Symbl.ai has raised $17 million in Series A funding to further scale its conversation intelligence platform.
The funding drive was led by Great Point Ventures, with additional participation from current investors Gutbrain Ventures, PBJ Capital, Crosscut Ventures and Flying Fish Ventures, the company said, adding it comes just a year from the company’s product launch and initial seed financing round of $4.7M.
The cash is to be used to accelerate product development of its end-to-end CI platform as well as substantially grow Symbl.ai’s engineering and leadership teams, and expand sales and marketing to meet the growing demand for its offering.
They also revealed Ray Lane, partner at Great Point Ventures and former President and COO of Oracle Corporation, will join Symbl.ai’s board of directors.
The 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.
By 2023, 90% of global enterprises are expected to leverage API-enabled CPaaS offerings to enhance their digital competitiveness.
Surbhi Rathore, CEO at Symbl.ai, said: “Products and applications achieve greater adoption by delivering highly personalized user experiences, driven by data and intelligence.
“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.”
Ray Lane, partner at Great Point Ventures, added: “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.”
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.
