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With the new financing, CallMiner has now raised a total of about $140 million in equity and $15 million in debt financing since it was founded in 2002, according to CEO and president Paul Bernard. Previous backers include NewSpring and Sigma Partners.
The Waltham, Mass.-based company says its software today analyzes over 2 trillion words annually. Specifically, CallMiner aims to translate the interactions that its customers have with their customers whether they occur over voice, chat, email or text into “insights” and “actions so they can change and improve their business across many different use cases,” Bernard told me this morning via telephone.
So, essentially its goal is to help companies grow revenue by reducing customer churn and driving improvement in their marketing process, for example.
“The way we do that is to use an AI-fueled platform that takes those interactions and converts them into meaning, intent and functionality,” Bernard said.
CallMiner has over 400 customers globally, he said, ranging from small companies to multinationals. They include Encore Capital, Otter, and Homeserve USA.From 2017-2019, CallMiner has had a compound annual growth rate in excess of 35 percent, according to Bernard. Headcount has also climbed about that much and is up to about 250 today. As a SaaS (software-as-a-service) company, its goal is to join the $100 million ARR club, Bernard said.
The company plans to use its new capital to get into adjacent market segments, expand its international presence by going deeper into Europe and into Asia-Pacific, and Latin America, and toward further product development. Those adjacent market segments include branching out into customer experience, fraud and robotic process automation, according to Bernard.
“The convergence of customer interaction analytics and customer experience creates a significant market opportunity,” said Holger Staude of Goldman Sachs Growth in a written statement. “CallMiner is well-positioned to transform the way organizations operate.” Staude will join CallMiner’s board as part of the funding.
Goldman Sachs has been on a venture investing spree as of late, a topic I dug deeper on earlier this year.
Illustration: Li-Anne Dias