Authenticx, the new standard in healthcare for listening to customer voices at scale, today announced $20M in Series B funding led by Blue Heron Capital with participation from Beringea, Indiana Next Level Fund/50 South Capital Advisors, High Alpha, Mutual Capital Partners, Signal Peak Ventures, Allos Ventures, Elevate Ventures and M25.
The investment comes after a significant year of growth for Authenticx, which saw a 2.5x increase in ARR in 2022 and 64 new employees since July 2021, many of whom joined product innovation and sales departments. Additionally, Authenticx's customer base doubled over the last year, with its client portfolio now including five of the top 10 leading global pharmaceutical companies.
"By listening at scale, business leaders can feel confident that the strategies they implement in their organization are backed by data generated from the authentic words of their customers," said Amy Brown, CEO of Authenticx. "Whether identifying areas of frustration for customers or listening for good news, conversational data can be used to revolutionize the patient experience and remind the workforce of their noble purpose. With this funding, we'll be able to continue driving innovation in conversational intelligence and machine learning to streamline the patient journey and help staff do their best work."
Unsolicited customer feedback is a valuable resource for healthcare and life science organizations. After analyzing 100 million conversations with healthcare customers for its 2022 Customer Voices in Healthcare report, Authenticx identified multiple disruptive themes in contact centers, including failure to provide anticipated information via callbacks, callers becoming stuck between two or more healthcare entities, and conflicting information offered by different sources. Access to these comprehensive insights from actual customer conversations enables decision-makers to develop effective strategies for addressing customer frustrations.
Authenticx plans to use this capital infusion to further increase customer-centricity in healthcare by:
- Innovating in machine learning and product engineering
- Fueling sales and marketing efforts
- Continuing to expand the business
"As healthcare organizations focus on building customer-centric solutions, they need a way to understand the truth of what customers truly want," said Tom Benedetti, Co-Founder and Managing Partner at Blue Heron Capital. "We're excited to partner with Authenticx and their strategic vision as they continue to align business decisions with patient experience."
As part of the investment, Blue Heron Capital Operating Advisor, Scott Sanner, will join the Authenticx Board of Directors. Mr. Sanner is the former CEO of Citra Health Solutions and brings nearly 30 years of relevant industry experience having previously held leadership positions at McKesson and Change Healthcare.
Innovative features of the robust Authenticx platform include the Eddy Effect Dashboard and the quality management solution, which improve customer experience by identifying obstacles hindering the customer journey, providing teams with insights to tell data-backed stories, pinpointing areas of improvement and opportunity, reducing agent onboarding time, increasing efficiency and delivering a better CX.
"The infusion of capital gives us the opportunity to continue our growth in becoming the go-to solution for healthcare organizations relying on contact centers," said Brown.
For more information on how Authenticx helps healthcare organizations improve the customer journey, please visit Authenticx.com.
