Invoca Inc., a startup using artificial intelligence to help companies optimize their contact center operations, today announcement that it closed an $83 million late-stage funding round at a $1.1 billion valuation.
Silver Lake Waterman led the Series F round. He was joined by Hollyport Capital, Kingfisher Investment Advisors, Fenwick & West and several returning backers. Invoca says the investment follows a year in which its annual revenue rate topped $100 million.
Invoca, based in Santa Barbara, Calif., provides a platform that analyzes conversations between a company’s contact center representatives and customers to find ways to increase sales. The company claims that the information produced by its platform is also useful for other tasks, such as optimizing the interface of an e-commerce website.
For marketing teams, Invoca can provide insights into the percentage of customer interactions with the contact center that lead to a purchase. The startup’s platform also gleans more granular data. It is able to collect information about customer preferences that a company’s marketing team can use to optimize promotional material.
For sales groups, Invoca offers features that can be used to measure how effectively contact center representatives are promoting products to customers. The startup’s AI algorithms find opportunities for improvement and help companies optimize their sales efforts. Online retailers, on the other hand, can use Invoca’s platform to analyze customer support requests to better understand how their e-commerce websites could be improved.
Invoca provides integrations that allow companies to stream data from its platform to external analytics tools for further processing. Marketing teams, for example, can combine Invoca data with ad performance information to more accurately estimate an ad campaign’s contribution to sales.
“When consumers are looking for value-added expertise to buy the right product or solve an urgent service issue, they often go from digital self-service to talking to a human expert,” said Gregg Johnson, CEO of Invoca. “We use data, automation and AI to integrate these digital journeys into conversations in the contact center, helping brands deliver a great experience, drive revenue and strengthen customer relationships.”
The startup claims to have hit the $100 million mark in annual revenue after increasing sales by more than 70% in 2021. According to the startup, its customer base includes the three major mobile carriers in the United States, large institutions financial and technology companies such as Samsung. Electronics Co.Ltd.
Invoca will invest its last round of funding in several areas. The startup plans to improve its AI technology, as well as create new capabilities that can help increase the productivity of contact center representatives. Invoca said it intends to expand its feature set through a combination of in-house software development and acquisitions.
“Our customers have asked us to support a broader range of use cases, including outbound sales, customer retention, and customer service,” Johnson detailed in a statement. blog post. “We are increasing investments to address these areas and integrate deeper into the marketing, e-commerce, sales and service ecosystems that are critical to our customers’ success.”
Invoca will expand its go-to-market efforts at the same time. The startup plans to expand its international presence, as well as establish more technology partnerships and expand its distribution program.
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