Palo Alto-based startup says $100 million recurring annual revenue is on the horizon.
The size of the round"allows us to not have to take any more pitstops between now and us preparing to make the company public ready," says Uniphore cofounder and CEO Umesh Sachdev.When Umesh Sachdev was pitching at a 2017 MIT event in New Delhi, he stood out to an important visitor: John Chambers. After retiring from his decades-long stint at the helm of Cisco, Chambers had started his own venture firm to coach young CEOs, most of them located in the United States.
Uniphore announced Wednesday that it had raised $400 million at a $2.5 billion valuation. It is the largest financing to date in call center AI, which involves utilizing natural language processing to gauge content and sentiment in a customer’s speech, then provides customer service agents with live action suggestions or post-call analytics to review. NEA leads the round, with partner Hilarie Koplow-McAdams, a former executive at Oracle, Salesforce and New Relic, joining the board.
Sachdev says the company is on track to meet a goal it set three years ago to reach $100 million in annual recurring revenue by the end of its 2022 fiscal year, which ends April 30. Much of that comes from Uniphore’s success selling to enterprise clients: 15 customers pay more than $1 million a year, and three are spending more than $5 million.
Even if Koplow-McAdams is right, Uniphore still has to battle with legacy call center software makers, as well as the cloud giants. Google is developing its own in-house service, which Microsoft announced last April that it had bought healthcare-focused voice AI firm Nuance Communications for $19.7 billion. Five9 remains a standalone company after Zoom called off a planned $14.7 billion acquisition.
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