Invoca Raises Valuation to $1 Billion
Invoca, the cloud leader in AI-powered conversation intelligence for revenue teams, today announced an $83 million Series F equity financing at a valuation of $1.1 billion. The new capital brings the company's total equity financing to $184 million. Silver Lake Waterman led the round with additional new investments from Hollyport Capital, Kingfisher Investment Advisors, and Fenwick & West, along with participation from existing investors Upfront Ventures, Accel, H.I.G. Capital, and Industry Ventures. This investment comes after a year of record growth, with Invoca surpassing $100M in run-rate revenue.
Customer Conversations are the New "Make or Break" Moments for Brands
Digital transformation has enabled consumers to complete simple transactions, such as checking a balance or making a basic purchase, through a brand's website or mobile app. But the most critical, high-stakes sales and service interactions are still handled through live conversations with contact center agents. These escalations to human channels represent "make or break" moments in the customer experience. But brands, who cannot seamlessly connect these digital journeys with high-impact conversations, are struggling to meet the heightened expectations of consumers.
"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 Gregg Johnson, CEO of Invoca. "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."
Invoca is the Market Leader in AI-powered Conversation Intelligence
Invoca serves the leading consumer brands in considered purchase industries like automotive, telecommunications, healthcare, financial services, and real estate. Customers include AutoNation, Banner Health, DIRECTV, ORKIN, Rogers Communications, Mayo Clinics, and University Hospitals. The company was also named a Leader in The Forrester Wave™: Conversation Intelligence: Sales And Marketing, Q4 2021 report, with the highest scores possible in the criteria of product and technology innovation road map, product ease of use, integrations, and market approach and performance. Invoca, which employs nearly 400 employees, was also named an Inc. 2022 Best Workplaces Award Winner for the fifth consecutive year.
"We believe Invoca has an exceptional vision to help marketing and contact center teams transform the customer experience with AI-powered conversation intelligence," said Shawn O'Neill, Managing Director and Group Head, Silver Lake Waterman. "The company has built a market-leading product serving an impressive roster of blue-chip customers. And the Invoca team has been focused on achieving the operational rigor and disciplined execution that it takes to thrive in today's market and beyond. We look forward to partnering with Invoca in their next stage of growth."
Investing in Technology Innovation and Expanded Go-to-Market Distribution
With the Series F proceeds, Invoca will invest in several key areas. The company will accelerate product innovation through organic development and acquisitions, especially given the success of the DialogTech transaction in May 2021. Invoca recently introduced solutions for contact center teams, such as automated quality management, agent coaching and performance, call routing, and conversational IVR, and will increase technology investments in these areas. Simultaneously, the company will invest in expanding partnerships and distribution relationships in the contact center ecosystem. Invoca is a long-time partner of Five9 and integrates with several other leading contact center platforms. The company will also expand the channel partner program introduced earlier this year. Finally, Invoca will broaden its geographic coverage beyond the United States and Canada to support customers in Europe, Mexico, and South America.
Cowen acted as exclusive financial advisor to Invoca.
To learn more about Invoca's AI-powered conversation intelligence: