Ada, an automated customer support platform, raised $44 million in a Series B funding round.
The round was led by Accel, with participation from existing investors Bessemer Venture Partners, FirstMark, Version One, Leaders Fund, and Burst Capital.
The company plans to use the new funds to scale its customer experience platform, deepen its AI leadership and provide enhanced functionality across traditional business silos, including helping organizations optimize operations by benchmarking efficiency gains against customer satisfaction.
According to MarketsandMarkets, the chatbot market’s size is expected to grow from $2.6 billion in 2019 to $9.4 billion in 2024, as the customer service center software market grows to $35 billion by 2023. Gartner predicts that by 2025, customer organizations that embed AI in their customer engagement platform will boost operational efficiency by 25%.
Ada provides a chatbot platform built to support an automation-first customer service strategy. Its applied AI uses machine learning to increase accuracy over time and strengthen the performance of all Ada customers’ chatbots. The system can train the chatbot to understand and address topics specific to each business while getting up and running in weeks, not months. A proprietary Natural Language Understanding engine enables the chatbot to comprehend meaning and context without perfectly constructed sentences, allowing it to navigate around jargon, typos, spelling errors and more than 100 different languages.
The company currently serves customers in industries from fintech and retail to telecom and software. Clients include AirAsia, Mailchimp, Shopify, Telus, Upwork, and Zoom.
“Although AI gets thrown around a lot in the enterprise, we are focused on companies offering solutions that are driving real business value, and Ada is doing exactly that. Ada is breaking through the crowded market of chatbots to define a new category of automated customer experience that can manage far greater customer inquiry volumes while delivering some of the strongest customer satisfaction scores we’ve seen,” said Ben Fletcher, partner at Accel.
“By uniting automation, personalization, speedy implementation and a no-code platform for non-technical users, Ada delivers compelling value that’s rapidly attracted blue chip customers around the world. Ada is an impressive testament to the tremendous AI innovation and leadership going on outside of Silicon Valley in Canada and beyond. As we face a new era of economic uncertainty, Ada is uniquely positioned to help companies strengthen customer relationships and deliver impressive long-term value even as they may face limited resources.”