StepFunction, a specialist in SaaS revenue growth solutions, has secured $5 million in a post-seed raise led by Dallas Venture Capital (DVC) with participation from Hummer Winblad Venture Partners, Inventus Capital Partners, and Z5 Capital.
Using machine learning, StepFunction helps leading SaaS companies substantially improve the amount and predictability of their subscription revenues based on a data-driven, real-time understanding of customer intent.
Launched in 2020, the StepFunction Customer Intent Engine (CIE) ingests an extensive range of customer behaviour signals — for example, product usage, support tickets, survey feedback, CRM, social media signals — over a long period of time. From this, StepFunction can deduce end-customers’ intent in real-time and infer the associated risks or opportunities to improve customer retention and growth with higher customer satisfaction.
This post-seed funding will enable StepFunction to expand into new SaaS verticals such as security, information technology, and cloud storage. StepFunction will also grow the company’s go-to-market capabilities and product development teams globally, tripling in size and revenue by the end of next year.