New Funding Round Led by Insight Partners to Fuel Product Innovation and Accelerate Company Growth
Espressive, a pioneer in artificial intelligence (AI) for enterprise service management (ESM), announced $30 million in Series B funding led by global venture capital and private equity firm Insight Partners with participation from Series A investors, General Catalyst, and Wing Venture Capital. Jeff Horing, co-Founder and Managing Director at Insight Partners will also be joining the Espressive Board of Directors. Espressive will use this newest capital infusion to fuel company growth and product innovation, while addressing the demands of its rapidly growing customer base. Espressive Barista, the company’s virtual support agent (VSA), automates help desks by connecting employees to the information they need.
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According to Forrester Research, businesses that use AI and other emerging technologies will capture $1.2 trillion in revenue a year, growing at least eight times faster than the global GDP. Similarly, According to Gartner, Inc., in 2021, AI augmentation will generate “$2.9 trillion in business value and 6.2 billion hours of worker productivity.”1 With Barista, Espressive provides businesses with an AI-based ESM solution that benefits both enterprise employees and help desk agents. In a separate announcement , Espressive revealed new innovations to Barista that make it possible to automate help desks with AI, minimize tier 1 support, and provide users with consumer-like self-help.
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“Adoption of AI for IT service management (ITSM) and ESM is exploding and Espressive’s advanced automation capabilities stand to significantly disrupt this evolving market. We were immediately impressed with Espressive Barista and its ability to provide an innovative solution that expands beyond the ITSM use case into HR, facilities, and more,” said Jeff Horing, co-Founder and Managing Director at Insight Partners. “This sentiment was further validated by comprehensive feedback we received from Espressive’s partners and customers which resulted in a net promoter score of 73, placing Espressive in the ‘excellent’ category. We are excited to work with Espressive to scale its product and become a leader in the ITSM and ESM space.”
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