- Voximplant, the leader in cloud communications platforms for the European market, announced it raised $10 million
Voximplant — the leader in cloud communications platforms for the European market — announced it has raised $10 million in Series B funding for supporting its international expansion. The company also revealed that it has profitably grown to more than 100 employees and is now supporting 20,000 customers in 6 countries based on a small seed round.
This investment round was led by Baring Vostok with participation from RTP Ventures. And the funding empowers Voximplant to further expand its global go-to-market capabilities, focusing on North America initially (with additional geographies to be announced). Some of Voximplant’s customers include 8X8, Kentucky Fried Chicken, S7 Airlines, Home Credit Bank, and Atlassian.
The Cloud Communication Platform-as-a-Service market is expected to grow from $2 billion to $10.9 billion by 2022 with a 39.2% CAGR, according to IDC. However, businesses have to digitally transform as they add new applications and services as well as improving existing delivery of customer support and commerce. Plus they must offer superior voice and video and text communications capabilities that make communication with customers and partners frictionless.
“Baring Vostok are pleased to have the opportunity to invest so early in what is already a company that has a proven business model and has clearly identified an important market need,” added Elena Ivashentseva, senior partner at Baring Vostok Capital Partners. “Voximplant has both impressive customer momentum, as well as a highly innovative solution. This is truly rare in a young company, only six years old.”
Voximplant is known for delivering a cloud-based serverless development environment that provides deep application control while speeding development of communications applications and minimizing overhead. And its differentiated and comprehensive set of AI integrations quickly inject state-of-the-art technology into communications applications and deliver global coverage that enhance performance while delivering redundancy.
Voximplant’s customers are using CPaaS to build leading-edge applications for cloud call centers, IVRs with voice recognition, unified communications, programmable call back, and voice notifications as well as many others. And Voximplant currently supports more than 600 million calls per year with 20,000 paying customers to date across market verticals, including banking, marketing, ecommerce, logistics, etc.
This year, Voximplant achieved several significant milestones, including enhancements to its AI-powered Smartcalls service, an intelligent and customizable web service that enables businesses to create outbound call campaigns, and smart IVRs with voice recognition capabilities in as little as five minutes. And this no-code approach to creating call campaigns can increase conversions by 50% and ensure 100% processing of leads by integrating with CRM systems.
“Voximplant has a unique, serverless platform that consistently beats other CPaaS providers in head-to-head competition for one simple reason: Businesses and developers using Voximplant deliver differentiated services to the market faster,” added Alexey Aylarov, CEO and co-founder of Voximplant. “Our growth rate has been phenomenal over the past few years, averaging 100% revenue growth. With our highly engaged customer base and continuing track record for innovation, we see an opportune moment to expand into the North American market which we expect will allow us to book more than $100 million in annual revenue within just a couple of years.”
Baring Vostok investment manager Matvey Vinokurov is joining Voximplant’s board of directors and RTP Ventures founder and senior managing director Kirill Sheynkman is joining the company as a board observer. And The Untitled ventures — an early investor in Voximplant — made an exit during the round.
“The CPaaS market is still in its infancy, shifting from the early adopters, digital-first businesses such as Uber and Airbnb, to the early majority. Enterprises now realize that they must use APIs to modernize the way they engage and communicate with their customers,” explained Tony Jamous, former CEO and co-founder of CPaaS company Nexmo — which was acquired by Vonage in 2016 for $230 million. “Robust communication API platforms such as Voximplant can play a critical role in enabling this customer engagement transformation.”
