Today marks a significant milestone for Invoca, as we announce an $83 million Series F financing at a $1.1 billion valuation. Amidst increasing macroeconomic uncertainty and financial market turmoil, this round is a testament to the disciplined execution of our team, the loyalty and trust of our customers, and the depth of our partner community.
We are thrilled to welcome new investors Silver Lake Waterman (who led the round), Hollyport Capital, Kingfisher Investment Advisors, and Fenwick & West to the Invoca journey. And I am grateful to our existing investors for supporting Invoca through the $100 million revenue milestone.
Many people view fundraising events as a moment to celebrate achievements of the past. While it is important to reflect on what has been accomplished, I as a CEO immediately look forward — to how our company will achieve the vision we have articulated to customers, investors, and employees. So I wanted to share my perspective on how this round of investment accelerates our future path at Invoca.
We are living in the age of digital transformation. As companies have adopted digital technologies, consumers can complete simple transactions anywhere, anytime — online, via a mobile app, or using a chatbot. While more transactional consumer activity has shifted to digital channels, the importance of human-to-human interactions has never been greater. When consumers reach out for live assistance, it is because their attempts to answer a question or solve a problem in the digital world have failed. So contact centers are challenged with more complex problems, for customers already in a heightened emotional state, frustrated by their inability to resolve an issue or reach a decision on their own — making these conversations more of a “moment of truth” than ever before. Consumers are not solely looking for convenience; they also value the confidence implicit in a live connection with a human expert.
In the past, conversations were the first stop in the search for answers and resolution. But in today’s world, consumers start in digital and escalate to human channels. That means connecting the breadcrumbs of digital interactions — like what areas of the website a user is visiting, or what digital marketing campaign elicited a response — are critical to delivering a delightful conversation. Unlike other technology platforms that focus on the conversation alone, Invoca delivers a comprehensive view of the consumer journey, mapping digital engagement to AI-powered insights from live conversations. We will extend the depth of our market-leading AI technology (as recognized by Forrester Research in their recent market evaluation) and find more ways to blend digital data with conversational insights.
Consumers are engaging with brands in more channels than ever before. Asynchronous communication via SMS and messaging apps has become tremendously popular, and consumers want the convenience of switching between a live conversation and responding at a time of their choosing. We are extending our technology platform to support this array of conversational channels, enabling brands to offer the right combination of automated and human-assisted interactions. Building on our conversational IVR release earlier this spring, and with more SMS capabilities coming later in 2022, Invoca will empower brands to be agile and deliver the flexible, modern buying experience that today’s consumer demands.
For our first decade, Invoca was focused solely on the world of digital marketing. But over the past few years, we extended our solutions to empower all revenue-focused teams — helping eCommerce teams drive more online conversions, sales teams have more impactful conversations, and customer experience teams deliver deeper insights. Our goal is to help brands optimize the full revenue funnel so consumers can discover and buy products how they want, whether online or via an assisted sales channel. Recently, our customers have asked us to support a wider range of use cases, including outbound sales, customer retention, and customer service. We are increasing investments to address these areas and integrate more deeply into the marketing, eCommerce, sales, and service ecosystems that are critical to our customers’ success.
While our technology leads the market, the dedication, expertise, and customer obsession of the Invoca team also sets us apart. We are building more industry-specific knowledge and deeper technical skills to help customers address more complex use cases. And we are extending our geographic footprint into Europe to provide better support for international customers.
The last few years have been monumental for our company, our customers, and all of us at Invoca. I’m looking forward to sharing more successes with all of you in the years to come.