Uniphore Raises $140 Million in Series D Funding as Demand Skyrockets for Enterprise AI and Automation Solutions
PALO ALTO, Calif.--(BUSINESS WIRE)--Mar 31, 2021--
Uniphore, an early leader in Conversational Service Automation (CSA), today announced it has raised $140 million in Series D funding, bringing the total funds invested in the company to $210 million. This latest round of financing was led by Sorenson Capital Partners. It includes additional new investors from Europe and the Middle East, Serena Capital and Sanabil Investments, and strategic investor, Cisco Investments. Further expanding their previous investments in Uniphore, March Capital Partners, National Grid Partners, Chiratae Ventures, Iron Pillar Fund, and Sistema Capital also participated in the Series D offering.
The new round of funding is Uniphore’s largest to date. The funding will be used to extend Uniphore’s technology and market leadership in AI, Automation and Machine learning across the enterprise. This will also include a focus on video-based AI applications stemming from Uniphore’s acquisition of Emotion Research Labs earlier this year as well as applications in Trust, Security and RPA markets.
Also announced today is the appointment of Rob Rueckert, Managing Partner at Sorenson Capital Partners, to the Uniphore Board of Directors. Mr. Rueckert is an experienced technology-focused executive who brings a strong background in both product innovation and growth.
With the market for digital transformation accelerating, Uniphore has announced several strategic partners and customers this past year. These wins essentially enable Uniphore solutions to empower and improve hundreds of millions of customer engagements with its innovative artificial intelligence (AI) and automation software. Uniphore’s solutions help organizations manage and analyze contact center engagements, providing a better customer experience, ultimately driving better business results.
“Given the rapid digital transformation happening across the enterprise, the need for automated and intelligent solutions to help drive new business models has never been greater. We saw this years ago and have been delivering innovation to areas such as contact centers, to enable better customer experiences. With our recent acquisitions of RPA and video AI technology, we alone can deliver a conversational service automation platform for the modern Enterprise, combining conversational AI and Robotic Process Automation (RPA) across voice and video-based engagements,” said Umesh Sachdev, CEO and co-founder of Uniphore. “This injection of capital and new addition to our board leadership will fuel our growth, position us to outpace the competition and help transform business through dramatically improved customer experiences.”
2020 accelerated digital imperatives for every company and put the focus directly on AI and Automation to drive that transformation of what experts agree is projected to be more than a $500 billion market opportunity. As evidence of this trend, market data shows organizations increased their reliance on contact center agents to service customer needs remotely in the wake of the global pandemic and regional stay-at-home orders.
Uniphore has capitalized on this incredible momentum over the past 12 months and expects to have $100M in contracted annual recurring revenue (ARR) in fiscal 2022 based on a forecast of continued hypergrowth.
In the last year, Uniphore won significant deals including some of the world’s largest telecom providers, insurance companies and financial service organizations. Additionally, they have also won customer contracts with customer experience (CX) providers including Tech Mahindra, NTT DATA, Sitel, Firstsource, and WNS. These deals and others can support over 75,000 customer service agents who can handle approximately 160 million engagements every month. Uniphore also expanded employee headcount last year with the addition of more than 100 new employees globally, including former PwC Partner Stéphane Berthier as its Chief Financial Officer. It is on track to hire more than 300 employees this next fiscal year.
Stephane Berthier, Uniphore CFO added, “Contact centers are focused on providing excellent customer service and efficiency through AI and automation. With more than 1.15M agents employed globally as well as increased focus on agent support and digital customer service, the market opportunity is stronger than ever before. Today’s announcement of additional funding confirms the considerable interest in this space and will support our strong growth expected in the next year and beyond.”
“As a leading investor in transformational enterprise technology, we were very impressed by the Uniphore team and what they have been able to do for customers and the broader market,” said Rob Rueckert, Managing Partner at Sorenson Capital. “We are excited to back Uniphore and believe 2021 will be a breakout year of innovations and tremendous progress in transforming CX for the Enterprise.”
About Sorenson Capital:
Sorenson Capital is a leading growth and venture capital investment firm focused on enterprise software. With offices in Palo Alto, CA and Salt Lake City, UT, Sorenson has a nearly two-decade track record of backing transformational technologies and best-in-class entrepreneurs, including Fastly, Health Catalyst, Pluralsight, Omniture, Workfront, Couchbase, Amplitude, Socure, Harness, MX, Cradlepoint, and now Uniphore, among others. Sorenson Capital has more than $1 billion in capital under management and was founded in 2002. For more information about Sorenson Growth and Sorenson Ventures, please visit www.sorensoncapital.com.
Uniphore is the global leader in Conversational Service Automation. The Company’s vision is to disrupt an outdated customer service model by bridging the gap between human and machine using voice, AI and automation to ensure that every voice, on every call, is truly heard. Uniphore enables businesses globally to deliver transformational customer service by providing an automation platform where digital agents take over transactional conversations from humans, coach agents during calls, and accurately predict language, emotion and intent. All in real-time. With Conversational Service Automation, enterprises can now engage their customers to effectively build loyalty, improve customer experience and realize operational efficiencies.
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Rob Barlow, Uniphore
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Nawaz Mohammed, Uniphore,
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