Customer XPs secures US$ 4 Mn Series A commitment from JAFCO

CustomerXPs Software Private Limited, a real-time intelligence software product company has raised its first institutional round of funding with a Series A commitment of up to US$4M from a fund managed by JAFCO Investment (Asia Pacific) Limited. Ernst & Young acted as financial advisor to CustomerXPs on this transaction.

CustomerXPs, founded by product veterans of the enterprise software industry, is into creating "Moments of Truth" Real-time systems for enterprises, system with thinking, learning, inferring capability. CustomerXPs software can identify and solve, in real-time, complex problems in the areas of customer engagement, contextual right-sell, fraud, pricing and compliance while a transaction occurs, by using a human-like fuzzy, judgement-based approach. The company has cracked this problem by using an innovative multi-disciplinary approach spanning artificial intelligence, statistics, mathematics, psychology and behavioural sciences.

Customers and markets: CustomerXPs' products are initially aimed at Global Tier 1 banks. ICICI Bank is a customer of CustomerXPs' suite of products. The Series A investment will be used to rapidly expand the company's Global sales, marketing and delivery teams, and towards further R&D including creating distributed SaaS versions of its offerings. Beyond banking, the firm has seen substantial interest in its offerings across the telecom, retail, internet, insurance, healthcare and airline industries.

Rivi Varghese, CEO and co-founder of CustomerXPs, said, "Our ambition has always been to create an innovative, IP-led global product company. We have deliberately not sold services to fund product development as this corrupts the Product DNA permanently. Products don't happen overnight. What is needed is an integrated approach with a robust process framework to innovate, deliver, sustain, fund and support products. While we have laid the foundations for our long-term goals, our biggest concern when we started fund-raising was whether we could find the right investor who understood the product business and could engage with us deeply on both strategic and operational issues. We are very happy to partner with JAFCO, with whom we had a meeting of minds from our first meeting."

JAFCO Asia's Murli Ravi, who now joins the company's Board of Directors, commented, "India is renowned for its prowess in software outsourcing. However, few Indian software product companies exist and barely a handful can be said to make truly innovative world-beating products. CustomerXPs is one of those few. Moreover, the entire team, including its advisors Sharad and Anuradha Hegde, has shown exceptional passion and commitment to the long-term vision. We are honoured that the CustomerXPs team chose to partner with us."


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