Tech

Bonobo raises $4.5 million in order to turn companies’ interactions with customers into valuable data

Today, Bonobo AI announced that it has raised over USD$4.5 million in seed funding through G20 and Capri ventures. Bonobo is an AI-based platform that gives companies insights from tech support calls, text messages, and other digital interactions. The Israeli start-up was founded in 2016 and its CEO Efrat Rapoport claims its tech has helped analyze over a billion interactions and has signed a “few dozen clients”, such as Dream Cloud and Honeybook.

Even though customer service texts and voice calls can help companies obtain lots of valuable information, these data points are often difficult to organize and analyze at length. Bonobo provides a solution to this dilemma, using its tech to integrate into the platforms clients use to communicate with their customers (ex. Gmail, Zendesk, or Twilio) and to integrate into CRM platforms like Salesforce and HubSpot. According to Rapoport, it then analyzes interactions “for events of interest in calls” like “when customers ask for a discount, complain, ask for a missing feature, etc.”

Bonobo mainly provides its services for two common issues. One is opportunity detection, which could involve the finding of features that have proven themselves to be popular/unpopular with past buyers, things that could help with the closing of a sale, or customer questions that weren’t answered to his/her satisfaction. Through this process, Bonobo is able to help clients go through targeted market campaigns. For example, Rapoport says that rather than send market material to customers who want to renew their subscriptions, Bonobo’s clients can create campaigns that will specifically target those who have complained about either a price being too high or a missing feature.

Another way Bonobo has the capacity to increase conversion rates is through examining customer cancellations and other costly concerns. EX. When a vehicle repair company loses millions of dollars because of cancelled jobs, Bonobo can help it identify the factors that contribute to high levels of customer cancellations during customer interactions with customer representatives. The factors Bonobo identifies have been found to be very helpful in retaining thousands of customers.

The second way Bonobo is useful to its clients is through ‘risk detection’. Bonobo’s AI software can detect instantaneously whether a customer starts to mention a competitor, threatens to denigrate the company on social media, or threatens possible legal action. Rapoport claims that Bonobo’s new tech is able to identify problematic segments from customer conversations, and companies can review this information directly from Bonobo’s dashboard without going through an unnecessary time-consuming search.

Rapoport claimed that she and her co-founders (CTO Idan Tsitiat and COO Barak Goldstein) began working on Bonobo because they realized that few tools existed to analyze unstructured and conversational data at scale.

“It’s easy to measure how many people go to their cart but then change their mind and exit, but how do you do the same on thousands of customer calls? How do you what’s the reason customers change their minds?” says Rapoport.