Pypestream Secures $15M in New Funding to Bring Smart Messaging to Enterprise
We’re excited to announce that we’ve secured $15 million in new funding from Rick Braddock, former Chairman and CEO of Priceline and former President and COO of Citibank; The Chatterjee Group; and a large, well-known global hedge fund, and others. The new funding will aid in the continued development of our patented Smart Messaging Platform that combines pragmatic AI and conversational chatbots to help businesses take advantage of personalized mobile messaging. Also investing in the company are a number of existing and new individual investors.
Connecting brands to consumers through transformative technology
There’s a growing disconnect between brands and consumers, and it’s a gap we’re trying to close. From long hold times and poor customer service experiences to spammy marketing campaigns and complicated payment processes, the traditional model for customer communication is obsolete. Email, call centers, and social networks are proving to be ineffective means of engaging with customers. These channels no longer suffice for an increasingly demanding consumer, who has become accustomed to having everything on demand.
The challenge for brands is determining how to bridge this gap and connect with consumers on their terms. That’s where Pypestream’s Customer Engagement Solution comes in. With our Smart Messaging Platform, we allow brands to engage with consumers in personal, 1:1 conversations at scale. Businesses benefit from rich customer interactions while end-users enjoy having on-demand access to brands for customer service, marketing and promotions, and purchases and transactions.
“We’re helping businesses unlock the power of smart messaging while accelerating AI innovation in the enterprise,” said Pypestream Founder and CEO Richard Smullen. “Social networks and messaging apps do not have the infrastructure to support rich customer interactions. What businesses need is an intelligent, secure and automated way to engage with customers at scale using mobile messaging. Pypestream delivers on this vision by bringing smart messaging and AI capabilities to sales, service, marketing and more. We are empowering enterprises to drive customer satisfaction and loyalty from the palm of their hands.”
In addition to the financing, Mr. Braddock will also serve as our Executive Chairman. Of the funding, Mr. Braddock said, “Pypestream is exactly at the time and place that I like to get involved with early stage companies. It’s an exciting new solution designed to significantly enhance customer engagement for enterprises in all categories. Pypestream already has strong customer momentum, an excellent management team, and a highly defensible IP-based solution that is driving ROI for its enterprise customers. I am very excited to assist the management team in scaling the business.”
Customer News and New Executive Hires
In conjunction with the funding, we have secured several key enterprise customers across major industry verticals, including healthcare, insurance, utilities, and government. Among the customers now using our solution are Lynx Services, a Solera Company; and Discovery Health, a leading global healthcare provider. We will be announcing more major account wins soon, including some key government initiatives for improving interactions with federal departments.
“Pypestream has enabled us to successfully automate a targeted set of repetitive customer inquiries, leading to a reduction in operating costs,” said John Wysseier from Solera. “Given the results we’ve seen in our customer service department, we’re expanding the use of the platform to include other areas of the organization.”
We also expanded our executive team with a number of strategic hires to lead us into the next phase of growth and success. Among the new executives joining the company are:
“The addition of Durk, Saied, and Zvi to our executive bench ensures we’ll meet the demands of businesses in multiple industries,” said Smullen. “We’ve assembled a stellar team to deliver on the promise of our solution and to lead us into our next phase of growth as we continue to scale our business.”
We have open positions across the board at Pypestream, including Customer Experience, Technology and Engineering, and Sales. We’re looking for talented individuals who can help us grow the company. If that’s you, we want to hear from you! Check out our jobs page and submit your application today.
Originally published at www.pypestream.com on February 28, 2017.