success, and product teams within business-to-business (B2B) SaaS companies. The platform provides AI models to discover what makes a product “sticky” and what drives users to upgrade to a paid SaaS B2B subscription plan, as well as real-time usage models to highlight upsell opportunities and churn risks and segmentation models to identify different users. based on their behavior.
Falcon says that all the models are trained using anonymous data from Coho Ai’s customer base. “By doing so, we are creating a network effect where each of our clients gets the benefits of a larger data set, resulting in a more accurate model,” he added.
Beyond AI-powered features, Coho AI provides a single source of truth from which sales, product, and customer success teams can extract both user and account data. An observability dashboard enables growth teams to identify where users are in the customer journey and tailor a specific experience to reduce churn, while real-time triggers highlight growth opportunities, including “free-to-market.” -play?” and additional sales.
“There’s skepticism among SaaS leaders that an external tool can model the unique value of their product and turn it into actionable insights for go-to-market teams,” Falcon said. “[But] Coho AI really helps companies improve metrics like net income retention rate and sales efficiency, which have become more crucial in the current economic climate.”
Coho AI competes with startups including Correlated and Endgame, but Falcon says the company already has “dozens” of customers and partners. However, he declined to provide revenue figures.