I first met Shahar and Assaf, founders of Aquant.io when they were raising their Seed round in late 2016 and told them during the meeting we will not invest.
It was very clear they were an incredibly strong team, domain experts in the service industry (and also very good friends) but their initial idea, which revolved around industrial IoT and sensor data, felt like an uphill battle.
Our second meeting in 2018 ended up with an expedited DD process and with Lightspeed leading the company’s Series A.
Shahar and Assaf’s initial insight around leveraging untapped data sources to help service organization had evolved quite dramatically from sensor/hardware implementation to a much wider and easy to deploy software only offering. We were simply amazed by the reactions we got from the the company’s first batch of customers which were off the charts for a company at that stage.
Aquant is a system of intelligence for the service industry.
The company leverages state of the art Natural Language Processing (NLP) and AI capabilities to capture the organizational ‘tribal knowledge’ across multiple data silos and give field technicians and call center reps super powers.
Most of Aquant’s customers have many years of organizational history. That unstructured data from technician notes, CRM inputs, parts usage, machine logs, customer communication etc. is captured, analyzed and cleansed by Aquant’s software to create a standardized model which then supports various applications:
Job Prioritization, Intelligent Triage, Parts Optimization and more to come.
Customer reactions continue to be incredibly compelling. From massive reduction in spend on parts through countless hours saved in the field to reduced downtime and increased customer satisfaction — Aquant continues to evolve its offering and find new use cases and opportunities.
Since our Series A investment, the company has made fantastic progress on all fronts and we’re happy to announce (and double down in) Aquant’s $30m series B and welcome our friends at Insight Partners along for the ride!
We’re proud to partner with this incredible team and looking forward to transforming the service industry together in the coming years.
Faction Ventures, LLC (“Faction”) and Lightspeed Management Company, L.L.C. (“Lightspeed”) are separate businesses that operate independently of each other. Faction is a registered investment adviser under the United States Investment Advisers Act of 1940, as amended. Faction advises its own fund(s) and does not advise any Lightspeed clients, and Lightspeed does not advise Faction or any of its clients. Lightspeed and Faction are parties to an agreement pursuant to which Lightspeed holds certain interests in Faction and the fund(s) Faction manages.
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