Conversica collects $31m for conversational AI

Conversica, a provider of conversational artificial intelligence (AI) for business, has closed a $31m Series C funding round.

The round was led by existing investor Providence Strategic Growth Capital Partners. It also featured participation from other existing investors Toba Capital and Kennet Partners and from new investors CIBC Innovation Banking and Savano Capital Partners.
It brings Conversica’s total funding to date to $87m, having previously closed a $34m Series B and $22m Series round.

With the additional capital onboard, Conversica said it plans to expand its global sales and marketing efforts, as well as develop its technogoly.

Led by CEO Alex Terry, Conversica uses conversational AI technologies to power intelligent assistants that automate routine, yet important, business conversations.

The company’s flagship AI Sales Assistant engages marketing leads in human-like conversations to qualify more of them for sales. Additional assistants work in higher education, in the automotive industry, and in customer success organizations, to boost satisfaction and retention.

It has a global customer base of more than 1,000 organisations, including Box, Chrysler, Snowflake Computing, CenturyLink, the Sacramento Kings and Oracle.

“Conversica created and leads the market for automating business conversations using conversational AI and has proven its ongoing value with incredible customer growth and a forward-looking vision that spans many parts of the customer experience lifecycle,” said Gopi Vaddi, managing director of Providence.

“Conversica has transformed its cutting-edge technology into a solution that delivers real value for customers in terms of increased revenue and satisfaction. Conversica is poised for explosive growth, and PSG led this funding round because it’s the company defining success in the dynamic, high-growth AI market.”

The company provides its solutions to a range of industries including automotive sales, education, insurance, finance & mortgage, real estate and technogoly.

Conversica claims it can help finance and mortgage firms improve the quality of leads given to loan originators, so sales teams can close more deals.

Its AI Assistant ‘extends and focuses’ their sales team, engaging all their leads with personal two-way emails or SMS text messages. Sales agents are automatically notified when a lead is interested and equipped with information such as best number use, time to call, and what they are looking for.

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