- AI-powered cloud business phone and contact center provider Dialpad announced it has raised $100 million in Series E funding at a valuation of over $1.2 billion
AI-powered cloud business phone and contact center provider Dialpad announced it has raised $100 million in Series E funding at a valuation of over $1.2 billion. OMERS Growth Equity led the round with participation from existing investors including Andreessen Horowitz, GV, ICONIQ Capital, Felicis Ventures, Section 32 and Work-Bench. Including this round of funding, Dialpad has raised $220 million in total.
This funding round reflects the strength of both Dialpad’s business and the strategic role that work from anywhere communications tools are playing for businesses worldwide.
Dialpad is known as the first business communications and contact center provider to bring native, real-time transcription, automated note-taking, live sentiment, and voice analytics to market. And with the rising demand for remote collaboration, the company has grown as a leader in the space.
This additional funding will be used to continue to accelerate Dialpad’s innovation and lead in building the next generation cloud phone system and contact center while expanding go-to-market activities domestically and internationally. And the raise comes after significant growth with COVID effects accelerating migration to the cloud for telephony and contact center solutions.
The funding follows Dialpad’s long track record of continued innovative product development and growth, including the recent acquisition of Highfive — which expands Dialpad’s video offerings on mobile devices and introduces meeting room hardware to enable seamless conferencing experiences for remote and hybrid-remote workforces. And according to a recent worldwide report by Gartner, a 46.7% increase in cloud-based conferencing investment is expected this year by CIOs.
Over the past year, Dialpad has exceeded $100 million in committed ARR. And it has seen its cloud contact center business grow faster than any other product.
Plus Dialpad has expanded globally with the opening of offices in Europe and Asia and plans to further extend its global footprint with additional investments internationally. This also follows the global requirement to support remote and hybrid workforces as the COVID-19 crisis is emphasizing the need to productively manage and support such workers.
Launched by veterans in the cloud communications space and backed by some of Silicon Valley’s most influential investors, Dialpad is a business communications platform that combines telephony with HD audio and video, utilizing native AI for real-time call coaching and voice analytics. And with over 500 employees and a plan to grow headcount dramatically over the next year, Dialpad now serves more than 70,000 customers from large enterprises to small and mid-size companies.
KEY QUOTES:
“We have seen a huge increase in demand for cloud communications tools, and we are raising additional capital to meet this demand. Users want a single platform to handle voice, video and messaging. They also want that platform to be smart; to do things like automate note-taking and provide real-time insights and answers in response to what’s happening on a call or meeting. We have invested in real-time speech recognition, natural language processing and voice analytics on a system that works anywhere, on any device. Our goal has always been to empower the future of work, and we are thrilled to join the OMERS Growth Equity portfolio and to continue to innovate.”
— Craig Walker, CEO of Dialpad
“We are excited to become an investor in Dialpad. Craig and his team have built an impressive company, offering a leading product in a market with a long growth runway. We believe cloud-based software and artificial intelligence are in the early stages of widespread adoption, and Dialpad is playing a leading role in this change. We are proud to join Dialpad’s impressive roster of existing investors, and look forward to taking this journey with the company.”
— Mark Shulgan, Managing Director and Head of OMERS Growth Equity — who will join Dialpad’s Board of Directors.
