Tethr, the leading AI-powered conversational intelligence platform for listening enterprises today announced it completed a $15 million funding round led by IAG Capital Partners with participation from existing investors including GroTech Ventures, MissionOG and Falmouth Ventures. The company will use the new funds to accelerate investments in sales and marketing as it builds on its momentum in the customer experience analytics market.
In conjunction with the funding, Tethr early investor and Chief Operating Officer, Gary Clark, has been named CEO of the company, while co-founder Mike Mings will take on a corporate strategy role for the company and continue to serve on the Board of Directors.
"It's been an incredible journey founding the company and bringing Tethr's market leading technology to the enterprise," said Mings. "With top Fortune brands as customers and a substantial addressable market, I'm confident Gary and the leadership team will guide the company on this exciting new chapter in our growth."
The new funding comes at a time when Tethr is seeing increased demand among leading enterprises for its AI-enabled platform that delivers transformative insights from customer conversations (phone calls and chats). Traditional survey-based customer feedback measurement products or legacy speech analytics tools typically surface limited data from customer interactions or provide often biased and episodic feedback. Unlike these tools, Tethr surfaces the customer experience metrics that matter and identifies meaningful insights that can immediately be put to work to address points of customer friction, opportunities for improved sales conversion and more.
Tethr combines packaged insights and prescriptive reporting built on a distinctive model of applied artificial intelligence and over a decade of best-practice customer experience research. With the new Tethr Effort Index, the market's first machine-learning based predictive measure of Customer Effort, CX leaders can quickly pinpoint with tremendous precision, the biggest opportunities for improvement in the customer experience.
"As we've listened to customer experience and care leaders over the past few years, we've learned that they are struggling to move beyond just identifying potential CX issues. In order to close the gap between their customer experience and brand promise, leaders are looking for innovative ways to solve CX problems quickly, leveraging insights they can immediately put to work, capabilities Tethr can deliver out of the box," said Gary Clark, CEO of Tethr. "I'm thrilled to step into the CEO role to help this amazing team scale Tethr, humbled by the support of our existing investors and excited to work with a new investor the caliber of IAG as we grow the company to the next stage and beyond."
"Tethr has continued to innovate new approaches to helping its customers measurably improve their customer experience, particularly around reducing customer effort. With a strong research-based offering, it has developed a leadership position in a large and fast-growing market," said Dan Frawley, board chair, managing director of Falmouth Ventures and an early investor in Tethr. "What the Tethr team has built is very impressive, and we're excited to be working together to create a global market leader."
"With a fantastic roster of blue-chip customers, high-profile enabling partners and a unique, differentiated position in the market, Tethr is delivering the deepest, most robust voice of customer analytics capability and easiest to use offering in the industry," said Alonso Galván, Principal at IAG Capital Partners. "We are very pleased to join a great team in investing in and supporting Tethr on their path toward market leadership."
Tethr's vision is a world where every company listens, and every customer is heard. Tethr is a cloud-based conversation intelligence platform that combines powerful AI, machine learning and over a decade of customer experience and sales research to surface contextual insights from phone calls and other customer interactions. Customers are using Tethr to quickly, easily and accurately turn large amounts of unstructured voice of customer conversation data into insights that fuel smarter decisions and improved business performance, enabling them to become Listening Enterprises. For more information, visit tethr.com and follow Tethr on LinkedIn.