Replicant (www.replicant.ai), the world’s first autonomous contact center today announced the closing of $27 million Series A financing led by Norwest Venture Partners with participation from returning investors Bloomberg Beta, Costanoa Ventures, and founding investor Atomic. Also joining this round is State Farm Ventures.
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Gadi Shamia, CEO & co-founder, Replicant (Photo: Business Wire)
The investment, which brings the company’s total funding to $36 million, will be used to triple Replicant’s R&D and scale its go-to-market teams. Norwest partner Scott Beechuk will join the Replicant board.
Replicant is redefining the contact center of the future by providing always-on, elastic call center capacity that scales to meet customer demand. The speed and accuracy of Replicant’s human-like conversations combined with its CRM and contact center integrations, allow call centers to resolve customer service calls in half the time with higher customer satisfaction and 50-75% in cost savings. Replicant has grown revenue 15X from over the past five months and currently handles over two million customer support calls a month.
At the heart of Replicant is a neural engine encompassing intent detection and entity recognition, allowing Replicant’s AI brain to understand context and respond within a second to have life-like conversations over the phone. Replicant’s powerful artificial intelligence platform understands complex and colloquial speech patterns including slang, accents, and technical terms which allows it to instantly recognize customer needs and resolve them quickly for any issue.
“Replicant is solving some major challenges for any company that values customer service,” said Scott Beechuk, partner at Norwest Venture Partners and former SVP, Product at Salesforce Service Cloud. “Today’s customers expect instant, personalized service, and Replicant’s conversational AI platform delivers this in spades. We’ve been blown away by the company’s growth fueled by the exploding demand for automation and efficiency gains across the world’s largest contact centers.”
“It’s time to bring call centers into the twenty-first century and get people off hold,” said Gadi Shamia, CEO and co-founder of Replicant. “We’ve entered a new era of elastic customer service where automation works hand in hand with agents to improve the customer experience. Replicant was founded on the belief that machines are ready to have useful and complex conversations with people to transform customer service. We’re excited to help more businesses realize this vision.”
Replicant fully integrates with CRM and contact center software allowing it to authenticate callers, resolve the majority of customer service calls, escalate calls with context when needed, and autonomously capture call notes. Replicant captures and transcribes customer conversations in real-time, makes every call searchable with google-like search capabilities, and auto-tags conversations by disposition, giving companies deeper insights into customer data and key call drivers. Replicant acts as the call centers’ first line of defense, handling tier-1 calls across any use-case and industry freeing up agents to resolve more complex issues with human empathy and focused attention. Replicant is HIPAA, SOC II, and PCI compliant.
About Replicant.ai: Replicant was founded on the belief that machines are ready to have useful and complex conversations that will transform the way we interact with the world, starting with customer service. Replicant’s powerful artificial intelligence platform combines natural language processing and machine learning and was trained to resolve customer issues over the phone with natural-sounding conversations that accurately recognize customer intent. Replicant currently handles over 2 million customer support calls a month and serves some of the largest call centers in the country. For more information, please visit www.replicant.ai. Follow Replicant on Twitter @Replicant_AI.
About Norwest Ventures: Norwest is a leading venture and growth equity investment firm managing more than $9.5 billion in capital. Since our inception, we have invested in more than 600 companies and partner with over 150 active companies currently in our venture and growth equity portfolio. The firm invests in early to late stage companies across a wide range of sectors with a focus on consumer, enterprise, and healthcare. We offer a deep network of connections, operating experience, and a wide range of impactful services to help CEOs and founders scale their businesses. Norwest has offices in Palo Alto and San Francisco, with subsidiaries in India and Israel. For more information, please visit www.nvp.com. Follow Norwest on Twitter @NorwestVP.