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CX Forecasting & Legal Writing Platform
👋 Welcome to the 27th edition of Open Scout!
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In partnership with: PartnerHero
Customer operations that helps brands grow.
Great customer experience reduces churn, increases LTV, and drives growth through referrals. But building a support team on your own can take a lot of time and money.
That’s where PartnerHero comes in. We build high-quality, affordable, on-brand CX teams that keep customers happy, so founders can focus on growing their businesses.
Whether you’re a solo founder who needs to reclaim their time, an early stage startup just starting to think about customer support, or a scaling business that needs help keeping up, we’ve got an option that fits your needs.
Startup spotlight:
#1: Artifact
Industry: Enterprise, AI/ML
Stage: Seed
Founded: 2019, US
Building: Artifact is a CX (customer experience) forecasting company. Artifact centralizes qualitative data into a single source of truth and uses advanced but proven AI methods to synthesize actionable insights so you can instantly understand what's most important to your customers. The platform analyzes all customer interactions in real-time, aligns CX with business outcomes, and generates insights with AI.
Why? - Implementing a customer experience strategy successfully results in higher customer satisfaction rates, reduced customer churn, and increased revenues. Research by American Express revealed that 60% of customers are willing to pay a premium for a superior experience. To achieve this, AI-powered customer experience (CX) automation plays a crucial role by providing valuable insights into customer behavior, preferences, and trends. Through AI-driven analytics, businesses can access real-time data on customer interactions, enabling them to make data-driven decisions and optimize their marketing strategies accordingly.
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(From: Nate Sanders) (Source: MarketScale)
Artifact has leveraged large language models to create incredibly advanced topic models and CX insights for unstructured voice of customer data. We’re able to be able to use all of the unique and powerful natural language understanding capabilities of these models so that we can extract and we can model and quantify customer intent in a really actionable way. So as an example, rather than the historical text analytics output of packaging problem, our customers are able to be able to measure and quantify a topic like my ‘produce has arrived, spoiled because the packaging seal is broken’. So, teams are able to respond, diagnose, and build around these really actionable topics faster than ever.
Founders: Caleb Bartholomew (CTO); Nate Sanders (CEO) - ex-Product Manager @ Pluralsight, Product Director @ Canopy; Trey Davis (COO) - ex-Manager, Customer Success Operations @ Lucid Software
Funding (public sources): $7.3 million
Investors: Buckley Ventures, South Park Commons, EPIC Ventures, WndrCo, Hyper, Oceans
#2: Clearbrief
Industry: LegalTech, AI/ML
Stage: Seed
Founded: 2020, US
Building - Clearbrief is a legal writing platform that uses AI to make streamlined, interactive legal documents. It automatically finds and displays source documents referenced, scores and flags statements based on whether they’re backed up by evidence cited, and suggests better factual sources for legal writers to use. Clearbrief also takes care of the tedious relic of writing table of authorities and creates a shareable, web-based, hyperlinked version of documents.
Why? - The legal tech industry is poised for an abundance of mergers and acquisitions as traditional "legacy providers" need to adapt to this new era. They may struggle to do so in their current state. Additionally, law firms are grappling with a decline in market share to in-house legal teams and the increasing affordability of automated text generation. As a result, there is a growing need to meticulously review generated content. This is where AI plays a pivotal role.
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From a justice system perspective, courts are facing growing backlogs of cases and trials as a result of the ongoing pandemic. Courts and court staff are being asked to do more with less.
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Clearbrief helps our court system users cut through the noise and get to the heart of complex cases, allowing judges and their staff to focus on the information needed to write fair and clear decisions more efficiently.
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Clearbrief’s innovative tech is being used not only for helping legal writers draft more accurate briefs and motions themselves, but it’s also used to spot when opposing counsel is lying about the facts of the case or stretching the truth. This innovation helps the reviewing lawyer or judge dive straight into the heart of the matter and view the evidence firsthand at the moment when they are reading and analyzing the arguments, without interruption to go find the referenced sources.
Founder: Jacqueline Schafer (CEO) - ex-Assistant Attorney General in the Washington and Alaska Attorney General’s Offices, Program Counsel @ Casey Family Programs
Funding (public sources): over 4.7 million
Investors: Reign Ventures, 515 Ventures
Do you know of a startup that we should feature next in our newsletter? Send us a reply! It doesn't cost anything.
Reads:
Databricks has announced its definitive agreement to acquire MosaicML, a generative AI platform, for approximately $1.3 billion ($21 million per employee). MosaicML is known for its MPT large language models, allowing organizations to build and train their own models cost-effectively.
Thomson Reuters has entered into a definitive agreement to acquire Casetext, a Y Combinator-backed legal tech startup, for $650 million. Casetext's flagship product, CoCounsel, utilizes AI for document review, legal research, and contract analysis. Casetext has over 10,000 law firm and corporate legal department customers and raised $64 million in funding.
The social app IRL is shutting down after an internal investigation by their board of directors found that 95% of its reported 20 million users are fake. In 2021, IRL raised $170 million in Series C funding, reaching a valuation of $1.2 billion. This funding round was led by SoftBank, the same group that invested in WeWork in 2017.
New job openings:
Sieve, a cloud-native platform that makes it easy to process, understand, and search videos, is hiring an Engineer, a Designer, a DevRel/Business Development/Content Marketing professional, a Distributed Systems Engineer, and an Intern.
Complete, a compensation management platform, is hiring a Founding Full-Stack Engineer.
Spatial Labs, a web3 infrastructure and hardware company, is hiring a Head of Social Content Strategy and a Hardware Product Leader.
Respell, a no-code AI app builder and marketplace, is hiring a Designer.
Pinboard:
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Until next time,