Customer service startup SupportLogic just raised $12 million in a funding round backed by Sorenson Ventures

* Customer service startup SupportLogic just raised $12 million in a fundraising round backed by Sorenson Ventures and Sierra Ventures. * Founded in 2016, SupportLogic promises clients the "world's first intelligent support platform," using AI and natural language processing to extract data from customer queries. This can reduce churn, prevent complaint escalations, and help companies better understand customers' needs, SupportLogic claims. * The customer experience industry is predicted to be worth close to $15 billion globally by 2025. * Visit Business Insider's homepage for more stories. SupportLogic, the San Jose-based startup trying to revolutionize customer service through AI, just raised $12 million in a Series A funding round backed by Sorenson Ventures and Sierra Ventures. The firm promises clients the "world's first intelligent support platform," using AI and natural language processing to extract useful data from their online ticketing systems. This can reduce churn, prevent complaint escalations, and help companies better understand customers' needs, SupportLogic claims. SupportLogic says it has helped clients reduce operational costs by 35%, reduce escalations by up to 40%, and sped up the rate of customer queries being resolved by 25%. "Support datasets contain valuable insights about how customers feel about [companies'] products," said Krishna Raj Raja, founder and CEO of SupportLogic. "It's critical to extract signals from this dataset and foster collaboration between support, sales, customer success, and product teams." Ken Elefant, managing partner at Sorenson, which led the round, said that the rise of subscription services means "churn and customer retention is a top priority for organizations." "SupportLogic's unique approach to this space and the technology they have built to extract signals from existing systems really excited us," he said. The customer experience industry is predicted to be worth close to $15 billion globally by 2025, according to research from analysts at Markets and Markets. Join the conversation about this story » NOW WATCH: Why Pikes Peak is the most dangerous racetrack in America
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PayPal parts with top advertising executive after shifting its marketing strategy during the pandemic

* PayPal's chief creative officer Steve Simpson, its top advertising executive, left the company after about a year. * The move came after PayPal shifted its marketing strategy during the coronavirus pandemic, placing less emphasis on the brand and more on catering to small businesses, said a source with direct knowledge of the marketing operation. * Simpson's departure followed that of CMO and former Apple executive Allison Johnson in May. Both "decided to leave PayPal" as the company streamlines its global marketing functions, according to a PayPal spokeswoman. * Visit Business Insider's homepage for more stories. PayPal's highest-ranking ad executive Steve Simpson left earlier this month after just over a year as part of a restructuring of its global marketing business. Simpson, who was chief creative officer, was hired to make high-minded ad campaigns to help PayPal stand out from competitors like Square, Stripe, and Apple Pay. But this strategy chan...

TikTok confirms it will sue the US government, alleging Trump failed to provide 'due process' before issuing ban

* TikTok confirmed Saturday that the company planned to sue the US government over President Donald Trump's executive orders targeting the popular app. * A company spokesperson said TikTok experienced "a lack of due process as the administration paid no attention to facts and tried to insert itself into negotiations between private businesses." * TikTok, which has surged in popularity over the past year, was known as Musical.ly until it was purchased by the Chinese company ByteDance in 2017 and renamed. * The president on August 6 and August 14 signed executive orders targeting TikTok. * Visit Business Insider's homepage for more stories. TikTok on Saturday announced it plans to sue the US government over President Donald Trump's executive orders pertaining to its ownership, arguing the company was deprived of its due process rights. The president, who began targeting TikTok in July, issued an executive order August 6 making it illegal for American compani...

A pair of former champions headline UFC Fight Night: Munhoz vs Edgar — How to watch

* UFC Fight Night: Munhoz vs Edgar will be streamed live on August 22, exclusively through the ESPN+ streaming service. * In the main event, former UFC Lightweight champion Frankie Edgar will make his debut in the bantamweight division in the 27th match of his UFC career. * With 13 career wins by knockout or submission, 5th ranked Pedro Munhoz is the former Resurrection Fighting Alliance bantamweight champion and one of the UFC division's most formidible fighters. * Prelims are set to start at 6 p.m. ET and the main card is scheduled to begin at 8:30 p.m. ET. * Every UFC Fight Night event is included with an ESPN+ subscription, which costs $6.99 per month or $49.99 per year. Product Card Module: Monthly Subscription Service Card size: small Former UFC lightweight champion Frankie Edgar will make his bantamweight debut against #5 ranked Pedro Munhoz in the main event of UFC Fight Night: Munhoz vs Edgar on August 22. Munhoz has dominated opponents in his 18 career wins...

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