Ada today took the wraps off its $44M Series B that it hopes will allow the company to expand its offering of the company's AI-powered customer service chatbot.
Accel lead the round with participation from existing investors, including Bessemer Venture Partners, FirstMark, Version One, Leaders Fund, and Burst Capital.
"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, in a released statement.
He adds that Ada delivers compelling value through "uniting automation, personalization, speedy implementation, and a no-code platform for non-technical users."
Ada's ACX platform features a chatbot powered by an AI engine that allows the company to deliver personalized customer service conversations. The company says it uses machine learning to increase the accuracy of its platform, and allows its customers in different markets to tailor the experience to its customers. For instance, for a company in fintech, the ACX platform can be trained to understand the industry's jargon, typos, spelling errors, and work with 100 languages.
"Our founding team spent over a year in the trenches of customer support and saw first-hand that existing solutions just couldn't scale in the face of soaring ticket volumes and sky-high customer expectations," said Mike Murchison, Co-founder, and CEO of Ada, in a released statement. "We designed Ada to help customer service teams take advantage of all the benefits of automation without sacrificing the personalized touches that are so essential to winning loyal, long-term customers. Ada will use this investment to lead the next phase of this market, extending our best-in-class AI with the aim of delivering personalized experiences across all customer properties, while providing more tools to help businesses better calibrate their customer service strategy and optimize their bottom line."
Several years back, the chatbot market suffered a quick rise and fall, but the current players are providing a critical service to its customers. They're up against rising expectations from consumers and increasing demands from organizations looking to scale operations. Mature startups like Ada are well-positioned to continue to capitalize on the increased requirements, and this funding round should carry the company to new markets.