Venture Capital News: Dialpad Scores $50M Series D Financing
SAN FRANCISCO, CA, Dialpad, the pure-cloud business communications provider, today announced it has raised $50 million in Series D funding.
ICONIQ Capital led the round, with participation from existing investors Andreessen Horowitz, Amasia, Scale Venture Partners, Section 32 and Work-Bench, bringing Dialpad's total funding to $120 million. The new capital will accelerate momentum for Dialpad's real-time AI technology and further establish its products as business-critical tools for organizations across industries. Will Griffith of ICONIQ Capital will join Dialpad's Board of Directors.
The new funding follows the recent release of VoiceAI, which Dialpad is currently integrating into its entire product portfolio, including Dialpad, Dialpad Call Center and UberConference. Dialpad will use the new cash injection to strengthen its VoiceAI-powered standalone call center products for sales and support organizations; leverage its real-time automatic speech recognition (ASR) and natural language processing (NLP) technologies to develop real-time coaching and playbooks that enable frontline teams to personalize the customer experience; and fortify overall go-to-market strategy.
"Smart CIOs know AI isn't just another trendy tech tool, it's the future of work," said Craig Walker, CEO, Dialpad. "By arming organizations with VoiceAI's real-time artificial intelligence and insights, businesses can dramatically improve customer satisfaction and ultimately their bottom line. Our customers gain a definite competitive advantage by making every conversation more intelligent. ICONIQ Capital understands this, which is why we are thrilled to join their portfolio and access their expertise in disrupting traditional markets with innovative technology. With their support, we are well positioned to redefine business communications."
Today, 92 percent of business and customer interactions happen by phone, yet 85 percent of customers are dissatisfied with their phone experience. Since its founding in 2011, Dialpad's mission has been to make business communications great. More than 55,000 of the world's most innovative businesses including WeWork, Uber, Motorola Solutions, Domo, Stripe and Xero have abandoned their legacy communication systems in favor of Dialpad's next-generation cloud architecture and easy-to-deploy platform that spans voice, video, messaging and conferencing. Now, by applying VoiceAI to all external and internal communications, Dialpad is enabling businesses to improve their customer interactions, sell more effectively and make smarter calls - automatically and in real-time.
"The unified communications, conferencing and call center markets are notoriously crowded and dominated by legacy solutions providers that have been slow to innovate," said Will Griffith, Partner, ICONIQ Capital. "The total addressable market here is massive. We believe that Dialpad is poised to become the leader with its bold vision for improving the way modern businesses communicate and its real-time AI capabilities across its entire product portfolio. Dialpad truly has an impressive team, from their executives to their engineers, which is why we selected them as our first AI-driven enterprise technology investment."
Since Dialpad's last funding round in September 2017, the company has added approximately 10,000 new customers and doubled its annual recurring revenue. With eight offices around the world, Dialpad plans to increase headcount by 50 percent by the end of 2018 and expand its global footprint into EMEA in 2019.
Dialpad's mission is to make business communications great. Built on the Google Cloud Platform for unmatched security, reliability and scale, Dialpad's product suite covers the full range of modern business communications needs with Dialpad, UberConference, Call Center solutions all powered by VoiceAI. Today more than 55,000 of the world's most innovative businesses use Dialpad and its seamless integrations with Google G Suite and Microsoft Office 365 to be more productive. Customers include WeWork, Uber, Motorola Solutions, Domo and Xero. Investors include Amasia, Andreessen Horowitz, Felicis Ventures, GV, ICONIQ Capital, Salesforce Ventures, Scale Venture Partners, Section 32, Softbank and Work-Bench. Visit dialpad.com for more.
About ICONIQ Capital
ICONIQ Capital is a privately-held investment firm that serves some of the world's most influential families and organizations. ICONIQ provides financial advisory and family office services, and manages direct investments across asset classes, with specific focus on technology growth equity, venture capital, middle market buyout and real estate
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