Zendesk, a leading provider of customer service software, has announced the launch of Zendesk Ventures, a corporate venture capital initiative aimed at investing in artificial intelligence startups.
This new venture arm will focus on supporting startups that develop AI technologies compatible with Zendesk’s customer service platform, starting from the seed stage and beyond.
Ben Barclay, Zendesk’s Senior Vice-President of Strategy, Corporate Development, and Transformation, emphasized the importance of AI in transforming customer and employee service experiences.
Zendesk Ventures aims not only to invest in promising AI startups but also to integrate their innovations into Zendesk Marketplace, enhancing the capabilities of Zendesk’s application platform.
While the exact size of the fund has not been disclosed, CEO Tom Eggemeier indicated to Axios that it will be funded with tens of millions of dollars from Zendesk’s balance sheet. The fund will typically invest between $500,000 to $1 million per deal, primarily focusing on seed-stage investments, with consideration for Series A rounds as well.
At its launch, Zendesk Ventures has already established a portfolio that includes Zuper, a provider of field service management software, and Observe.AI, which specializes in conversational intelligence platforms for call centers. Notably, Observe.AI has raised over $210 million as of 2022.
Recent additions to Zendesk Ventures’ portfolio include PolyAI, which develops tools enabling Zendesk users to manage tasks through voice commands, such as order tracking and delivery updates. Another addition is UnitQ, offering an AI platform that analyzes real-time customer interactions and feedback.
Zendesk Ventures underscores Zendesk’s commitment to advancing AI-driven solutions in customer service, fostering innovation within its ecosystem while enhancing the capabilities available to its global customer base.