Uniphore Raises $140 Mn In Series D Round The company is poised to reach $100 million in contracted annual recurring revenue
By Prabhjeet Bhatla •
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Conversational service automation (CSA) platform Uniphore, on Wednesday, announced that 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 Capitaland 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 funding will be used to extend Uniphore's technology and market leadership in artificial intelligence (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.
The appointment of Rob Rueckert, managing partner, Sorenson Capital Partners, to the Uniphore's board of directors, has also been announced.
"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, chief executive officer, and co-founder, 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."
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 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.
"Contact centers are focused on providing excellent customer service and efficiency through AI and automation. With more than 1.15 million 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," mentioned Stephane Berthier, chief financial officer, Uniphore.
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.
"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," added Rob Rueckert, managing partner, 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."
Uniphore has capitalized on this incredible momentum over the past 12 months and expects to have $100 million in contracted annual recurring revenue (ARR) in fiscal 2022, based on a forecast of continued growth.
