|
Listen to this story
|
The tech industry has been swept up in the wildfire of generative AI, igniting a frenzy of sorts. SaaS companies are enthusiastically embracing its vast potential, especially since the introduction of language models and the ease of accessing diffusion models through APIs. While this cutting-edge technology continues to evolve, cloud-based SaaS unicorn Freshworks has been busy building AI-integrated solutions for half a decade now.
In 2018, Freshworks launched Freddy, their AI engine that focussed on reducing repetitive tasks. Recently, they introduced three new generative AI services – Freddy Self Service, Freddy Copilot, and Freddy Insights. They are also working on proprietary language models and integrating general-purpose LLMs to meet customer needs. These predictive and assistive AI capabilities enhance productivity for support agents, sellers, marketers, IT teams, and leaders. Within their beta release, they boosted time savings by as much as 83%.
AIM got in touch with Prakash Ramamurthy, chief product officer of Freshworks to understand more about their AI ventures.
Freshworks’ AI-driven Solutions & Partnerships
At the forefront of Freshworks’ AI offerings lies Freddy Self Service, which enables businesses to provide personalised customer and employee service through conversational bots so that companies can deliver top-notch service efficiently, enhancing customer satisfaction and loyalty. Freddy Copilot, a personal AI assistant that acts as an “Always-on” collaborator, offers contextual information, and insights, and offloads repetitive tasks. Freshworks’ Freddy Insights offers proactive insights and recommendations via a conversational interface, propelling businesses to success.
According to Ramamurthy, the success of Freshworks’ AI-driven solutions is also attributed to strategic partnerships with industry giants such as Microsoft, Google, and AWS. Notably, Freshworks has integrated Microsoft Azure OpenAI Service into their Freddy AI solutions, resulting in a significant boost to their capabilities.
Leveraging Azure Cognitive Services, including OpenAI completions API, GPT- 3.5-turbo, and GPT-4 models, Freshworks has incorporated a host of advanced features into its products. These features, including message expansion, tone enhancer, summariser, and rephraser, have revolutionised how users handle their tasks, enabling them to streamline their workflows and achieve more in less time.
For Freddy Copilot, Freshworks taps into the power of Azure OpenAI Service’s most potent GPT-3 model, text-davinci-003. By doing so, Freshworks ensures that businesses of all sizes can access the advantages of generative AI while maintaining robust security measures and responsible governance. “By leveraging Microsoft’s advanced AI technologies, Freshworks is poised to provide innovative and secure AI-driven solutions, offering customers enhanced experiences and empowering businesses to succeed in their operations,” he added.
Addressing ML Model Deployment Issues
The deployment of ML models remains a significant challenge for many enterprises worldwide. According to Gartner, only 53 percent of projects make it from prototype to production, even at organisations with some level of AI experience.
To address this issue, Freshworks accelerates AI model deployment by leveraging existing technology and tailoring it to meet customer needs. Freddy AI enhancements (Freddy Self Serve, Copilot, and Insights) offer up to 83% reduction in effort during beta deployments.
In terms of supporting developers, Freshworks has extended its commitment by allowing over 2,500 developers who use the Freshworks Developer Platform to utilise Freddy Copilot. This integration has significantly accelerated the development of innovative, high-quality, and reliable apps, reducing the time it takes to go from idea to app to just nine to 10 weeks.
As for recent projects executed by Freshworks in AI, one notable case study involves their customer iPostal1, a global leader in digital mailbox technology. iPostal1 chose Freshworks for its CRM system, which allowed them to customise internal workflows to better serve their customers and unify messaging channels on a single platform.
When it comes to Freshworks’ technology infrastructure, tools, and platforms, the company focuses on delivering value to customers through a deep understanding of how their solutions are used in day-to-day operations. They actively engage with customers, shadowing support agents, sitting with salespeople, and collaborating with marketers to observe their processes and challenges.
Tracing Back
Founded in Chennai in 2010 by Girish Mathrubootham, Freshworks has over 5,000 employees and a strong presence in the US, UK, EU, APAC, MEA, India, and LATAM. It operates from 13 office locations with headquarters in California. Serving an impressive client base of over 65,000, including prominent names like American Express, Blue Nile, Bridgestone, Databricks, Fila, Klarna, and OfficeMax, Freshworks collaborates with 400+ technology partners. It was the first Indian SaaS company to be ever listed on Nasdaq.
Freshworks has a 5.3% QoQ surge in its Q2 2023, showcasing impressive financials. The company’s net loss significantly decreased by 17.8% during this period.
In terms of total revenue, Freshworks achieved a remarkable milestone of $145.1 million, signifying a remarkable 19% YoY growth compared to Q2 2022, and an impressive 20% growth when adjusted for constant currency.
Moreover, the company’s revenue from operations soared by 5.3% to a notable $145 million in Q2, marking a substantial improvement over the first quarter of the calendar year, which was at $137.7 million. In FY22, the company achieved remarkable milestones, generating a total revenue of $498.0 million, marking a 34% growth compared to the previous year and surpassing $500 million in annual recurring revenue.
With state-of-the-art technology and a solid track record of financial success, Freshworks stands ready to reshape the SaaS industry.
Read more: Data Science Hiring Process at Instahyre
