Enterprise Conversational AI Startup Invoca Raises $83M

Conversation analytics startup Invoca has raised $83 million in a Series F equity financing round led by Silver Lake Waterman. The new capital brings the company’s valuation to $1.1 billion for its AI-powered contact center call analysis, agent coaching, and automated quality assurance.

Invoca Customer Service

Invoca offers clients insights drawn by AI from customer interactions. Phone calls, online chats, and other interactions are all collated and processed to learn about how customer interactions are going and where they may need improvement. The platform tracks calls and can connect them to the relevant person or chatbot. It also extracts and processes data from both spoken speech (phone calls and voice assistants) and typed speech from customer service chatbots. Invoca’s Signal AI speech analytics technology help complete sales and otherwise boost marketing efforts. The new money will aid Invoca’s acquisition and product development, as well as more contact center interactions

“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,” Invoca CEO Gregg Johnson explained. “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. We are thrilled to partner with new and existing investors as we innovate in the rapidly expanding market for conversational AI.”

Enterprising Advice

Businesses have been experimenting with using conversational AI to improve sales for a few years, though the COVID-19 pandemic and subsequent spike in remote interactions accelerated the trend.  The burgeoning demand for combining voice AI and customer service has seen plenty of significant funding and acquisitions. The amounts range broadly, but large checks are a regular event, whether Observe.AI’s $125 million, Glia’s $45 million, or the truly enormous $400 million raised by Uniphore. Meanwhile, Gupshup has applied the $340 million raised last year and gone on a buying spree of conversational AI providers specializing in verticals like banking and e-commerce.

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