London-based Prodsight raises €473.1K to help companies combat churn

Prodsight founder

UK startup Prodsight, the AI-powered customer feedback company, has raised €473.1K bringing its total pre-seed funding to just over €709.7K.

Founded in 2019, the platform uses AI to identify and track the most important issues in customer conversations by analysing topics and sentiment. These insights can then be used to prioritise which product features or experiences need to be improved to boost customer satisfaction and reduce churn. Since its official launch, Prodsight has attracted a range of new clients including Brand24, Code for America and Catapult, proving traction in the US as well as Europe. 

The pre-seed round is led by Techstart Ventures with participation from London-based TrueSight Ventures and private investors. Prodsight has also received grant support from The Royal Society of Edinburgh and Scottish Enterprise. 

The funds will be used to grow the remote team, with members currently being based in London, Edinburgh and Gdańsk. The platform already integrates with customer feedback platforms such as Intercom, Freshdesk and Zendesk. This list will be expanded in 2020 to help users aggregate their customer feedback across all touch-points. 

Mark Hogarth, Partner at Techstart Ventures said “Most companies are sitting on a growing pile of crucial customer feedback, but they lack the tools to actually make sense of it. We love that Prodsight unlocks this trapped value for customers by extracting actionable insights from customer feedback channels, allowing users to make the product changes that will matter the most.” 

Sahil Makadia of Catapult, a customer of Prodsight, said: “We had no statistics on what users were saying in our Intercom conversations so we used our intuition when reporting on customer issues. With Prodsight, we can easily track customer issues in real-time, assess the impact and prioritise the right improvements.”

Tadas Labudis, founder and CEO of Prodsight, explains: “Companies manage 3x more data today than they did 5 years ago with billions of customer conversations occurring every year. This is where our AI platform is pivotal, cutting through the noise and telling users exactly which issues are causing the most friction. The business has been growing at a rapid pace in the last year and I’m delighted to receive this latest round of funding to supercharge our efforts in 2020 and beyond.”