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Espressive raises $30 million in Series B round of funding led by Insight Partners
Fremont, CA: Espressive, a leading provider of artificial intelligence (AI) for enterprise service management (ESM) closed $30 million funding from a Series B round of financing led by the private equity firm Insight partners and global venture capital. The round also witnessed the participation of Series A round investors, General Catalyst, and Wing Venture Capital. The Co-Founder and Managing Director at Insight Partners, Jeff Horing, will also be joining the Espressive's Board of Directors, as part of the deal. The company will use the latest capital infusion to power its growth and product innovation, simultaneously addressing the demands of its exponentially growing customer base. Espressive Barista, the AI company's virtual support agent (VSA), automates help desks by linking the employees to the information necessary.
According to Forrester Research, businesses that apply AI and other cutting edge technologies will capture up to $1.2 trillion in revenue per year, with a growth rate that is eight times faster than the global GDP. In similar lines, Gartner believes that, by 2021, AI augmentation will generate "$2.9 trillion in business value and 6.2 billion hours of worker productivity." With Barista in place, Espressive provides businesses an AI-based ESM solution that not only benefits the enterprise employees but also helps the desk agents in terms of information. Espressive also revealed innovations to Barista that enables the user to possibly automate help desks with AI, decrease the tier 1 support, and provide clients with consumer-like self-help.
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[vendor_logo_first]"Adoption of AI for IT service management (ITSM) and ESM is exploding, and Espressive's advanced automation capabilities stand to disrupt this evolving market significantly. We were immediately impressed with Espressive Barista and its ability to provide an innovative solution that expands beyond the ITSM use case into HR, facilities, and more," said Jeff Horing, co-Founder and Managing Director at Insight Partners. "This sentiment was further validated by comprehensive feedback we received from Espressive's partners and customers, which resulted in a net promoter score of 72, placing Espressive in the 'excellent' category. We are excited to work with Espressive to scale its product and become a leader in the ITSM and ESM space."
"We've received overwhelmingly positive feedback from our customers and prospects about Barista. To address this demand and accelerate expansion into new markets and use cases, we will use this funding further to scale our engineering, sales, and marketing teams as well as continue to cultivate our partner program," said Pat Calhoun, CEO, and founder of Espressive. "Looking ahead, we're uniquely positioned to continue our rapid growth, while maintaining our relentless focus on building a highly scalable conversational AI agent that understands the language of employees."
See also: Top Artificial Intelligence Companies
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