TechSee

AR-Powered Customer Support Platform

Company Information

Website:

https://techsee.me/

Sector:

Customer Relationship Management Software

Location:

Israel

TechSee is using Augmented Reality (AR) and Artificial Intelligence (AI) to transform the customer support industry.

It’s created a cognitive visual engagement platform. This enables customer support teams to offer assistance through a visual experience. Customers can receive service and resolve issues with real-time, on-screen AR instructions.

Perhaps an article from CNET, a technology-focused website, summed up this company’s service best:

“TechSee, a company that beams visual AI-powered assembly assistance to your phone in order to prevent you from smashing the valuable electronics you’ve just bought.”

(Please note: This particular startup is raising funds from accredited investors only. An accredited investor is someone with a net worth of at least $1 million, or annual income of at least $200,000, or $300,000 with their spouse.)

Since launching in 2015, TechSee has attracted more than 70,000 enterprise customers. Notable customers include Verizon, Vodafone, Samsung, and Nespresso.

It’s also raised $23 million from investors including Scale Venture Partners, Cognitiv Ventures, Planven, and Innogy Innovation Center. The company has been awarded seven patents and has 14 others pending.

Most recently, Salesforce (NYSE: CRM) selected TechSee as a “vendor of choice” and is embedding its visual collaboration platform into its products. It’s also leading this current investment round.

TechSee believes the opportunity with Salesforce — a software company with a $177 billion market cap — could soon translate into $100 million in annual recurring revenue.

TechSee CEO Eitan Cohen has 20 years of experience building companies, including serving as CEO or General Manager at three companies that were acquired.

Chief Operating Officer Amir Yoffe has spent his entire career commercializing enterprise product and service solutions, with a focus on video, mobile, and security technologies. And Chief Scientist Gabby Sarussi is an expert in AR technology, and was an in-house research for NASA before starting TechSee.

Customer experience management is a huge market. By 2027, according to Grand View Research, this market is projected to surpass $23 billion globally.

But traditional voice-based customer service interactions have always been hindered by a visual gap: the inability of a product expert to see what the customer sees.

This causes high customer effort and friction. It also reduces customer satisfaction, leads to needless technician dispatches, and increases contact center labor intensity.

To reduce these costs and issues, there is a growing demand for contactless service: both remote assistance and self-service. This demand has certainly skyrocketed since the emergence of Covid-19.

However, traditional self-service interfaces usually struggle. According to research from Gartner, only 9% of customers report that they resolve issues completely via self-service.

TechSee enables service teams to see what the customer sees. It empowers enterprises to deliver visual customer experiences via live assisted service or self-service. Here’s how it works:

The company’s initial product, TechSee Live, launched in November 2015 as a disruptive visual solution for contact centers and field service organizations.

Patented browser-based technology allows a product expert to initiate a live visual session with an invitation link sent to the customer. This can be done via any channel (email or phone, for example), eliminating the need for the customer to download a specific app.

During visual interactions, TechSee’s solution captures images which are tagged by service reps, a process known as “the crowdsourcing of expertise.” This builds TechSee’s visual database, which now contains tens of millions of images of thousands of devices.

In addition to this technology, TechSee uses TechSee Smart, which powers real-time visual decision support for contact center agents and technicians. During a live video session with a customer, “Smart Assist” identifies the issue and suggests the resolution to the company rep, who can then share it with the customer or technician.

Smart Assist is also the basis of TechSee’s unique visual self-service assistant “Eve.” Eve streamlines the resolution of common issues like device unboxing, installation, and configuration.

TechSee has been noticeably effective for customer support teams. Businesses using its technology have reported 17% fewer product returns, a 22% increase in their resolution rates, and a 19% drop in technician dispatch rates.

Amidst Covid-19, TechSee has partnered with Vodafone, a global telecommunications company, to create Vodafone Visual Support, powered by TechSee. This joint effort is helping engineers avoid the need to enter people’s homes during the outbreak. This reduces the risk to customers and staff, while ensuring customers stay connected.

To generate revenue, TechSee charges a one-time setup fee, along with a monthly subscription fee per user. Customers can also pay for 6- or 12-week pilots.

The company expects to reach $10 million in recurring revenue in 2020, up significantly from its $700,000 figure in 2017.

Team Background

Amir Yoffe - Co-Founder & COO

Amir has spent his career commercializing enterprise product and service solutions. He has a particular focus on video, mobile, and security technologies.

Prior to starting TechSee, he was CEO of CastUP, a platform enabling TV and mobile operators to manage and monetize live content. This company was part of NDS Group, which was acquired by Cisco in 2012.

Before that, he was CEO of Avnet, a leading Israel-based consulting company focused on the information security industry. He held that position after serving as Business Solutions Manager for Netvision, an internet security company.

Amir began his career as Vice President of Projects for NetWise, another internet security company.

He studied Mechanical Engineering at Ben-Gurion University and earned an MBA in Marketing.

Eitan Cohen - Co-Founder & CEO

Eitan has 20 years of experience building companies.

Before starting TechSee, he co-founded Local Sciences, a company focused on “big data” solutions that was acquired. Prior to that, he was General Manager of MerchantCircle, a company connecting small businesses with internet services. MerchantCircle was acquired in 2011 for $60 million.

Earlier in his career, Eitan was Chief Operating Officer of Verix, a company focused on business intelligence solutions for pharmaceutical companies. Notable customers included Pfizer, Sanofi, and Procter & Gamble.

Prior to that, he founded BlueSage, a strategic consulting business. He founded this company after serving as Founder of Blue Pumpkin Israel, a software company acquired by Witness Systems in 2005.

He began his career as a senior software engineer with Amdocs, a telecommunications company.

Eitan has a Bachelor’s degree in Computer Science from Tel Aviv University.

Gabby Sarusi - Co-Founder & Chief Scientist

Gabby is an expert in Augmented Reality technology.

For the past eight years, he was a professor in the Engineering Department at Ben-Gurion University. During that time, he also served as a board member with Israel Aerospace Industries.

Before that, he spent 17 years with ELOP, an Israel-based defense electronics company. While there, he served as Vice President of R&D Programs and a program manager.

Earlier in his career, Gabby was a researcher at NASA’s Jet Propulsion Laboratory, and worked on the technical staff at Bell Labs (now Nokia).

He holds a Bachelor’s degree in Nuclear Engineering from Ben-Gurion University, and Master’s degrees in Physical Electronics and Business from Tel Aviv University. He also earned a Ph.D. in Electrical Engineering from Tel Aviv University.

Co-Investors

Cognitiv Ventures

Providing mentorship and capital to early-stage startups.

Planven Entrepreneur Ventures

A VC fund investing in advanced technology solutions for business-to-business markets.

Salesforce Ventures

The corporate investment arm of Salesforce (NYSE: CRM), investing in enterprise technology companies. Portfolio includes Twilio, SurveyMonkey, and MuleSoft.

Scale Venture Partners

A VC fund investing in software-released companies. Portfolio includes HubSpot, Box, and DocuSign.

Innogy Ventures

The VC arm of innogy SE, one of Europe’s largest utility companies.

Raising
$11.14 million
Committed
$0 (0%)
Current Valuation
$100 million
Min. Investment
$10000
Deal Type
Title II
(For accredited investors only)
Offering Type
Equity
Finance History
  • $7.5 million
    2017-06-26
    Planven Entrepreneur Ventures
  • $16 million
    2018-12-10
    Scale Venture Partners
Notable Investors
  • Cognitiv Ventures
  • Planven Entrepreneur Ventures
  • Salesforce Ventures
  • Scale Venture Partners
  • Innogy Ventures
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