Symbl.ai Raises $17 Million in Series A to Scale its Conversation Intelligence Platform for Developers
The additional capital will be used to accelerate the company's product and technology roadmap and expand sales and marketing of its Conversation Intelligence platform.
Seattle, WA - Symbl.ai, a developer-first platform providing a best-in-class Conversation Intelligence (CI) suite of APIs and developer tools, today announced a $17 million Series A funding round led by Great Point Ventures, with additional participation from current investors Gutbrain Ventures, PBJ Capital, Crosscut Ventures and Flying Fish Ventures. This new Series A investment, which is just a year from the company's product launch and initial seed financing round of $4.7M, will be used to accelerate product development of its end-to-end CI platform, substantially grow Symbl.ai's engineering and leadership teams, and expand sales and marketing to meet the growing demand for its offering. As part of the financing, Ray Lane, partner at Great Point Ventures and former President and COO of Oracle Corporation, will join Symbl.ai's board of directors.
Adoption of digital communications is scaling at an unprecedented rate. The Communication Platform-as-a-Service (CPaaS) industry has been at the center of this adoption for builders and is expected to grow from $4.54 billion in 2020 to $26.03 billion by 2026 at a CAGR of 34.3%. By 2023, 90% of global enterprises are expected to leverage API-enabled CPaaS offerings to enhance their digital competitiveness. In spite of all this recent growth, businesses of all sizes are looking to differentiate beyond "just" enabling communication and find ways to unlock and activate the value and insights that live within conversations and content across their organizations.
Conversation intelligence applications in verticals like sales - such as Gong.io and Chorus.ai - are gaining significant market momentum, which is in turn driving businesses to explore and build conversation intelligence experiences across their organizations for additional vertical use cases like marketing, customer success, support, recruiting, team collaboration, meeting productivity and more.
"Products and applications achieve greater adoption by delivering highly personalized user experiences, driven by data and intelligence," says Surbhi Rathore, CEO at Symbl.ai. "However, for extracting intelligence and insights from conversations, they are faced with complex and limited options: either invest upfront on open source options with high unpredictability and huge data management cycles or use general purpose NLP that weren't built to truly understand human conversations with context. As a result they either do not find the right partner for their CI journey limiting their innovation, or have to implement text analytics built for documents on voice conversations. Symbl.ai was built for growing B2B and B2C brands, and is run by industry veterans. We know what it takes to scale conversation intelligence in your product and want to bring context and structure to all conversations so that they can be acted upon in real time without losing on critical information."
Symbl.ai is an API-driven, programmable platform, built for forward-thinking B2B and B2C brands, including Rev.ai, Airmeet, Intermedia, Remo, SpectrumVoip, Intuit, Bandwidth and Hubilo. With Symbl.ai, product teams can execute on user experience, without pulling in extensive engineering resources for building and scaling the underlying conversation intelligence infrastructure. Companies can incorporate specific intelligence capabilities into their existing product, including Transcription Plus, Conversation Analytics, Conversation Topics, Contextual Insights, Customer Tracker, Summarization and more. Symbl.ai enables developers to not spend months but just days to integrate, saving time and money with the most accurate and scalable conversation intelligence stack.
"The trend of digital conversations, which has increased over the past year, is here to stay. Symbl's platform gives enterprise grade tools to companies who want to effectively use the data generated in these conversations to bring contextual insights to their end customers. Surbhi, Toshish, and their team have built a special engine to deliver this data in a developer friendly way, and we are excited to partner with them in their next leg of growth." said Ray Lane, partner at Great Point Ventures.
Following the successful launch of its self-serve experience in the middle of the pandemic in 2020, Symbl.ai will use this latest round of funding to focus on expanding its product offerings, accelerating developer onboarding and integrations, continuing to make it easy for developers to get access to the communication data and for product managers to iterate early on the new user experiences for their product - eliminating the need of building ML models from ground up. The round will also go toward recruiting top talent.
To learn more about Symbl.ai, please visit www.symbl.ai
Symbl.ai is a Conversation Intelligence (CI) platform for developers and app builders to rapidly deploy conversation intelligence (CI) at scale - on any channel of communication. Our comprehensive suite of APIs unlock proprietary machine learning algorithms that can ingest any form of conversation data to identify actionable insights across domains, timelines, and channels (voice, email, chat, social) contextually - without the need for any upfront training data, wake words, or custom classifiers.
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