Intelligent Virtual Assistant startup Conversica secured $20 Million funding

Conversica, a California based leader in Intelligent Virtual Assistant, has now secured $20 million in Series D funding round.

Conversica is founded by the Jim Kaskade in the year 2007. It leverages a patented platform combining Conversational AI, Decision and Policy Management, Deep Learning to power interactions between AI and people via Intelligent Virtual Assistant applications that automate personalized conversations and contextual with customers.

Jim Kaskade, CEO of Conversica, said, "We were well-positioned to raise new capital even in these troubling times. I was invited in by two respected private equity groups, PSG and Kennet Partners, to optimize the business and accelerate profitable growth. In under two quarters we achieved profitability, and coupled with a mature historic growth year-over-year of 40 percent, we had an overwhelming interest in our business. Many companies raise new capital to sustain their unprofitable operations while growing. In this case, we focused solely on adding cash to the balance sheet for growth".

John Carter, Chief Executive of Hollyport Capital, said, "Conversica’s value proposition is changing the way businesses interact with customers. We view Intelligent Virtual Assistants as an innovative opportunity to optimize the workforce and build customer loyalty at scale, completely transforming the way revenue-generating teams operate."

The round, which brings the total valuation of funding secured to $89 million, was backed by the Hollyport Capital with participation from previous investors Providence Strategic Growth, Savamo Capital Partners, and Toba Capital.

The company as of now has plans to use the new funds to continue its growth through investment in marketing, sales, and partner ecosystem. The company also intends to leverage funds to further invest in its Intelligent Automation Platform, product development, and engineering, notes the announcement.