Today (Tuesday), Israeli startup Lightico, which develops an enterprise-consumer interaction platform, announced a $13 million funding round. The investment was led by Oxx, with participation from Capital One Ventures and Harmony Partners, in addition to the company’s existing investors: lool Ventures, Crescendo Venture Partners, Mangrove Capital Partners, and Spinach Angels.
Virtual collaboration made accessible
According to Lightico, most of the traditional eSigniture solutions remain stuck in the B2B document management cycle, while it provides the massive market of B2C businesses with a customizable and mobile-first platform that integrates seamlessly into an enterprise’s existing workflow. Moreover, the platform can complete the customer-enterprise journey from end-to-end and in real-time. Lightico’s solution integrates into businesses via an open API or through integrations into business systems like Salesforce and Nice InContact.
“The hardships of the past several months have challenged us all but they have also been an incredible catalyst for digital transformation across industries,” said Zviki Ben Ishay, co-founder and CEO of Lightico. “This investment isn’t just fuel for continued growth, but a strong vote of confidence in Lightico’s mobile-first platform and model that thrived during a challenging first half of 2020. We’re proud to have such incredible partners joining our mission of making business interactions simple and digital in a complex world.”
While achieving efficient customer journeys without having once to be sent to a fax machine is already impressive in itself, but how have they made this process simple you ask? The company’s system creates an easy-to-access virtual collaboration window between the business and its customer on their mobile device. Their customers and businesses can share with each other documents, process payments, eSignatures, as well as provide identification and verification information, and Lightico promises even more.
Imagine that in one virtual meet, banking, mortgage, and even insurance claims can be processed on spot and in real-time, compared to the previous hassle of endless emailing and faxing various documents, with agents taking days to reply. Lightico aims to help its clients improve customer experience and efficiency, through faster turnaround times, higher completion rates, and higher NPS. Among the company’s current client list are leading financial institutions, insurance providers, including companies like Capital One and GlaxoSmithKline.
Adam Boutin, Partner at Capital One Ventures added that “COVID-19 has heightened the need for digitization in financial services and Lightico has helped us meet these challenges by providing an agile and seamless platform to quickly digitize servicing workflows. By investing in Lightico we are recognizing the value of this partnership and continuing to support innovation in customer experience.”
Lightico was founded in 2015 by CEO Zviki Ben Ishay, CTO Justin Josh, COO Omri Braun, and R&D Team Leader Vladimir Levin . The company is based in Tel Aviv, and has raised $27 million to date. According to the company, the newly acquired funds will help spearhead further growth to its customer base of SMBs, while also enhancing customer journey offering.
Richard Anton, General Partner at Oxx notes that “Lightico is much more than a ‘contract management’ solution. It solves the entire ‘last mile’ problem, allowing all the processes involved in customer transactions to be fulfilled completely digitally, in a frictionless and very user-friendly way. The Lightico team has created a strong platform for further growth and we're thrilled to join Zviki and his superb team at this next stage of the journey."