Conversation intelligence for healthcare company Authenticx has closed a $20M Series B funding round led by Blue Heron Capital. The company intends to invest the funds into machine learning and product engineering innovation, increasing sales and marketing efforts, and further business expansion.
The investment comes on the heels of a successful year for Authenticx: a 2.5x increase in ARR in 2022 and over 60 new employees joined the company since July 2021. The company also managed to double its customer base over the last year, which now includes five of the top 5 global pharmaceutical companies.
"By listening at scale, business leaders can feel confident that the strategies they implement in their organization are backed by data generated from the authentic words of their customers. Whether identifying areas of frustration for customers or listening for good news, conversational data can be used to revolutionize the patient experience and remind the workforce of their noble purpose. With this funding, we'll be able to continue driving innovation in conversational intelligence and machine learning to streamline the patient journey and help staff do their best work," said Amy Brown, CEO of Authenticx.
As part of the investment, Blue Heron Capital Operating Advisor, Scott Sanner, will join the Authenticx Board of Directors, bringing nearly 30 years of relevant industry experience as he previously held leadership positions at McKesson and Change Healthcare.
"As healthcare organizations focus on building customer-centric solutions, they need a way to understand the truth of what customers truly want. We're excited to partner with Authenticx and their strategic vision as they continue to align business decisions with patient experience, " said Tom Benedetti, Co-Founder and Managing Partner at Blue Heron Capital.
Leveraging unsolicited feedback
As with many other sectors, healthcare and life science organizations also miss out on the abundance of information that could be extracted from customer conversations. After analyzing 100 million conversations with healthcare customers, Authenticx's 2022 Customer Voices in Healthcare report reveals multiple disruptive themes in contact centers, such as failure to provide anticipated information through callbacks.
The report also showed that callers are often stuck between two or more healthcare entities while being offered conflicting information by different sources. By accessing comprehensive insights from real customer conversations, organizations can develop effective strategies for addressing customer frustrations.To help companies identify obstacles in the customer journey, Authenticx developed an innovative feature called the Eddy Effect Dashboard and the accompanying quality management solution. Teams can use these features to create data-backed stories, pinpoint areas of improvement and opportunity, and reduce agent onboarding time.