October 28, 2020
AI For the Enterprise Innovator, Forethought, Raises $17 Million Series B Featuring Tech & Entertainment A-listers
SAN FRANCISCO / October 28, 2020 / PRNewswire / -- Forethought, the AI and Machine Learning platform for the enterprise, today announced it has raised a $17 million Series B on the heels of the explosive growth of Agatha, its AI for customer support teams. Within six months of launching Agatha Solve, Forethought has already resolved half a million customer claims.
The company’s goal is to develop AI and Machine Learning solutions to tackle the most challenging and costly areas in every enterprise. Forethought chose to start this mission by focusing on customer support, where AI can look across internal documents, email, chat and even old support tickets to automatically resolve the simple, auto-route tickets correctly, and quickly surface the most relevant institutional knowledge. The company says Agatha is reducing support resolution times by up to 30 percent, providing savings in the customer care division and driving greater customer outcomes.
“Today, customer support teams spend a good third of their time looking for the right answers. Meanwhile, customer support leaders see massive points of inefficiencies including having to answer the same ticket thousands of times or using their most valuable human capital to route tickets,” said Deon Nicholas, co-founder and CEO of Forethought. “In the past, automation has been difficult because it reduces CSAT. But Agatha provides accurate solutions, decreases bottom line costs, raises CSAT scores—and it’s only our first act.”
Since its debut in 2018, Agatha has been responsible for driving explosive growth at Forethought, which has seen 46X uptick in revenue and 15X customer acquisition.
The company’s executive team is experienced, renowned, and diverse. This year’s success can be traced back to team members including Sami Ghoche, co-founder and Head of Engineering and President Dan Watkins accelerating go-to-market functions with Rose Wang overseeing customer experience and Megan Murphy directing sales. In addition, five members of the Forethought team were recognized on Forbes 30 under 30, including Nicholas, one of too few Black CEOs and founders in enterprise technology.
NEA doubled down and returned to lead this latest fundraise. “Amidst a buzzy AI revolution, Forethought has cut through the noise as a differentiated customer support AI leader,” said Pete Sonsini, General Partner, NEA. “In times where digital interactions are surging, Forethought is a strong strategic asset for the enterprise and we are thrilled to continue partnering with Deon and the team.”
Ashton Kutcher and Guy Oseary’s Sound Ventures, Neo, Geodesic Capital, and Operator Collective joined the round as did a "who's who" of notable angels including Sean “Diddy” Combs, LL COOL J, and Qualtrics CEO Ryan Smith. “We had a chance to bet on the very best team in AI... and Forethought is the best,” said Smith. Existing investors K9 Ventures, Kelvin Beachum, and Original Capital also participated.
“Forethought is blazing a new trail in AI and technology while Deon is blazing a new trail of diversity in technology and the C-suite,” said LL COOL J, successful entrepreneur and artist. “My decision to invest in this company is driven by my belief in this business, but I certainly also hope it helps to raise awareness of the kinds of contributions young Black entrepreneurs are making in technology as well.”