Synopsis The latest capital is expected to help the Santa Clara-headquartered startup expand its portfolio of software tools, develop new technologies in artificial intelligence including Large Language Models (LLM) and Generative AI. Simha Sadasiva, CEO and co-founder, Ushur Ushur , a customer experience automation software provider, has raised $50 million, led by Third Point Ventures . Existing backers Iron Pillar , 8VC, Aflac Ventures and Pentland Ventures also participated in the fresh funding round. The latest capital is expected to help the Santa Clara-headquartered startup expand its portfolio of software tools, develop new technologies in artificial intelligence including Large Language Models (LLM) and Generative AI. The company also plans to expand into new regions such as Europe, the Middle East, Africa, and India (EMEAI) and industry verticals such as government services and military, a spokesperson told ET. Currently, Ushur services clients in Australia, New Zealand, countries in Europe and the United States, from which it generates over 60% of its revenues. Ushur’s clients are all companies with total revenues of $1 billion and above, including the likes of Aflac, Cigna, CVS, Irish Life, United Healthcare and Unum Group, the spokesperson added. Discover the stories of your interest Blockchain 5 Stories Cyber-safety 7 Stories Fintech 9 Stories E-comm 9 Stories ML 8 Stories Edtech 6 Stories The no-code intelligent automation company, which develops products out of Bengaluru, uses conversational artificial intelligence, language intelligence and document understanding to deliver digital-first customer experience solutions for industries of insurance, finance and healthcare. “As enterprises in verticals such as insurance, healthcare and financial services run into the limits of the previous generation of business process automation, we see Ushur’s user experience-focused, AI-driven platform deliver massive value to their customers,” said Rob Schwartz, managing partner, Third Point Ventures. In the last 12 months, Ushur has tripled its headcount to a little over 200, doubled its customer base and said it had achieved a Net Revenue Retention (NRR) of 164%. The company spokesperson declined to comment on the number of total clients and its current valuation. “The previous generation of enterprise automation was designed for infrastructure processes… Enterprises have a massive appetite for modernizing the customer experience to maintain their market position. When combined with automation, this unlocks tremendous financial value. Ushur’s CXA cloud delivers on both of these promises,” Simha Sadasiva, co-founder and CEO of Ushur, said in a statement. Clients of Ushur have improved customer engagement rates by as much as 85%, reduced email triage times from five days to five minutes and slashed customer issue resolution times by as much as 90%, it said. “We have been long-time believers in Ushur’s unique approach of using AI-powered automation to elevate the enterprise customer experience while delivering operational efficiencies that are the need of the hour for every business leader,” said Mohanjit Jolly, partner, Iron Pillar. Ushur was Iron Pillar’s second investment from Fund-II in February 2021, when the venture growth investor had led a $5 million funding round. This was an extension of a $25 million Series B round the previous year. Don’t miss out on ET Prime stories! Get your daily dose of business updates on WhatsApp. click here! Tuesday, 07 Feb, 2023 Experience Your Economic Times Newspaper, The Digital Way! Read Complete Print Edition » Front Page Pure Politics ET Markets Smart Investing More Adani Promoters Prepay $1. 1b Loans Backed by Share Pledges Gautam Adani and his family have repaid ₹9,250 crore ($1. 1 billion) of debt backed by shares early as the cement-to-coal conglomerate sought to soothe investor nerves. This follows a $110 billion erasure of equity value after the Hindenburg report was released on January 24. Govt Against $3b Vedanta Intl Zinc Biz Sale to HZL The government has raised objections to Vedanta Resources’ proposal to sell its international zinc assets for nearly $3 billion to Indian subsidiary Hindustan Zinc (HZL), people aware of the development told ET. Special Situation Funds Lap up Adani Bonds A number of global special situation funds — high-yield and distressed-debt specialists — bought large amounts of foreign currency bonds of Adani Group firms in the days following the January 24 Hindenburg report, three people directly aware of the matter said. Read More News on ushur third point ventures startup funding ushur services iron pillar Stay on top of technology and startup news that matters. Subscribe to our daily newsletter for the latest and must-read tech news, delivered straight to your inbox. . . . more less ETPrime stories of the day Real Estate Interest rates are rising, so are rental yields. Is it the right time to invest in property? 8 mins read 3 insights to kick-start your day, featuring Swiggy’s “poor judgement” 3 mins read Strategy Stock Radar: Technical charts suggest HDFC Bank is likely to hit fresh record highs in next 3-6 months; time to buy? 3 mins read Subscribe to ETPrime.