Velaris raises €4.7m in seed funding led by Octopus Ventures to develop artificial intelligence features.
Octopus Ventures backed the seed round, which will fund product development and team expansion.
≈ £4.1M at €1 = £0.8690 on 8 Sep 2022
Velaris builds customer success software for business to business technology firms, helping organisations monitor retention and revenue expansion.
Velaris has secured €4.7m in seed funding to build out its artificial intelligence capabilities and expand its operational footprint. Octopus Ventures led the round, with participation from Zaka and Fintech 365.
The capital will be directed towards developing machine learning features for the company platform and building out research, product, and go to market teams across London and Madrid, alongside an existing hub in Sri Lanka. The funding follows recent commercial growth and aims to position the business as an AI driven customer success provider.
Customer success software has seen heightened demand as firms prioritise retention during economic tightening. Velaris combines multiple data streams, including product and revenue metrics, into a single dashboard to help firms manage client relationships.
From the founder
"We are incredibly excited to have raised this capital. The seed round will enable us to launch our intelligence layer and gain a unique position within the market to be the first AI-led Customer Success platform. Velaris will serve the entire organisation enabling horizontal growth in other teams and becoming the single source of truth for customer data."
Dilanka Kalutota
Co-Founder at Velaris
Investor perspective
"Octopus Ventures backs the people and ideas that are changing the world, and Velaris is exactly that. The brilliant people who make up the Velaris team, combined with their hyper focus on user experience and impacting NRR are already making them a leader. The addition of machine-led intelligence will alter the customer success space entirely, not to mention the tech businesses they’re supporting. We were impressed by the team’s ability to build such a powerful product in under a year and are delighted to be a part of this holistic and data-driven step change"
Conor Scanlan
Investor, Octopus
Use of funds
- 01Continue product development
- 02Fund research and development
- 03Accelerate go-to-market
- 04Grow the team
