Companies often spend a large amount of time and money trying to attract new customers, but oftentimes, their biggest obstacle to success can be found by looking at feedback from existing customers.
Frame AI is using natural language processing to digest that feedback and help companies better serve their customers while saving money on customer support.
The NYC startup plans to scale its operations and deepen its technology with a $7.6 million funding round led by G20 Ventures. The round was joined by strategic investors Twilio and LiveRamp.
Frame AI’s “customer intelligence platform” gathers a company’s customer data by integrating with its customer relationship management platform, chatbots and anywhere else the company interacts with customers. The software can also obtain data through integrations with data warehouses.
Once the information is decoded with natural language processing, the platform can provide companies with actionable data about their customers’ experiences. This data can help businesses understand which areas of the customer experience are satisfactory or unsatisfactory, with the ability to break the data down by region. Companies can also create automations based on Frame AI’s data analysis.
“We are basically shortening the feedback loop from what customers tell them to them taking action to fix it,” Frame AI co-founder and CEO George Davis told Built In.
Frame AI expects to close out the year having tripled its year-over-year revenue. The company already has a number of notable clients, including internet provider Fastly, software brand NVIDIA and health insurance company Oscar Health. It also works with The Trevor Project, which works to prevent suicide among LGBTQ+ youth.
Much of Frame AI’s sales growth has been driven by its Dynamic Cost Attribution feature, which can shine a light on issues that are taking up a disproportionate amount of a customer support team’s time. By providing cost-specific data about these issues, companies can take action to reduce those costs while improving the customer experience.
“Dynamic Cost Attribution performs an automatic analysis that gives you a much more granular view of where you’re spending money in customer operations and helps you make sure that that’s aligned with your values in terms of what you’re actually trying to accomplish with those customer operations,” Davis said.
The company will use part of its new funding to scale its sales and marketing teams with the help of David Honig, who was recently hired as the company’s chief commercial officer.
Frame AI currently has 16 employees and will add two more next month. Davis said he plans to recruit for another six positions in the first half of next year.
Frame AI was founded in NYC in 2016. When the pandemic struck, the then-six-person team went remote and expanded with non-local hires. Now that people have started to move back to NYC, the startup has made several local hires. Frame AI doesn’t plan to make any changes to its remote team, but Davis is considering opening a NYC office for local employees.
“Having that regional focus has been a big efficiency for us,” Davis said. “I think the gritty [NYC] attitude has been a really great antidote to how much change we’ve had in the last couple of years. … I love the New York attitude of rolling with it and being pragmatic no matter what life throws at you.”
In addition to scaling its team, the company will also use part of its new funding to “deepen its relationship with [customer data platforms] and data warehouses, where people are storing more detailed information about the customer lifecycle,” Davis said.
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