Beringea, the transatlantic growth capital investor, has added the conversational intelligence company Authenticx to its U.S. portfolio. The investment was part of a $20 million Series B funding round for the Indianapolis-based company, which helps healthcare clients listen to customer voices at scale and derive insights to increase positive healthcare outcomes.
Authenticx plans to use the capital infusion to further innovate in machine learning and product engineering, fuel sales and marketing efforts, and continue to expand the business. The funding round comes after a significant period of growth for the company, with 64 new employees, a 2.5x increase in ARR, and a doubling of its customer base; clients using the Authenticx platform now include five of the top 10 leading global pharmaceutical companies.
Unsolicited customer feedback is a valuable resource for healthcare and life science organizations. After analyzing 100 million conversations with healthcare customers for its 2022 Customer Voices in Healthcare report, Authenticx identified multiple disruptive themes in contact centers, including failure to provide anticipated information via callbacks, callers becoming stuck between two or more healthcare entities, and conflicting information offered by different sources. Access to these comprehensive insights from actual customer conversations enables decision makers to develop effective strategies for addressing customer frustrations.
“By listening at scale, business leaders can feel confident that the strategies they implement in their organization are backed by data generated from the authentic words of their customers,” said Amy Brown, CEO of Authenticx. “Whether identifying areas of frustration for customers or listening for good news, conversational data can be used to revolutionize the patient experience and remind the workforce of their noble purpose. With this funding, we’ll be able to continue driving innovation in conversational intelligence and machine learning to streamline the patient journey and help staff do their best work.”
“We were impressed by how quickly Authenticx became the go-to solution for healthcare organizations seeking powerful insights from vast amounts of customer interaction data,” said Michael Gross, managing partner at Beringea.“ By using artificial intelligence, machine learning, and natural language processing (NLP) technology, Authenticx can help healthcare organizations draw meaning from unstructured data to answer questions, provide quality service, or enhance customer support. It’s an exciting advancement for the healthcare industry as it strives to better serve its patient populations.”