Palo Alto/Bangalore, February 8, 2023: Iron Pillar, a venture growth investor backing global tech companies building product from India, today announced its $12M follow-on investment in Ushur, the leader in no-code and AI-powered Customer Experience Automation™ (CXA), based in Santa Clara with product development in Bangalore. Iron Pillar invested as part of the company’s $50M series C. Iron Pillar originally invested in Ushur’s series B in February 2021. Iron Pillar is also an investor in other well-known SaaS software companies like Uniphore, CoreStack, and Jiffy.ai.
Ushur’s Series C was led by Third Point Ventures with participation from existing investors, 8VC and Aflac Ventures. Given Ushur’s tremendous traction, the Iron Pillar team felt compelled to provide the company fuel for further growth.
Ushur uses natural-language processing, document intelligence and no-code automation to deliver “digital first” customer experience solutions for industry verticals including insurance, finance and healthcare. The platform automates customer interactions through Micro-Engagements™, over web, mobile and email, transforming high-impact engagements into quick self-service workflows for the end user, significantly increasing engagement, reducing processing time and delivering customer delight. Ushur’s product has been recognized globally, leading to over 200% revenue growth and 164% Net Revenue Retention in the past year with marquis customers like Cigna, CVS, Irish Life, United Healthcare, Unum and Aflac.
“Iron Pillar has been an incredible partner on our journey from their initial investment. We’re thrilled to have Iron Pillar’s endorsement in this round. At Ushur we continue to focus on making digital customer experiences personal, flexible, automated and efficient, at scale,” saidUshur CEO and co-founder Simha Sadasiva. “We have seen tremendous growth across multiple verticals. We look forward to working closely with Iron Pillar to build a truly generational company”
Mohanjit Jolly, Partner at Iron Pillar, added “Ushur has been one of the best performing companies in the Iron Pillar portfolio. The company is uniquely positioned to become the leader in the CXA space and the Iron Pillar team is delighted to be deepening our relationship with Simha and the team. Since our initial investment, Ushur has extended its business across multiple verticals including insurance, healthcare and financial services, expanding key accounts and landing its initial $1M ARR customers. Ushur has taken AI driven customer experience automation to the next level”
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Iron Pillar is a venture growth investor, focused on enterprise and consumer technology businesses that are building from India for the world. Since 2016, Iron Pillar has been working closely with extraordinary Founders to help them scale profitably from ~$10 million to $100 million+ in revenues. The firm has consistently executed this strategy across its marquee list of portfolio companies, including BlueStone, CureFoods, FreshToHome, Servify, Uniphore and others.
Beyond capital, Iron Pillar works alongside Founders to accelerate their business growth across three key areas: (1) expanding business development to global markets; (2) providing guidance on go-to-market strategies, including access to C-level talent; and (3) facilitating strategic capital introductions. The firm is dedicated to partnering with Founders on their journey to build transformational, resilient and valuable companies.
Iron Pillar has offices in Bangalore, Mumbai, Dubai and Palo Alto. Additional information is available at www.ironpillarfund.com