Investments

AI Innovator Conversica Raises $34 Million In Series B

Silicon Valley adjacent AI innovator Conversica recently announced it had raised $34 million in a Series B venture capital funding round led by Providence Strategic Growth Capital Partners, along with Toba Capital, Wellington Financial LP and Recruit Holdings, with additional funding from existing investor Kennet Partners and Founder Ben Brigham.

The company’s flagship product, the Conversica AI Sales Assistant, is used by more than 1,000 companies worldwide, including at IBM and Epson, to optimize sales productivity, along with finding, securing and engaging with customers via email.

Alex Terry, CEO of Conversica, was quoted as saying: “The Conversica team has developed a unique and powerful way to solve a ubiquitous business problem, enabling sales and marketing organizations to automatically engage, qualify and follow up with their leads to more effectively turn them into customers.”

“Sales and marketing professionals at over 1,000 organizations have already achieved tremendous productivity enhancements by deploying our service. We are confident that our unique AI technology will be deployed across a broad spectrum of customer engagement functions to automate and improve many important business conversations.”

The Conversica AI Sales Assistant has reportedly achieved a 35 percent lead response rate, over eight times higher than typical marketing emails, via AI-powered conversations. The increased flow of qualified sales prospects achieved by the AI assistant has some users reporting a need to hire additional salespeople to keep up with demand.

Additionally, the AI innovator used its conversational platform to develop AI assistants to automate business conversations for customer lifecycle management in the automotive industry, customer success management in the software industry and loan processing in the financial services industry. Conversica will reportedly use the new funding as a means to expand sales efforts, continue product development and finance continued company growth.

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