Boston-based Cogito, a behavioral analytics company that spun out of the Massachusetts Institute of Technology, has raised $15 million in Series B funding in a round led by OpenView. Existing investors Romulus Capital and Salesforce Ventures also contributed to the round, and OpenView Founder and Managing Partner Scott Maxwell joined Cogito’s board of directors.
The funding will be used to expand Cogito’s customer base and further develop the company’s deep learning and other technological capabilities, which analyze voice and speech to detect emotions. In February, the company partnered with Massachusetts General Hospital on a National Institute of Mental Health-funded project to address depression and bipolar disorder. Researchers used Cogito’s app, Companion, to track mood and adjust treatment or potentially prevent relapses.
While the company started off by working with healthcare organizations to understand and manage care for patients, it has been increasingly focused on working with call centers of healthcare organizations, insurers and financial companies to guide phone professionals through more “emotionally intelligent” conversations. Cogito enables large companies to quickly deploy and scale workforce optimization strategies, and the company has been quick to jump on opportunities to do so: they just established a recent partnership with CareFirst BlueCross BlueShield, and they also work with Humana and the Department of Veterans Affairs.
“Globally, there are nearly 14 million phone professionals engaging in half a billion phone conversations daily. At Cogito, we’re committed to helping these phone professionals develop and thrive in their profession,” Cogito CEO Joshua Feast said in a statement. “Our real-time emotional intelligence engine enables agents to be happier and more engaged in their jobs, customers to experience superior service and companies to benefit from improved efficiency and increased loyalty.”
Essentially, the AI-powered, cloud-based application elevates the job of a supervisor listening in on a call and providing guidance in the phone professional’s ear, and at a rate faster and with a broader reach than a real human ever could. New board member Maxwell said the technology, which is based on decades of behavioral science research and validated by millions of data points, is a desirable tool for companies as people are increasingly discerning about the quality of customer service.
“Now more than ever, companies are competing to attract and retain customers through superior service,” Maxwell said. “Cogito’s live in-call guidance and ability to provide an instant window into customer perception is helping drive dramatic improvements in customer satisfaction and employee engagement.”