Vancouver-based startup ResponseTek has raised $6 million in funding from Beedie Capital Partners (BCP), a Vancouver-based fund that primarily invests in Real Estate, but also in several industry sectors. Growthworks also participated in the round.
The tech company provides Customer Experience Management (CEM) software solutions for enterprise clients. It will use the capital to expand into the Middle East and Asia.
“ResponseTek is the leader in the development and deployment of complex customer experience management programs, particularly with big data solutions. This has made us the vendor of choice for many telecom and financial services companies that have committed to listening to the voice of their customers everywhere,” said CEO Syed Hasan. “We are excited about today’s announcement as it will allow ResponseTek to continue to invest in our exciting product roadmap and allow us to continue expanding our operations around the world.”
ResponseTek’s website does a pretty good job at explaining what CES actually is, and why software solutions like their’s can help a company. “CEM is the practice of measuring and closing the gap between the intended customer experience and the actual customer experience,” they wrote.
“This is a way to see when companies get it right and when they leave customers disappointed. What customers expect and what is delivered from frontline staff are not always aligned. To fix this, technology is needed to automatically collect and analyse customer feedback. This gives everyone in the organisation, from frontline staff to C-level executives, a single, consistent view of their customers and empowers them to deliver consistently positive interactions.”
The company claims that Customer experience programs were implemented in over 30 countries using ResponseTek’s Listening Platform, “resulting in double-digit improvements” in customer satisfaction, significant and sustained reduction in customer churn and material increases in customer conversion and sales.
ResponseTek has thus far focused on serving Global 2000 organizations with diverse product lines, looking to help improve their customers’ experience. Some of its clients include world market leaders in finance, telecommunications and retail, and Bloomberg’s top ranked bank, and it said business has grown more than 220 percent over the past five years.
“We feel the industry and ResponseTek both have tremendous room for growth as customer interactions received through today’s myriad of online, mobile and traditional channels are increasingly affecting enterprise-wide decision making,” said BCP’s Randy Garg. “ResponseTek is a recognized pioneer and leader in this space working with blue chip global customers across key verticals such as telecom and financial services.”