Aquant Snags $30 Million to Boost AI Platform

By StartUp City | Wednesday, February 05, 2020

The funding comes after a significant 2019 where Aquant tripled its employees, expanded its offices in New York and Tel Aviv, increased its client list, and widened partnerships with brand names like Becton Dickinson, Comfort Systems, 3D Systems, and Sysmex.

FREMONT, CA: Aquant, the leading service intelligence platform, raises $30 million in Series B funding round led by Insight Partners. The funding was participated by existing investors, including Lightspeed Venture Partners, Angular Ventures, and Silvertech Ventures. Peter Sobiloff, Managing Director at Insights Partners, will join the company's board of directors soon.

"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 have 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."

Aquant will use the new funding capital to facilitate its rapid growth, boost the innovation of its AI platform, ramp up global expansion, and develop its engineering, operational, 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 collaborates with one of the largest companies in the world to solve the skill gap crisis in customer service. The company's artificial intelligence technology captures the knowledge of subject matter experts before they retire. By accessing clients' data silos for insights, e.g., CRMs and ERP systems, it studies the free-text of customer comments and field technician notes and verifies findings with top performers. It then delivers standard insights to every member of the service team, helping technicians and agents resolve customer challenges.

"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."

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