StepFunction Secures $5M in Post-Seed Funding
Summary
PALO ALTO, Calif.--(BUSINESS WIRE)--StepFunction, a market leader in SaaS revenue growth solutions, today announced a $5M post-seed raise led by Dallas Venture Capital (DVC) with participation from Hummer Winblad Venture Partners, Inventus Capital Partners, and Z5 Capital.McKinsey research indicates that SaaS companies that focus on cross-selling, upselling, and retention can achieve a 20% yearly increase in growth without having to add a single new customer, and in turn a substantially higher valuation. Providing services to thousands of tech-touch/low-touch customers makes it difficult for SaaS companies to distinguish between those ready for upsell or those with a high risk of churn. Unlike other solutions, StepFunction can tune the engine to meet the clients specific priorities whether it be improving monthly recurring revenue (MRR), improving net recurring revenue (NRR) by reducing churn, an increase in cross-selling, or other metric.Launched in 2020, the StepFunction Customer Intent Engine (CIE) ingests an extensive range of customer behavior signals for example, product usage, support tickets, survey feedback, CRM, social media signals over a long period of time. We are delighted to have found a partner in DVC that sees the value in our advanced solution and look forward to collaborating further as we embark on our next phase of growth.Revenue growth for B2B SaaS companies is a function of value creation for their customers, which is difficult to measure. StepFunctions AI-powered customer intent engine helps solve this exact problem, said Dayakar Puskoor, founder and managing director at Dallas Venture Capital.
Funding
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