Uniphore, the Chennai and California-based technology startup that uses artificial intelligence to analyse and improve voice-based services for businesses, has raised $140 million in a Series D round led by Sorenson Capital Partners.
Following this funding round, Uniphore has now cumulatively raised $210 million as the startup is now planning to get into the video domain.
The new investors who participated in this round include Serena Capital, Sanabil Investment, and Cisco Investments. Existing investors — March Capital Partners, National Grid Partners, Chiratae Ventures, Iron Pillar Fund, and Sistema Capital also participated in the Series D round.
Uniphore said it will use this funding round to extend its market leadership, along with focusing on video-based AI applications.
According to the startup, it expects to have $100 million in contracted annual recurring revenue in fiscal 2022 based on a forecast of continued ‘hypergrowth’. The startup also announced the induction of Rob Rueckert, Managing Partner at Sorenson Capital Partners, to its Board of Directors.
On the funding, Uniphore Co-founder and CEO Umesh Sachdev said, “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.”
He felt that rapid digital transformation across enterprises has awakened the need for greater automation, with the potential to tap into the $500 billion market opportunity.
“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,” Umesh said.
Uniphore claimed it finalised significant deals last year, including with some of the world’s largest telecom providers, insurance companies, and financial service organisations. It has won contracts from companies like Tech Mahindra, NTT DATA, Sitel, Firstsource, and WNS.
Uniphore also added more than 100 new employees last year and is on track hire 300 more.
Rob Rueckert, Managing Partner at Sorenson Capital, said, “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.”