Invoca Becomes Unicorn With ‘Conversation Intelligence Platform’

Newly minted unicorn Invoca closed an $83 million Series F to make the time-consuming and frustrating process of reaching out to a call center a little less so.

The round values Invoca at $1.1 billion and was led by Silver Lake Waterman with additional new investments from Hollyport Capital, Kingfisher Investment Advisors and Fenwick & West. Existing investors Upfront Ventures, Accel, H.I.G. Capital and Industry Ventures also participated.

The Santa Barbara, California-based company has now raised a total of $184 million, according to the company’s release.

The AI-powered startup helps companies analyze calls between customer services and sales representatives and their customers. Through analysis and agent coaching, the platform’s goal is to increase both conversion rates and customer satisfaction.

“When consumers look for value-added expertise in buying the right product or resolving an urgent service issue, they often escalate from digital self-service to speak with a human expert,” said CEO Gregg Johnson.” At Invoca, we’re using data, automation and AI to integrate these digital journeys with conversations in the contact center, helping brands deliver a delightful experience, drive revenue and strengthen customer relationships.”

Continuing to grow

The new cash comes after Invoca announced it had surpassed $100 million in run-rate revenue in February. It had last raised a Series E  in October 2019.

Invoca said it will use the new proceeds for a variety of initiatives, including product innovation through both organic development and acquisitions.

Call-center technology may not be the sexiest of industries, but it is competitive. Huge tech giants like Amazon and Microsoft provide tools in the area. According to Crunchbase data seven startups in the AI and call-center sector have raised cash this year, including Singapore-based AI Rudder and Dallas-based Krista Software.

Illustration: Dom Guzman

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