Vertex Ventures and Pelion Venture Partners have co-led a $11.5-million Series A round in Astound, an enterprise software company applying machine learning and natural language processing to automate service and support, according to a press release.
Other investors that participated in the Series A round include The Hive, Slack Fund, and Moment Ventures.
The firm offers enterprise service management solutions and automates answers to routine questions, assigns & categorises incidents, recommends the best resolutions, and delivers predictive analytics to its users. The company works with enterprise IT software vendors like ServiceNow, Atlassian, and Salesforce.
In a statement, Sandeep Bhadra, Partner at Vertex Ventures, commented: “As every company becomes more dependent on technology, employee support is becoming business-essential. Astound’s founding team possesses the background in that uniquely positions them to address this need and transform the industry as we know it.”
Vertex Ventures is a global network of funds affiliated with Vertex Venture Holdings, a unit of Singapore’s state investor Temasek Holdings. Temasek is a substantial limited partner (LP) in these funds. In October 2017, it closed an oversubscribed $210 million fund targeting Southeast Asia and India.
Astound was co-founded by Dr. Naghi Prasad, CEO, who holds a PhD in artificial intelligence and Dan Turchin, Chief Product Officer, whose background involved working as a chief investment officer, entrepreneur and product leader in data science for Enterprise Service Management.
The Astound AI platform’s four focus areas are prediction, advisory, answers and analysis domains. The firm’s product classifies support tickets by category and assigns them to the correct agents, minimising the error-prone manual review and routing of tickets.