Exceed.ai, a startup for nurturing marketing leads, has announced the completion of a $4M seed round. Funds will be used to enhance the AI capabilities of the software company that aims to help businesses manage their marketing efforts more efficiently.
At the heart of Exceed.ai’s solution is an AI Intelligent Assistant that helps clients identify more customers and engage with them through automating processes such as qualifying and following-up initial leads generated. This has traditionally been a time-consuming process that requires sustained efforts to begin bearing fruit. Exceed.ai hopes to support businesses by letting its AI handle much of the administrative tasks associated with marketing, freeing firms to focus on their core services.
VCs and Angel Investors Fill Exceed.ai Seed Round
Artificial intelligence (AI) and machine learning (ML) are projected to help businesses reduce costs, mitigate risks, increase organizational efficiency, and accelerate growth. The sector has attracted major investment from tech giants such as Google (NASDAQ:GOOG) and Facebook (NASDAQ:FB), and spawned a proliferation of startups seeking to develop the world’s first AI unicorn. According to one survey of business executives, marketing is the top function where AI can yield tangible improvements over existing processes. Given the interest in AI, from both an end-user and investor perspective, it’s no surprise that Exceed.ai had little trouble in filling its seed round.
Participants included Glilot Capital and West Fountain Global Fund, as well as angel investors like Alex Pinchev, former President of Red Hat, and Gur Shomron of WalkMe. Investors were convinced by the team Exceed.ai has assembled, its roadmap, and the hard data that attests to the efficiencies its AI-powered tech can deliver.
“Some of our clients have seen up to a 39.5% increase in qualified leads for the same marketing efforts they already undertake without additional headcount,” says Ilan Kasan, Exceed.ai Co-Founder and CEO. “Our strength lies in our multi-channel approach. We reach audiences where crucial conversations occur when marketing teams are qualifying their leads.”
Another statistic cited by Exceed.ai is that its natural language processing engine has an accuracy response of 97%. This means that the AI can understand the intent of each lead, and craft an appropriate response, in the vast majority of cases.
Marketing to the Marketers
Marketing teams paradoxically face a greater toolset than at any time in history but a paralysis of choice. The number of digital systems that must be mastered continues to proliferate, each of which makes new demands of time-pressed marketers. Businesses are thus required to be prudent as to which platforms they integrate, mindful of the dangers of introducing complexity, rather than simplifying existing processes.
In the era of remote working and distributed teams, Exceed.ai is confident that its lead management solution has arrived at the right team, and can plug the growing demand for automated marketing management that won’t bust business budgets. In the future envisioned by software startups such as Exceed.ai, artificial intelligence won’t render humans redundant. Rather, it will take on the tasks that machines are better equipped to do, leaving it to marketing teams to close leads and improve their conversion rate.
Disclosure: No positions. This Op-Ed is written by Reuben Jackson. Insider Monkey News Department isn’t involved in the production of this article.