Conversica, a Foster City, Calif.-based provider of artificial intelligence (AI)-powered lead engagement software for sales and marketing, secured $34 million in Series B funding.
The round was led by Providence Strategic Growth Capital Partners, an affiliate of Providence Equity Partners, with participation from Toba Capital, Wellington Financial and Recruit Holdings Co., as well as existing investor Kennet Partners and founder Ben Brigham. In conjunction with the funding, Conversica’s board of directors has been expanded to include PSG Managing Director Gopi Vaddi and Toba Capital Partner Wilder Ramsey.
The company will use the new funds to expand marketing and sales efforts, support ongoing product development and continue to grow operations.
Led by Alex Terry, CEO, Conversica provides an AI-driven lead engagement software for marketing and sales organizations for companies to find and secure customers by automatically contacting, engaging, qualifying and following up with leads via natural, two-way email conversations. The software is currently used by more than 16,000 salespeople at over 1,000 companies across more than a dozen industries, including technology, automotive, higher education, finance, insurance, real estate and hospitality.
In addition to its Sales Assistant, the company has used its conversational AI platform to develop AI-powered assistants that automate important business conversations, including customer lifecycle management in the automotive industry, customer success management in the software industry and loan processing in the financial services industry.
Customers, include IBM, Epson, Talend, Cake, SelectQuote, Coolfront, among others.