Conversica Announces $34 Million Series B - Alex Terry, CEO

December 12, 2016
Watch this short video from Conversica CEO Alex Terry announcing the company's $34m Series B funding, one of the largest of any AI company this year! Rapid growth to 1,000 customers and 16,000 users demonstrates the power of using conversational AI to solving real world business challenges. Read the blog post at https://www.conversica.com/blog/big-news-conversica-raises-34-million-in-oversubscribed-series-b. Visit www.conversica.com to learn more. ------- UPDATE: 12/14/16 Read all about Conversica in the news! TechCrunch: https://techcrunch.com/2016/12/14/conversica-lands-34-million-series-b-to-build-intelligent-sales-assistants/ Conversica aims to automate this part of the sales task, but to do it in a natural feeling way. “You don’t see it as an AI assistant. You see it as normal interaction,” Terry said. The job of the assistant is to answer the questions it’s capable of answering, and then eventually get the contact on the phone with a person. It does this using several forms of artificial intelligence. It starts with natural language process (NLP), which allows the assistant to “read” a response..." WSJ: http://www.wsj.com/articles/conversica-raises-34-million-series-b-for-business-focused-ai-chat-1481718609 "Conversica has used conversational artificial intelligence to develop an assistant that it says can make sales teams more efficient. The technology works with email and SMS texting, and it can help minimize the time salespeople spend sending emails and following up with potential clients. Mr. Terry said that although there are fears about the impact artificial intelligence will have on jobs, most customers using Conversica have actually hired more salespeople because they are seeing higher closing rates." Fortune: http://fortune.com/2016/12/14/conversica-series-b-funding/ "We've gone way beyond the theoretical," Conversica CEO Alex Terry told Fortune. In fact, he said, the sales assistant software has proven so effective for some customers that recruiters have even mistaken the software for a human and tried to make a hire. Other contacts have sent in thank-you notes and flowers, he said. ZDNet: http://www.zdnet.com/article/conversica-raises-34m-to-scale-its-conversational-ai/ Terry believes that although the conversational AI space is seemingly getting crowded, Conversica has an edge over its competitors. "A lot of companies in the AI space had a smart data scientist who came up with a cool algorithm and now they're trying to find a business problem that needs solving," Terry said. "Whereas we started off as a company solving a very specific business problem. We happened to use AI, machine learning, natural language processing, and other technologies to effectively solve that problem. As we scaled, we proved that our solution works in a variety of different industries. The reason we were able to raise one of the largest Series B rounds in the AI space this year is because we solve a real business problem and have real traction and real revenue." VentureBeat: http://venturebeat.com/2016/12/14/conversica-raises-34-million-to-help-sales-teams-convert-leads-through-bot-powered-email-conversations/ "For companies that receive thousands of emails, automating the process saves a great deal of time and resources. Conversiva says that its system is used by 16,000 sales reps globally in companies that include IBM, CenturyLink, and Fiat Chrysler. The firm also offers industry-specific assistants for the automotive and financial industries, while a “Customer Success Assistant” works with existing customers." SiliconANGLE: http://siliconangle.com/blog/2016/12/14/conversica-lands-34m-bring-ai-sales-lead-nurturing/ "The company says email engagement at its customer companies often soars up to nine-fold after the agent is installed. Of customers who respond to the automated assistant, 38 percent are successfully ushered through the sales funnel to speak to a salesperson."
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