Aquant, the leading service intelligence platform, announced the close of a $30 million Series B funding round. This latest round of funding was led by Insight Partners with participation from existing investors including Lightspeed Venture Partners, Angular Ventures, and Silvertech Ventures.
This investment brings the company’s total funding to $40 million in the last 14 months. Peter Sobiloff, Managing Director at Insight Partners, will join the company’s board of directors.
Aquant will use this capital to support its rapid growth, drive the continuous innovation of its AI platform, accelerate global expansion, and grow its engineering, client services, and go-to-market teams.
“The expectations from customers of manufacturing companies are growing, just as skilled service workers are retiring. This makes exceptional service delivery more critical, and more challenging, than ever,” said Shahar Chen, CEO and co-founder of Aquant.
“With this investment, Aquant will be able to meet the market demand for technology that preserves and disseminates the institutional knowledge of service experts. We will continue to help our clients elevate the performance of every service professional, driving higher customer satisfaction and revenue.”
Aquant is working with some of the largest companies in the world to solve the skills gap crisis in customer service. According to the The Service Council, 70% of service organizations will become burdened by a retiring workforce in the next 5 to 10 years.
Aquant’s artificial intelligence technology captures the knowledge of subject matter experts before they leave, by unlocking insights from clients’ data silos (e.g., CRMs and ERP systems), analyzing the free-text of customer comments and field technician notes, and validating findings with top performers.
The platform then delivers prescriptive insights to every member of the service team, helping technicians and agents resolve customer challenges like experts, and service leaders make informed management decisions.
“Our mission is to invest in high-growth software companies that are disrupting industries to create more efficiency and maximize productivity,” said Peter Sobiloff, Managing Director at Insight Partners.
“It was clear to us that Shahar and Assaf have a deep understanding of the field service software landscape and, with this, have a unique opportunity to build something disruptive in the space.
“Aquant’s centralized SaaS platform and AI technology has the ability to help manufacturers make smarter and faster decisions, which leads to real ROI with both revenue growth and cost savings. We are excited to work with Aquant to expand its customer base and help scale their respective teams.”
“We appreciate the support and operational expertise of Insight Partners and all our investors as we enter the next phase of Aquant’s journey,” said Assaf Melochna, COO and co-founder of Aquant.
“This funding — alongside the operational resources that come from Insight Onsite, Insight’s business strategy and ScaleUp division — will enable us to accelerate the pace of growth and expand our product offering to address service challenges across industries and around the world.”
This announcement follows a momentous 2019 for Aquant. The company tripled employee headcount, expanded its offices in New York and Tel Aviv, and grew its client list and expanded partnerships with brand names like Becton Dickinson, Comfort Systems, 3D Systems and Sysmex.