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TechSee Secures USD 7.5 Million in Series A Funding to Support its Ambitious Growth Plan

Funding from a consortium of international strategic and financial investors, will help Techsee leverage its strong momentum and market leadership.

TEL AVIV, Israel, June 26, 2017 /PRNewswire/ --

TechSee, the pioneer in Intelligent Visual Support powered by AI for corporates' customer support departments, today announced it has successfully completed a USD 7.5 million Series A round of financing. The round is led by Planven Investments with participation of existing investors OurCrowd and strategic investors innogy, Comdata Group and other investors.

"The new investment will help TechSee leverage its strong momentum and market leadership to further accelerate its market penetration, technology development and bring innovative products to our customers and prospects. Our Investors strong network in Telecommunication, Utilities and Financial Services is a force multiplier for TechSee's leadership position in the emerging "Support of Things" category across Telecommunication, Consumer Electronics and Financial Services markets," said Eitan Cohen, Co-Founder and CEO of TechSee.

"As investors in innovative hi-tech companies with proven technologies and looking for active shareholders' support to attack their reference markets, we believe that TechSee fits perfectly with our investment strategy. We are proud to have coalesced such a diverse and value-added shareholders' base for this financing round, and are excited to partner with them to proactively help TechSee's management in the execution of their growth plan," said Fabio Parpajola - Investment Director of Planven and new TechSee board member.

"We backed TechSee in its nascent beginnings, and the company's explosive growth since then is a testament to the massive potential of AI-powered technologies in unexpected verticals," said Yori Nelken, TechSee board member and a Partner at OurCrowd First, TechSee's earliest investor. "We have worked closely with the talented TechSee team as they developed a disruptive cognitive technology stack paired with an agile business model that delivers exponential savings and previously untapped value to their clients."

About TechSee: TechSee is global Leader in Visual Support Technologies for the Smart Home. TechSee revolutionizes the customer support domain by providing the first intelligent visual support solution powered by artificial intelligence and augmented reality.

TechSee's visual support solution today empowers technical support teams across the globe to execute visually interactive remote diagnoses and resolutions of problems; it is building a massive database of every interaction and resolution to enable customers to experience the rapid, wholly automated, robotic visual resolution of technical issues via their smartphones. TechSee is headquartered in Tel Aviv with offices in Boston and Madrid.

About Planven Investments: Planven Investments, based in Lugano - Switzerland, is the family office of Mr. Carlo De Benedetti. It mainly invests in Israeli and EU hi-tech businesses with proven and distinctive technologies, by providing capital, real active support and deep network in the European corporates world to support their business expansion.

About OurCrowd First: OurCrowd First is Israel's premier early-stage venture capital fund, seeding and scaling a portfolio of early-stage ventures that are computing and actuating the connected world by leveraging the exponential technology convergence of Artificial Intelligence and Machine Learning, the Internet of Things, 3D Printing, digitally enabled Precision Agriculture, Autonomous Robotics, Digital Health, Blockchain technology and AR/VR.

About innogy: innogy SE is an established European energy company. With its three business segments Networks & Infrastructure, Sales and Renewable Energies, it addresses the requirements of a modern, de-carbonized, decentralized and digital energy world. The focus of innogy's activities is to offer existing and potential customers innovative and sustainable products and services, allowing them to use energy more efficiently and increasing their quality of life.

About Comdata Group: Comdata Group is the international partner of choice for BPO of Customer Operations in various sectors (Tlc, energy utilities, finance, insurance, manufacturing, advanced retail, e-commerce). Founded in 1987 and headquartered in Italy, Comdata Group serves more than 400 clients in 14 countries, via 60 operating centers globally.  Comdata Group is one of the leading European and Latin American players for the outsourcing of voice-based services such as contact centers, and non-voice services such as back office processes, credit and document management.

Liad Churchill