Austin AI startup Tethr, also known as CollabIP, just closed a $15 million Series A led by Maryland-based Grotech Ventures.
According to a press release, Tethr will use the funds to scale business operations, hire in engineering, product, sales, marketing and operations, and further enhance its conversation intelligence platform.
Its platform listens to calls, transcribes conversations and pulls real-time searchable analytical insights while integrating with CRM tools automatically. Over time, Tether’s platform gets smarter, learning more about a client’s business model and what to pay attention to.
“Companies have tried unsuccessfully to capture voice-of-customer insights by manually listening to phone call recordings, using outdated tools that provide proxy insights via sentiment or emotion, or distributing surveys that reinforce their bias,” said Mike Mings, Tethr CEO, in a statement. “With Tethr listening to, analyzing and surfacing actionable insights from every customer phone conversation, companies can finally use the information customers are telling them directly to improve business performance and drive better outcomes.”
One of Tethr’s clients, TruGreen, reported a 10 percent improvement in call conversion, 7 percent increase in sales retention rates and a 25 percent increase in sales reps who stayed aboard for a second year of employment.
"What excites us about Tethr is their use of cutting-edge machine learning approaches that make it easy for companies to quickly and accurately turn large amounts of unstructured customer conversation data into information that fuels smarter business decisions,” said Lawson DeVries, general partner at Grotech Ventures.
Tethr has now raised $21 million to date.
