Santa Barbara-based Invoca sees its economic value increase
A Santa Barbara business recently saw its valuation jump to $1.1 billion.
Invoca, known as a leader in conversations powered by artificial intelligence, recently announced $83 million in new capital.
That brought its total equity to $184 million and its economic value to over a billion dollars.
Silver Lake Waterman led the capital round with new investments from Hollyport Capital, Kingfisher Investment Advisors and Fenwick & West, along with participation from existing investors Upfront Ventures, Accel, H.I.G. Capital, and Industry Ventures. This investment comes after a year of record growth, with Invoca surpassing $100 million in run-rate revenue.
Gregg Johnson, CEO of Invoca, told the News-Press that the business serves its clients’ marketing teams by helping them decide where to spend their money on digital platforms. Customers vary from DirectTV to Orkin.
“Invoca helps big consumer brands and industries with complex products and services determine the right combination of digital touch points and human touch points for seamless buying experience for the consumer,” Mr. Johnson said.
“We support contact centers where human contact happens. Contact centers are where people get advice on what products and services to buy,” he said. “We plan to build out products for contact center teams that are existing customers.
“For our customers, the valuation increase means that we will be able to deliver a broader range of products and services,” he said. “It also means that we can learn how to deliver the proper conversation in human experience and interaction. That is where we will continue to invest in how to help agents and how to do that in a more productive way.
“When consumers look for value-added expertise in buying the right product or resolving an urgent service issue, they often escalate from digital self-service to speak with a human expert,” Mr. Johnson said. “At Invoca, we’re using data, automation and A.I. to integrate these digital journeys with conversations in the contact center, helping brands deliver a delightful experience, drive revenue and strengthen customer relationships.
“We are thrilled to partner with new and existing investors as we innovate in the rapidly expanding market for conversational A.I..” Mr. Johnson said.
Invoca serves the leading consumer brands in industries such as automotive, telecommunications, healthcare, financial services and real estate. Customers include AutoNation, Banner Health, DirectTV, Orkin, Rogers Communications, Mayo Clinics and university hospitals.
The company was named a leader in The Forrester Wave: Conversation Intelligence: Sales And Marketing, Q4 2021 report, with the highest scores possible in the criteria of product and technology innovation road map, product ease of use, integrations, and market approach and performance.
Invoca, which employs nearly 400 employees, was also named an Inc. 2022 Best Workplaces Award Winner for the fifth consecutive year.
“We believe Invoca has an exceptional vision to help marketing and contact center teams transform the customer experience with A.I.-powered conversation intelligence,” Shawn O’Neill, managing director and group head, Silver Lake Waterman, said in a news release. “The company has built a market-leading product serving an impressive roster of blue-chip customers.
“And the Invoca team has been focused on achieving the operational rigor and disciplined execution that it takes to thrive in today’s market and beyond,” Mr. O’Neill said.”We look forward to partnering with Invoca in their next stage of growth.”
Invoca was started in Santa Barbara.
“We continue to grow across Santa Barbara and other geographies, but Santa Barbara is the spiritual home of the company,” Mr. Johnson told the News-Press. “We have a very friendly remote work culture.
“Most of Invoca’s nearly 400 employees work in the U.S. and Canada,” he added. “However, some of their employees are international, including employees in Berlin, Germany and Tel Aviv, Israel.
“In fact, we are bringing some employees to Santa Barbara in August for a company gathering,”Mr. Johnson said.
“I am excited to continue to grow this system.”