# AnswerIQ

Startup profile on Capital Atlas: https://capitalatlas.ai/startups/answeriq

- Industry: Software
- Headquarters: Bellevue, US
- Website: www.answeriq.com
- Total disclosed funding: $5M
- Latest round: Series A (Aug 3, 2017)
- Investors on record: 1

## About

AnswerIQ Inc. is a technology company specializing in customer service solutions that enhance operations through artificial intelligence and robotic process automation, driving efficiency and satisfaction in support processes.Founded in 2017 and headquartered in Bellevue, US, AnswerIQ Inc. focuses on leveraging AI to optimize customer service operations. The company has undergone a strategic pivot towards integrating advanced automation technologies to enhance service delivery. In February 2020, AnswerIQ was acquired by Freshworks Inc., a move that consolidated its position in the customer service technology sector. The company has successfully completed 2 deals, with its most recent funding round being Series A, raising USD 5.00 mn from Madrona Venture Group, bringing the total amount raised to USD 5.00 mn.AnswerIQ specializes in enhancing customer service operations by leveraging artificial intelligence (AI) and robotic process automation (RPA). The company's primary offerings include AI-powered self-service solutions and intelligent agent-assistance tools designed to streamline and automate complex support processes. These innovative products enable businesses to significantly reduce their Average Handle Time (AHT), deflect support cases through self-service options, and improve overall customer satisfaction by providing faster and more efficient query resolution. AnswerIQ integrates seamlessly with prominent CRM platforms, such as Zendesk, and serves a diverse client base across various communication channels, including email, chat, and phone. The company’s solutions are utilized by organizations in multiple geographical markets, focusing on sectors where customer service and support are critical, such as e-commerce, travel, and entertainment.AnswerIQ generates revenue through a subscription-based model, which allows businesses to access its suite of AI-driven customer service solutions. Clients typically engage in direct transactions for service packages that facilitate automation and improve operational efficiency. The company offers various service tiers tailored to meet the specific needs of its customers, enabling them to select the level of automation and support that aligns with their operational goals. This structured transaction model fosters long-term partnerships with businesses, as organizations integrate AnswerIQ's products into their customer service workflows. While specific pricing plans for individual products are not disclosed, the company’s flagship offerings are designed to deliver measurable improvements in efficiency and customer satisfaction, solidifying its value proposition in the competitive customer service landscape.AnswerIQ plans to expand its product offerings and enhance its service capabilities with new AI-driven features that are currently in development. The company aims to launch these new products by the end of 2021, focusing on delivering improved automation tools for customer service. Additionally, AnswerIQ is targeting expansion into European and Asian markets to tap into new customer segments by 2023. The recent Series A funding of USD 5.00 mn will be utilized to support the development of these new products and facilitate market entry strategies, ensuring that the company can adapt to varying regional customer service requirements.

## Funding rounds

- Series A, Aug 3, 2017, $5M — Madrona Venture Group

## Investors

- Madrona Venture Group (https://capitalatlas.ai/funds/madrona-venture-group) — Series A