Invoca Surpasses $100 Million Annual Recurring Revenue and Extends Leadership in AI Conversation Intelligence
SANTA BARBARA, Calif., April 12, 2023 /PRNewswire/ -- Invoca, the cloud leader in AI-powered conversation intelligence, today announced it surpassed $100 million in annual recurring revenue (ARR) during its last fiscal year. The company raised a $83 million Series F equity financing to invest in continued AI innovation, deeper solutions for the automotive industry, partnerships in the contact center, and a stronger market presence in the U.K. Invoca also welcomes two new executives to lead Corporate Development and People & Culture.
New and expanded customers include Subaru of America, Inc., Humana, Inc., Terminix Service, Inc., BJC Healthcare, CK Franchising, Inc., Sylvan Learning
Company raised $83 million Series F financing to invest in AI, solutions for automotive, and expanding U.K. presence
SANTA BARBARA, Calif., April 12, 2023 /PRNewswire/ -- Invoca, the cloud leader in AI-powered conversation intelligence, today announced it surpassed $100 million in annual recurring revenue (ARR) during its last fiscal year. The company raised a $83 million Series F equity financing to invest in continued AI innovation, deeper solutions for the automotive industry, partnerships in the contact center, and a stronger market presence in the U.K. Invoca also welcomes two new executives to lead Corporate Development and People & Culture.
"Surpassing $100M in ARR is a critical milestone in the world of enterprise software," says Gregg Johnson, CEO at Invoca. "It illustrates the appetite for AI-powered solutions that transform how innovative consumer brands acquire customers, drive revenue, and deliver an outstanding customer experience."
Invoca Extends AI Leadership in Marketing and the Contact Center
With brands aggressively turning to new ways to use AI in their contact centers, Invoca is increasing its annual research and development (R&D) investment to accelerate its product development and bring innovative solutions to the market faster. Growing its patent portfolio, Invoca secured two new AI patents for scripted topic detection in Invoca's Signal Discovery machine learning solution and pre-seeding topics for Invoca's Signal AI to provide unique value to its customers.
Invoca's award-winning AI has received multiple accolades throughout the last fiscal year. Opus Research named Invoca the Leader and Top Solution for Sales & Marketing in its 2022 Conversational Intelligence Intelliview. Opus Research's Senior Analyst and Research Director, Derek Top, highlights, "Invoca's AI analyzes 100% of calls, scoring agent performance for adherence to sales scripts, talk tracks, goals, and other metrics, identifying important moments in calls for managers to review, saving them time while making evaluations comprehensive and fair, which helps improve both agent performance while reducing agent frustration and churn."
Five9 also recognized Invoca as a Global Partner Award 2022 winner for helping organizations tap into digital customer journey data to deliver more personalized conversations at scale. With Invoca's groundbreaking pre-call data, contact centers can–for the first time–access the rich trail of digital journey data callers create just before they reach out by phone.
Invoca Deepens Automotive Focus, Signs Agreement with Subaru of America, Inc.
Invoca continues to gain market traction among automotive OEMs, dealership groups, repair and service franchises, and tire and parts retailers – helping them improve marketing and sales performance and provide frictionless customer experiences.
Invoca launched several products and solutions to support automotive brands in the last year, including Invoca for Multi-Location CX to measure and improve caller experiences and conversion rates at every dealership, service center, and franchise, pre-built quality assurance (QA) scorecards that use AI to automatically grade call handling at every location to ensure delivery of empathetic conversations, and ring group call routing to help locations reduce missed calls and convert more callers to appointments, store visits, and revenue.
The company recently onboarded new customer Subaru of America, Inc. Details of the agreement are confidential.
Company Expands Leadership Team and Establishes U.K. Presence
Invoca expanded its executive team with two new hires. Matt Diederichs, Invoca's new Head of Strategy and Corporate Development, focuses on accelerating growth through acquisition and strategic partnerships.
Nancy Koshiyama, Invoca's new SVP of People and Culture, focuses on employee engagement and experience. This has been a key element of success as Invoca has multiple workplace and culture awards, including five consecutive Inc. Best Workplaces awards, four consecutive Fortune Great Places to Work awards, and Built In's 2023 Best Places to Work Awards for two of Built In's lists: Fully Remote Best Midsize Places to Work and Fully Remote Best Places to Work. In its last fiscal year, the company has increased its employee count by 25% year-over-year to over 400 employees, with hires concentrated in product, engineering, and development roles.
Invoca also expanded its geographic footprint, adding Sales and Customer Success teams in the U.K. This is a cornerstone market as the company expands its presence in Europe.
Recognition for Powerful Technology and Business Impact
Customer Reviews:
- Invoca ranks Enterprise Call Tracking Leader by G2 and overall Leader in enterprise call tracking for the 18th straight quarter in a row.
- Invoca receives 18 badges for G2 Spring 2023 with recognition for Best Relationship Enterprise, Leader Enterprise, and Leader Mid-Market.
- Invoca tops G2 Enterprise Relationship Index for ease of doing business, quality of support, and the likelihood that users will recommend the company to others.
Product & Partner Awards:
- 2022 APPEALIE Awards names Invoca a winner in two Overall SaaS categories for the Marketing Category and Analytics + Business Intelligence Solution.
- MarTech Breakthrough Awards 2022 names Invoca as a winner for Call Management Solution within the Conversational Marketing category.
- The Sammy's 2022 names Invoca as an Organization of the Year.
- 2023 Conversation Intelligence Emotional Footprint Report: Invoca named Champion distinction for its Strategy & Innovation.
Learn more about Invoca Careers at https://www.invoca.com/company/careers.
About Invoca
Invoca is the leader in AI conversation intelligence for revenue teams that enables marketing, sales, customer experience, and eCommerce teams to understand and immediately act on the information consumers share via conversations. Through deep integrations with leading technology platforms, revenue teams can turn conversation data into automated action to enhance every digital touchpoint and human interaction, leading to better experiences, more conversions, and higher revenue. Invoca is trusted by top brands like Dish Network, Mayo Clinic, Mutual of Omaha, and 1-800-GOT-JUNK?. Invoca has raised $184M from leading venture capitalists, including Upfront Ventures, Accel, Silver Lake Waterman, H.I.G. Growth Partners, and Salesforce Ventures. For more information, visit www.invoca.com.
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