Rezolve.ai has raised a total of $2.5M from two rounds of funding – Seed and Pre-A. The investors are from both US and India. Now as part of the next round of expansion of GTM, the company is planning a Series-A raise to drive 10X faster growth,” discloses
Rezolve.ai is an employee experience player, which offers desk automation services by delivering self-service in Microsoft teams. The organisation has carved out a place via auto revolution mechanism that it offers to deflect the tickets in various functions of enquiry experience. Rezolve.ai is helping its clients to engage with their employees at a higher level of job satisfaction that, in turn, reflects in the form of more market share and sustained profits on the balance sheet of its clients.
Incorporated in the year 2017, Rezolve.ai is co-founded by Saurabh Kumar (Co-Founder and CEO), Manish Sharma (Co-Founder and Chief Business Officer), and Udaya Reddy (Co-Founder and CTO, Head of Product and Engineering). It’s headquartered in Dublin, California, USA with its branch offices located in Chennai (India), Dehradun (India), and Toronto (Canada).
What unique problem Rezolve.ai is trying to solve through its incorporation?
Rezolve.ai is a Next-Gen Employee Service Platform built for Microsoft Teams that are solving the problem of effective employee support inside the organization. The company has been able to raise a total of $2.5M through two rounds of seed capital funding. Some of the significant names among investors include Tri-Valley Ventures, Venture Catalyst, Pentathlon VC, SLO Seed, Sand Hill Angels, and 9 Unicorns among others. Rezolve.ai has a total headcount of more than 50 and the organization is making tremendous strides in the expansion of its services across businesses and industries.
Gives us a backstory on how the company came into being.
The three Co-Founders Udaya, Manish and Saurabh are classmates from the Indian Institute of Management (IIM, Bangalore). The three classmates went different ways after graduating from IIMB.
A shared understanding of the challenges of the Service Desk brought the three friends together to start Rezolve.ai. Udaya had run the ServiceNow platform and understood how current technology leaders were limited only to tracking issues rather than solving them. Manish was doing deals to outsource Service Desk and implement Service Desk platforms and realized how expensive and labour-intensive the whole process was. Saurabh was running internal IT service desks in the companies he worked at and dealt with the challenges of high cost and employee service levels.
Based on their experiences, the three came to the conclusion that the Service Desk Industry needed to be disrupted with innovative solutions. That was the genesis of Rezolve.ai with three co-founders setting a new vision for the service desk. Here’s how the Rezolve.ai is changing the very face of the Service Desk Industry:
1) Legacy industry focuses the product on agents while Rezolve.ai is building solutions for the end-users employees.
2) Traditional Service Desk is built for tracking tickets while Rezolve.ai is built for auto resolution first.
3) Traditional service desk deflects no tickets while Rezolve.ai is built to deflect up to 65 per cent of tickets
4) Traditional Service Desk platforms need a lot of technology implementation and consulting to deliver outcomes while Rezolve.ai offers not just Software as a Service but also Resolutions as a Service. Rezolve.ai collective learning platform will provide Out of Box automation across 1000s of types of help employees need right from day one; thereby helping them to deliver an unparalleled Return on Investment (ROI).
What are the problems you are trying to solve? How do you stand out amongst your competitors?
By offering innovative Service Desk platforms, Rezolve.ai is aiming to make organizations more efficient while delivering superior results to customers. According to International Data Corporation (IDC), employees in an organization typically waste 20-30 per cent of their time looking for information and seeking help. Traditional Employee Service Desk has suffered from the problems of Low Self Service Adoption (less than 10% end-user adoption), Low Service and Long Wait Times (Average Time to close employee requests is nearly 2 days), and High Cost ($15 per request in US Market). According to estimates, a whopping 80 per cent of the spending in the fields of IT and HR Service Desk is on Labor and Rezolve.ai is focused to offer faster and easier service at a fraction of the current cost.
In terms of competition, Rezolve.ai is pitted against the companies in two categories: a) Legacy Mid Market Ticketing/Service Desk Companies such as JIRA, Sysaid, BMC Helix, Ivanti/Cherwell, and b) Modern AI-based automation companies such as Moveworks, Aisera, Leena.AI among others.
Over the next few years, 40K-50K Mid Market companies will make the switch from legacy ticketing service desks to more modern employee enablement platforms. Rezolve.ai is very strongly positioned to capture a leading share of this transition owing to its following USPs:
1) Only modern AI-powered enablement solution that is built specifically for mid-market
2) Most extensive out of box automation AI skills – leading to superior ROI and outcomes
3) Only player in the market with the new category of endpoint automation that up the bar on how much of the service desk can be automated
4) No#1 Service Desk for Microsoft Teams. Focus on delivering best in class experience for 200M Team sixers
5) Only platform that not only offers services but also helps in upskilling exercise. It offers Microlearning as a core module and turns every service request into an opportunity to upskill.
6) Beyond SaaS/RaaS, it’s the only collective learning platform that delivers outcomes not just on tools but also learns and improves over time.
What is your revenue model? How have you grown in terms of business?
The services offered by Rezolve.ai is priced on a per employee per month model. This is very different from traditional Service Desk (which are priced on a per-agent basis – and have no incentive to reduce the number of agents needed!). Rezolve.ai has posted impressive growth of 300 per cent in the last 12 months. The company has more than 45 enterprise customers in its kitty including several Fortune 500 corporations.
Rezolve.ai has raised a total of $2.5M from two rounds of funding – Seed and Pre-A. The investors are from both US and India and include Tri-Valley Ventures (California), Venture Catalyst (India), Pentathlon VC (India), VC, SLO Seed (California), and Sand Hill Angels (California). The company has an amazingly capital-efficient execution and got plenty of runway from the last raise. Now as part of the next round of expansion of GTM, the company is planning a Series-A raise to drive 10X faster growth.
What are your plans for the next 12-18 months?
Specifically, Rezolve.ai has planned to achieve the following growth objectives in the next 12-18 months:
1) Growth: Cross a 100 Customers ASAP and get ready for 1000+ customers in 2 Years and
2) Continue to widen the product moat by generating new data and developing smarter ML
To realize these ambitious goals, co-founders at Rezolve.ai emphasize that it’s important to know that the industry is changing and in a state of continuous flux. Companies have to focus on employee enablement, digitization and cost in the post-Covid era and the rise of MS Teams augurs well for the organization. Rezolve.ai expects between 40,000 and 50,000 companies to be looking at new smarter employee support solutions in the next 3-5 years and its platform will prove an ideal solution in such a scenario.
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