CommBox Secures $15M Investment from PSG, Prioritizing AI in Customer Experience
Boston, MA – Nov. [18], 2024 – CommBox, a leading enterprise-grade omnichannel, AI-powered customer experience platform, has today announced the completion of a $15 million growth investment round from PSG Equity, a leading growth equity firm that specializes in partnering with software and technology-enabled services companies to help navigate and capitalize on transformational growth. This investment follows PSG Equity’s original 2021 investment and will be used to help expand CommBox’s global footprint and enhance its innovative AI-powered solution.
CommBox’s platform aims to securely and rapidly deploy AI bots capable of resolving complex customer inquiries – those requiring secure access to third-party systems or personalization. This is achieved through advanced automation capabilities and seamless integration, wrapped in enterprise-grade security. CommBox’s security-by-design approach helps mitigate compliance risks and helps prevents security breaches, featuring:
- Compliance Adherence: Fully compliant with SOC2, ISO, PCI and GDPR regulations.
- Data Protection: Implements strong guardrails around data storage, model training, and encryption.
- Rapid Deployment: Enables brands to quickly implement AI-powered communications without compromising security.
Although the market for chatbots and customer experience automation is perceived as mature, many sectors such as financial services and healthcare, still fail to leverage the full potential of the technology beyond collecting customer data before passing customers to a human agent for resolution. This is due to a lack of advanced automation and integration capabilities to securely perform the required back-end business tasks, such as authentication or sensitive data integration.
“We’re proud to be entrusted by PSG to continue our mission to build better, more seamless, and innovative customer experiences,” said Dvir Hoffman, CEO of CommBox. “Our platform enables rapid deployment of conversational AI for enterprises, automating customer interactions and business processes whilst ensuring enterprise-level protection and privacy to secure AI deployments. Through PSG’s strategic investment, we will seek to grow our footprint in Europe and North America, as well as further boost our already expansive R&D in AI and harness this to continue enhancing our platform’s capabilities.”
Recent data reveals that 80% of consumers want to see AI in customer service, but only 15% of brands have fully deployed such technologies. A primary roadblock? Security concerns. CommBox is tackling these challenges head-on with its secure-by-design platform, which is why it has become a strong partner across sectors such as healthcare, logistics, retail, and financial services.
“We believe that the CommBox platform has evolved into a powerful, strategic platform for enterprises that want to help rapidly and securely reap the benefits of AI for customer communications,” said Tom Reardon, Managing Director at PSG Equity. “We’re thrilled to further our investment in CommBox as the company aims to solidify its footprint in Europe and North America.”
About CommBox
Founded in 2013, CommBox is an omnichannel and AI-powered customer experience platform that enables brands to engage customers across all channels from a single interface, leveraging digital engagement, business automation, conversational AI, and generative AI chatbots.
CommBox helps organizations automate customer inquiries, optimize customer journeys, boost customer service teams’ productivity, and stay ahead of evolving customer expectations in the digital-first landscape. The CommBox platform has become a strong partner for brands operating in industries such as financial services, insurance, healthcare, utilities, logistics, and the public sector.
About PSG
PSG is a growth equity firm that partners with software and technology-enabled services companies to help them navigate transformational growth, capitalize on strategic opportunities and build strong teams. Having backed more than 140 companies and facilitated over 500 add-on acquisitions, PSG brings extensive investment experience, deep expertise in software and technology, and a firm commitment to collaborating with management teams. Founded in 2014, PSG operates out of offices in Boston, Kansas City, London, Paris, Madrid, and Tel-Aviv. To learn more about PSG, visit www.psgequity.com.
