Issue link: https://nebusinessmedia.uberflip.com/i/1508534
HARTFORDBUSINESS.COM | OCTOBER 2, 2023 29 ©2023 CliftonLarsonAllen LLP. Investment advisory services are offered through CliftonLarsonAllen Wealth Advisors, LLC, an SEC-registered investment advisor. CPAs | CONSULTANTS | WEALTH ADVISORS 860-561-4000 West Hartford | Shelton | Marlborough CLAconnect.com We'll get you there. WORKFORCE. AUTOMATION. It takes balance. can help companies improve their customer support by eliminating the need for employees to search through various data sources. Instead, Shelf centralizes that content, which can be accessed through a keywords search. Shelf also offers consumer-facing, self-service tools that allow customers to find the right answers through chat boxes, or instant-an- swer web forums. Importantly, the technology meets the most stringent security stan- dards, Perrotta said. Growth streak Shelf.io said its technology can reduce the average time for a customer service rep to answer a question from more than four minutes to less than 20 seconds. One client, meal-kit delivery services company HelloFresh, reported that its average agent handle time is down 20% in dealing with its 8 million-plus global customers, after Shelf was able to integrate about a dozen various knowledge data sources. Shelf's clients span an array of industries and also include John Deere, DSW, Equitable/AXA, OPEX Corp., Glovo and HireRight. Shelf has also received industry recognition, including being awarded top honors for best-in- class knowledge technology by Gartner Digital Markets. "We're seeing an incredible amount of opportunity in the market right now," Perrotta said. Shelf has been on a growth streak, especially after raising $52.5 million in 2021 from a group of investors led by Tiger Global and Insight Partners. It's raised over $60 million since its founding. Connecticut Innovations, the state's quasi-public venture capital arm, is an investor in the company. "Shelf is building the next genera- tion knowledge management infra- structure," said Jon Rosenbaum, managing director at Insight Partners, a New York City-based venture capital firm. Over the past year, Shelf's staff has doubled to 150 employees, and so have revenues, although the privately held company declined to disclose exact figures. Meanwhile, its number of users has doubled annually, including 30% growth last quarter, boosted by clients purchasing additional licenses for departmental and staff use, Perrotta said. The goal is to eventually take the company public through an IPO, Perrotta said, though he didn't provide a time frame. AI IN CT