TechSee raised $30 million in Series C funding to further develop its intelligent visual assistance technology.
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The round was co-led by OurCrowd, Salesforce Ventures 1 and TELUS Ventures, with participation from Scale Venture Partners and Planven Entrepreneur Ventures. It gives Tel Aviv-based TechSee a total of $54 million in funding since the company’s inception in 2015. That includes a $16 million Series B round in 2019, according to Crunchbase data.
“This round is confirming the investment community’s recognition of our market leadership and the big market opportunities ahead of us,” Eitan Cohen, CEO of TechSee, told Crunchbase News. “Our strategic investors are also our customers and partners. We are a big believer in combining financial and strategic investors to get the benefit of both worlds.”
The company’s technology enables customers and technicians to receive real-time augmented reality guidance via smartphone or tablet screens in assisted-service or self-service mode.
That technology helps users install, operate and troubleshoot anything from network devices to smart home products to appliances–in most cases remotely, Cohen said. Using artificial intelligence, the platform can automatically identify items, such as components, ports, cables and LED indicators, to detect issues and suggest recommendations.
“We give them eyes into the problem,” Cohen said. “Millions of people have the same problems and, in most cases, the same solution applies, so why not automate it? We can add a new layer to understand what is going on in the field and provide a new level of vision.”
Cohen is putting the new funding to work to expand into new markets, as well as on sales and marketing.
Meanwhile, the company has consistently grown by triple digits year over year, he said. TechSee employs 80 people currently and expects to double that number over the next 12 months. In addition to its Tel Aviv headquarters, the company has offices in New York, London and Madrid, and has recently expanded within the U.S. to open offices in Boston, Orlando and San Antonio, Cohen added.
“Remote Visual Assistance is becoming an imperative technology for any customer-centric enterprise operating at scale,” said Alex Kayyal, partner and head of international at Salesforce Ventures, said in a written statement. “The potential upside for the business and the customer is difficult to ignore. This industry has fundamentally shifted, and we’re excited by the innovation TechSee is bringing to the market in the area of customer assistance.”
Feature photo courtesy of TechSee
Blogroll illustration: Li-Anne Dias