Was published on Geek Time website: https://www.geektime.co.il/copilot-raises-5-million-dollars/?_ga=2.225151641.280791402.1583220867-1657311940.1526193950
Oshri Alexaly| December 24, 2019
Zvi Frank and Tziki Naftali founded Copilot - which monitors IoT product usage data to improve user experience
The Israeli company Copilot, which has developed a platform that allows IoT-based smart product manufacturers to manage their communications with their customers in an automatic manner, has announced the completion of a US$ 5 million seed round, led by the JVP fund.
Copilot has created a platform that collects usage data from various IoT-based smart devices and, through models she has developed, enables direct communication between manufacturers and end customers, while predicting product activity and preventing product returns and customer abandonment, as well as trying to increase the amount of repeat purchases. Copilot communicates with each customer based on the data collected and analyzed by its platform to improve customer experience and customer lifetime value.
The company says that, "While CRM systems and similar platforms have previously dominated the world of customer service and customer experience, Copilot is a platform that effectively leverages data in all IoT-based smart devices." The purpose of Copilot's platform is to enable brands and manufacturers to better understand consumer behaviors and build relationships with them through their smart devices.
Copilot was established by Zvi Frank, founder of Interwise (which he sold to AT&T) and Tsiki Naftali, an MTA graduate of the BSc school in Computer Science. The two also co-founded Zamingo, which develops smart products for electronics manufacturers, which they sold last July. The company operates in New York and Tel Aviv, and for the past six months has managed direct communications with about one million users, the end customers of more than 35 paying clients, among them: Polaroid Safedome, Palo Alto Innovation and Brooklyness. Copilot says that every day thousands of new devices are added to the company's platform.
Zvi Frank, co-CEO of the company, said in a conversation with GeekTime that “the platform collects usage data directly from the devices (physical interface buttons, etc.) and the digital interface (e.g., the mobile app), processes the information and creates categories such as satisfied or at-risk users and then communicates with users automatically to enhance their user experience. In short, the system automatically sends the right message to the right user at the right time and makes it specific in the world of Consumer Electronics.” Frank emphasizes that the information is only gathered with the approval of users, who can also request to delete the information collected on them under the GDPR regulations.
“Our vision is to help companies build meaningful relationships with end customers in the entire world," said Tziki Naftali in response to the fundraising, adding: "We are proud to partner with the JVP fund, which is by far one of the more dynamic and visionary funds in Israel."