Uniphore, the Chennai and California-based technology startup that employs artificial intelligence to examine and improve voice-based services for businesses, has secured $140 million in a Series D round led by Sorenson Capital Partners.
After this funding round, Uniphore has now raised a total of $210 million as the startup is now looking to enter the video domain.
The new investors who participated in this round include Serena Capital, Sanabil Investment, and Cisco Investments. Existing investors — March Capital Partners, National Grid Partners, Chiratae Ventures, Iron Pillar Fund, and Sistema Capital also participated in the Series D round.
Uniphore stated that it plans to use the freshly acquired funds to enlarge its market leadership, along with focusing on video-based AI applications.
As per the startup, it aims to have $100 million in contracted annual recurring revenue in the year 2022 based on a prediction of continued ‘hypergrowth’. The startup also declared the induction of Rob Rueckert, Managing Partner at Sorenson Capital Partners, to its Board of Directors.
Commenting on the development, Uniphore Co-founder and CEO Umesh Sachdev said, “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.”
He believed that a quick digital transformation across enterprises has aroused the need for greater automation, with the potential to tap into the $500 billion market opportunity.
“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,” Umesh said.
Uniphore claimed it finalized important deals last year, including with some of the world’s biggest telecom providers, insurance companies, and financial service organizations. It has acquired contracts from companies like Tech Mahindra, NTT DATA, Sitel, Firstsource, and WNS.
Uniphore also added over 100 new employees last year and is on track to recruit 300 more.
Rob Rueckert, Managing Partner at Sorenson Capital, said, “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.”
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