StepFunction, a Palo Alto, CA-based provider of SaaS revenue growth solutions, raised $5M in Post-Seed funding.
The round was led by Dallas Venture Capital (DVC) with participation from Hummer Winblad Venture Partners, Inventus Capital Partners, and Z5 Capital.
The company intends to use the funds to expand into new SaaS verticals such as security, information technology, and cloud storage, grow go-to-market capabilities and product development teams globally, tripling in size and revenue by the end of next year.
Led by CEO Navneet Singh, StepFunction helps SaaS companies improve the amount and predictability of their subscription revenues based on a data-driven, real-time understanding of customer intent. Launched in 2020, the StepFunction Customer Intent Engine (CIE) ingests an extensive range of customer behavior signals — for example, product usage, support tickets, survey feedback, CRM, social media signals — over a long period of time. From this, StepFunction can deduce end-customers’ intent in real-time and infer the associated risks or opportunities to improve customer retention and growth with higher customer satisfaction. The engine empowers SaaS clients with data-driven, real-time, and actionable insights to retain and upsell to the right customers, achieve top-line growth through increased customer retention, reduced churn, and targeted upselling; and improve their bottom-line by reducing costs to reach customers.
FinSMEs
31/08/2022