Invoca has announced that it achieved an annual recurring revenue (ARR) of over $100 million in the last fiscal year. To further invest in AI innovation, partnerships in the contact center industry, and expand its market presence in the United Kingdom, Invoca raised $83 million in Series F equity financing last June. The company has appointed two new executives to lead its Corporate Development and People & Culture departments. Invoca is also planning to provide more comprehensive solutions to the automotive industry in the future
“Surpassing $100M in ARR is a critical milestone in the world of enterprise software. It illustrates the appetite for AI-powered solutions that transform how innovative consumer brands acquire customers, drive revenue, and deliver an outstanding customer experience,” says Gregg Johnson, CEO at Invoca.
AI leadership in marketing and the contact center
In response to the adoption of AI in contact centers by various brands, Invoca has decided to boost its annual investment in research and development (R&D) to speed up the development of new products and offer innovative solutions to the market. With the aim of expanding its patent portfolio, Invoca has recently obtained two new AI patents for its Signal Discovery machine learning solution's scripted topic detection and Signal AI's pre-seeding topics, which will provide distinctive benefits to Invoca's customers.
Invoca assists the automotive industry
Invoca is making a name for itself in the automotive industry, gaining market traction among various businesses such as OEMs, dealership groups, repair and service franchises, and tire and parts retailers. The company is assisting these businesses in enhancing their marketing and sales performance and providing seamless customer experiences.
In the past year, Invoca has introduced various products and solutions to support automotive brands, such as Invoca for Multi-Location CX, which assesses and improves caller experiences and conversion rates at all dealerships, service centers, and franchises. Invoca also offers pre-built quality assurance (QA) scorecards that leverage AI to grade call handling automatically at every location, ensuring empathetic conversations. In addition, Invoca provides ring group call routing to assist locations in reducing missed calls and converting more callers into appointments, store visits, and revenue.
Expanding leadership team and establishing a UK presence
Invoca has strengthened its executive team by hiring two new executives, including Matt Diederichs, who joins as the Head of Strategy and Corporate Development. Diederichs will focus on expanding Invoca's growth through strategic partnerships and acquisitions.
Additionally, the company has appointed Nancy Koshiyama as its new SVP of People and Culture to focus on enhancing employee engagement and experience. Moreover, Invoca has increased its employee count by 25% year-over-year to over 400 employees, with significant hiring in product, engineering, and development roles during the last fiscal year.
The company has also broadened its geographic reach by establishing Sales and Customer Success teams in the U.K. This expansion is a critical component of Invoca's growth strategy to establish a market presence in Europe.
Additionally, Invoca has recently expanded its partnership with Five9 to offer a new solution that provides more in-depth and real-time data analysis across the customer journey, bridging the gap between the contact center and marketing teams for a more seamless customer experience.
