Indiana-based software company Authenticx has closed a preferred equity round led by Chicago-based M25.

The round, which raised $800,000, had seen participation and new investments from Elevate Ventures and Innovatemap Ventures.

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The proceeds from the round will be used by the company for product development for conversational data platform to address key issues such as Covid-19.

This Authenticx platform allows combining existing customer interactions across call centre recorded calls, texts, chats, emails and more into a single platform.

This will help health insurance firms to organise and structure conversational data through a customised dashboard.

Authenticx founder and CEO Amy Brown said: “Leaders can now listen to the actual voice of their customers in a really efficient and scalable way with this new technology. Decisions can be made confidently because you have all the data you need in one place.”

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The platform will reduce and replace the feedback surveys with real-time audio and visual outputs.

Authenticx’s software platform analyses and activates customers’ voices to reveal transformational opportunities in health insurance.

Elevate Ventures entrepreneur-in-residenceEric Steele said: “We were impressed with Amy, the quality of the team and the traction they have attained early on.

“Their focus on data analytics throughout the customer lifecycle will have a major impact on financial and health outcomes for the companies they serve.”

In accordance with the funding, Victor Gutwein of M25 and Elevate Ventures representativeJane Niederbergerjoined Authenticx’sboard of directors.