Conversica has raised $34 million in a Series B round.The California company is a provider of artificial intelligence-based lead engagement software for sales and marketing.
The round was led by Providence Strategic Growth Capital Partners, with participation from Toba Capital, Wellington Financial, and Recruit Holdings, as well as additional funding from existing investor Kennet Partners and founder Ben Brigham. Consequently Conversica’s board of directors has been expanded to include PSG Managing Director Gopi Vaddi and Toba Capital Partner Wilder Ramsey.
“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,” said Alex Terry, CEO of Conversica. “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.”
Conversica says it will use the new funding to expand marketing and sales efforts, support ongoing product development and finance the continued growth of the company.
Conversica’s customers, including Fortune 500 companies such as IBM and Epson, leverage the company’s AI service to engage and qualify their sales prospects using natural, two-way human conversations, enabling their sales teams to spend significantly more time closing business.
“Applying data science techniques to machine-human interactions is an area where we are seeing incredible growth and innovation, and we’ve spent considerable time looking for the right company in which to invest,” said Toba Capital founder Vinny Smith.