Edinburgh Startup Prodsight Secures £115,000 in Seed Funding
Prodsight has secured £115,000 in seed funding from prominent Scottish angel investors in its first round of fundraising.
Its tool aims to help businesses to make better data-driven decisions by analysing live chat transcripts and extracting actionable insights about customer needs. Using AI analysis, insights about customer needs can be complied and summarised quickly.
This data can be used by teams to quickly identify problems, education issues and prioritise fixes and improvements, thus reducing the support costs helping companies to stay lean.
Team Expansion and Product Development on the Horizon
Prodsight plans to use the newly secured cash injection to refine its product and expand its team. The company says it expects to hire key staff over the next 12 months to improve its product and grow its customer base.
In terms of improving its tool, the company plans to use the funding to work with two Natural Language Processing experts from the University of Glasgow to improve and refine the products’ conversation analysis processes.
Labudis said: “This funding is huge for us. It will allow us to build the team and move us on far more quickly than we could have otherwise.
“The customer feedback analysis space is still a relatively young market but it is growing and the opportunities are huge – there are currently some 1.5 million companies across the world using live chat functionality and generating billions of customer conversations.
“This is not the firm’s first fund raising success. The Royal Society of Edinburgh invested £45,000 in the company and a pre-seed round raised a further £70,000. It is also one of the 40 startups participating in the Unlocking Ambition challenge fund.”
Using Data to Reconnect Executives with Customers
Investors in this first round include a number of prominent Scottish angel investors such as Alistair Forbes, Rob Dobson, Judy Wilson and Andrew Barrie. More than half of the SeedHaus tech incubator partners have invested in the company including Robin Knox and Paul Walton formerly of Intelligent Point of Sale.
Knox explains: “I know a customer centric mindset is essential but, as a company scales, there is very often a customer disconnect. At first you are talking with customers constantly and very close to feedback. In time as more management layers emerge, you can lose touch with your customers.
“Prodsight is exciting as an investment for me. I can clearly see how executives easily reconnect with the customer and product teams can have actionable insight to work with, without having to spend days trawling through reams of live chat logs.”