The company has raised $65M in Series C funding to invest in AI research and platform development. Here are the top-line bullets you need to know.
Forethought, an AI-powered customer service platform, has raised $65M in a Series C round that drew participation from Steadfast Capital, New Enterprise Associates, K9 Ventures, Collaborative Fund, Frontline Ventures, Sound Ventures, and Cleo Capital, among others.
HOW’S THE COMPANY PERFORMING?
- San Francisco-based Forethought helps customer service agents triage tickets, find information, and train new employees more efficiently.
- It has 100 customers, including Lime, Upwork, Carta, and Thumbtack.
- The startup’s ARR has increased 5x over the past year, and its customer base has tripled. Forethought aims to triple its ARR in 2022.
- The company is supported by a team of 145 employees distributed across several countries.
WHY DOES THE MARKET MATTER?
- The global contact center software market is expected to reach a value of $60.4B by 2027, growing at a CAGR of 14.3%, according to Fortune Business Insights.
- Customer service case volume has risen amid the pandemic, leading companies to adopt AI solutions to automate customer service operations.
- Major players like Avaya, SAP, Mitel, Alcatel-Lucent, and Cisco have invested heavily in contact center software solutions.