Helpsteam, a Mountain View, Calif.-based provider of on-demand collaborative customer service solutions, has raised $8.6 million in Series B funding. Mohr Davidow Ventures led the round, and was joined by return backers Foundation Capital and former Informix CEO Roger Sippl. Helpstream was previously known as Pathworks Software.
Helpstream (formerly known as Pathworks Software), the provider of on-demand collaborative customer service solutions, today announced it has closed an $8.6 million round of financing led by Mohr Davidow Ventures (MDV). Additional funds came from seed investor Foundation Capital and from Roger Sippl, founder and former CEO of Informix and co-founder of Vantive.
In connection with the financing, Bryan Stolle, MDV partner and co-founder and former CEO of Agile Software, has joined the Helpstream Board of Directors. Stolle joins a board with a wealth of experience in the customer service industry. Existing board members include Bill Elmore of Foundation Capital, Bill Walsh, former COO of Epiphany and president of PeopleSoft International, and Anthony Nemelka, president and CEO of Helpstream.
Helpstream will utilize the financing to accelerate development of its products and services, as well as to ramp up customer acquisition efforts through increased marketing and sales activities. Helpstream is the first solution to incorporate “wisdom of crowds” capabilities into a solution that tightly integrates all the essential elements of effective customer service — including case management, knowledge management, and community collaboration — into one highly collaborative, easy-to-use, cost-effective offering.
“As more and more companies in both the digital and the physical goods worlds shift to a subscription revenue model, customer service IS the new sales engine. Deliver a poor experience, and you lose next month's revenue. Fail to help a new customer come up to speed with your service, and you never get any revenue to begin with. Helpstream is uniquely positioned with its collaborative community help capabilities, its interactive problem resolution checklists, and its instant deployment ability to enable top-notch customer care at a SaaS price point,” said Stolle. “We're thrilled to be able to participate in the next stage of development and growth of the company.”
“We're pleased to have MDV and Roger Sippl join us as we emerge from our recent launch at DEMO 08 and focus our efforts on large-scale customer acquisition,” said Nemelka. “Their extensive experience in this space will serve us well as our business continues to mature.”
“Helpstream has engineered a powerful offering that meets the demanding needs of the customer support and help desk markets,” said Elmore. “By coupling years of customer support and help desk expertise with advanced Web 2.0 capabilities, they have built a unique solution that has the potential to surpass all existing customer service solutions in the market today.”
Helpstream is leading the development of highly collaborative customer service and help desk solutions. Designed as an enterprise-class SaaS solution built for collaboration from the ground up, the Helpstream solution allows organizations to greatly improve the customer service experience while keeping cost to a minimum and vastly increasing visibility into the customer experience. Helpstream has over 70 customers, representing a variety of industries, including high tech, consumer electronics, government, healthcare, financial services and professional services. For more information, please visit www.helpstream.biz.
About MDV-Mohr Davidow Ventures
For 25 years MDV, a leading Silicon Valley-based venture capital firm, has identified, mentored and developed entrepreneurs and young companies redefining business, technology and medicine. The firm invests around three major business and science concerns: Personalizing Medicine; Powering the Planet; and Driving the Digital World. Category-leading companies funded by MDV include: Agile (ORCL); Broadbase (KANA); Brocade; Genius; hi5; Pivotal (BRCM); and Vantive (ORCL). For more information, please visit www.mdv.com.
About Foundation Capital
Founded in 1995, Foundation Capital is a venture capital firm committed to supporting entrepreneurs and their companies, targeting innovative opportunities in Enterprise Software & On-Demand Services, Networking, Storage & Telecommunications,
Semiconductor & EDA, Cleantech, and Consumer Services. Foundation Capital funds total more than $1.7 billion. For more information, please visit www.foundationcapital.com.