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.