CrownPeak, a US-based customer support platform backed by insurance provider AIG, raised $50m in series D funding from venture capital firm K1 Investment Management yesterday following a merger with UK-based peer ActiveStandards.
The combined entity will operate under the CrownPeak brand and integrate both businesses’ product suites. The funding will support an anticipated relaunch and product development.
Founded in 2001, CrownPeak has developed a cloud-based platform that helps companies manage customer support. ActiveStandards’ technology enables online publications to optimise their content through quality assurance.
Jim Yares, chief operating officer of CrownPeak, has been appointed chief executive of the merged company. ActiveStandards CEO Simon Lande and CrownPeak’s chief executive Jim Howard will be advisors to the new business.
CrownPeak previously raised $12m, including $6m in a 2008 series B round led by AIG through its corporate venturing arm, SunAmerica Ventures, with contributions from Sigma Partners and Altos Ventures.
Simon Lande said: “We are thrilled to be joining forces with CrownPeak as we share a common vision of how to empower global enterprises with the technologies they need to improve their customer experience at scale.
“Our union takes place at a defining time and uniquely positions us to move the technology frontier forward.”