Thursday, September 28, 2023

Ada Raises $130M Series C Round at a $1.2B Valuation to Revolutionize the Automated Customer Experience (ACX)

By ET Bureau - May 11, 2021 3 Mins Read

Ada Raises _130M Series C Round at a _1.2B Valuation to Revolutionize the Automated Customer Experience (ACX)-01

Ada, the leader in Automated Customer Experience (ACX), today announced a $130M Series C financing led by Spark Capital, with participation from Tiger Global. Existing investors Accel, Bessemer, FirstMark, Version One, and Burst are all participating. This Series C financing brings the company’s total funding to $200M with a valuation of $1.2B. As organizations continue to realize that departmental silos and fragmented customer data are hurting customer relationships, they are looking to extend automation across the entire customer journey. Ada’s CX platform is powered by world-class automation and conversational AI that enables fast-growing category leaders, including Zoom, Facebook and Square, to consolidate personalized brand interactions within one platform.

With the funding, Ada will grow headcount considerably to support global expansion from a go-to-market perspective and continued innovation in R&D. In 2020 alone, Ada automated more than 1.5 billion customer interactions for hundreds of brands.

Ada’s growth has propelled the Toronto-based company to unicorn status, and positioned it firmly as one of Canada’s largest software companies. This momentum has not gone unnoticed, as Ada ranked 15 on Deloitte’s Technology Fast 500™, a ranking of the 500 fastest-growing technology, media, telecommunications, life sciences and energy tech companies in North America. In addition, the company was chosen by the Canadian Innovation Exchange as a Top 10 Growth Company, and placed number 11 of 400 on the Globe and Mail’s 2020 business ranking of Canada’s Top Growing Companies.

Also Read: 87% of Enterprises Finding it Difficult to Establish a Data Strategy

“This investment comes on the heels of a record year of growth and the biggest product launch in Ada company history,” said Mike Murchison, CEO and Co-founder of Ada. “We are revolutionizing the way brands interact with their customers at scale. We enable a new paradigm: the ability to speak to your customers more – not less – as you grow. We will use this new round of funding to accelerate our automation’s impact across every stage of the customer journey, and more than double our team size to 500+.”

Ada is a no-code platform that puts the benefits of AI into the hands of non-technical teams. Its automation-first approach introduces customer service employees to a new generation of skills in building bots, as well as managing and optimizing automated customer experiences. Ada breaks old operating models and provides digital-first brands with a platform to proactively engage and interact more with customers, as they scale, not less as is customary today. With the recent announcement of Ada Engage, Ada is the solution that spans the full customer journey from pre-sales to support.

“Ada has carved out an entirely new category in automated customer experience,” said Spark Capital General Partner Yasmin Razavi. “Companies across all industries and stages increasingly see the quality of their customer experience and communication as a competitive advantage, and yet they are not able to efficiently scale their efforts to meet their customers’ needs. An easy-to-deploy, no-code automation tool such as Ada is game-changing for any business that aims to offer real-time brand interactions across all channels, products, geographies, and at all times. We are thrilled to lead Ada’s Series C and support this team on their exciting journey ahead.”

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