[Funding] Uniphore raises $140 million as demand skyrockets for Enterprise AI solutions

Uniphore, a Conversational Service Automation company announced it has raised $140 million in Series D funding, bringing the total funds invested in the company to $210 million. The funding will be used to extend Uniphore’s technology and market leadership in AI, Automation and Machine learning across the enterprise. This will also include a focus on video-based AI applications stemming from Uniphore’s acquisition of Emotion Research Labs earlier this year as well as applications in Trust, Security and RPA markets.

The round was led by Sorenson Capital Partners and included additional new investors from Europe and the Middle East, Serena Capital and Sanabil Investments, and strategic investor, Cisco Investments.

“As a leading investor in transformational enterprise technology, we were very impressed by the Uniphore team and what they have been able to do for customers and the broader market", said Rob Rueckert, Managing Partner at Sorenson Capital. "We are excited to back Uniphore and believe 2021 will be a breakout year of innovations and tremendous progress in transforming CX for the Enterprise."

Further expanding their previous investments in Uniphore, March Capital Partners, National Grid Partners, Chiratae Ventures, Iron Pillar Fund, and Sistema Capital also participated in the Series D offering.

The new round of funding is Uniphore’s largest to date.

Also announced is the appointment of Rob Rueckert, Managing Partner at Sorenson Capital Partners, to the Uniphore Board of Directors. Rueckert is an experienced technology-focused executive who brings a strong background in both product innovation and growth.

“With our recent acquisitions of RPA and video AI technology, we alone can deliver a conversational service automation platform for the modern Enterprise, combining conversational AI and Robotic Process Automation (RPA) across voice and video-based engagements,” said Umesh Sachdev, CEO and co-founder of Uniphore. “This injection of capital and new addition to our board leadership will fuel our growth, position us to outpace the competition and help transform business through dramatically improved customer experiences.”

2020 accelerated digital imperatives for every company and put the focus directly on AI and Automation to drive that transformation of what experts agree is projected to be more than a $500 billion market opportunity. As evidence of this trend, market data shows organizations increased their reliance on contact center agents to service customer needs remotely in the wake of the global pandemic and regional stay-at-home orders.

Uniphore has capitalized on this incredible momentum over the past 12 months and expects to have $100M in contracted annual recurring revenue (ARR) in fiscal 2022 based on a forecast of continued hypergrowth.

Uniphore also expanded employee headcount last year with the addition of more than 100 new employees globally, including former PwC Partner Stéphane Berthier as its Chief Financial Officer. It is on track to hire more than ­­300 employees this next fiscal year.

Stephane Berthier, Uniphore CFO added, “Contact centers are focused on providing excellent customer service and efficiency through AI and automation. With more than 1.15M agents employed globally as well as increased focus on agent support and digital customer service, the market opportunity is stronger than ever before. Today’s announcement of additional funding confirms the considerable interest in this space and will support our strong growth expected in the next year and beyond.”