May 26, 2022

The world is rapidly moving its customer service needs online, and as a result, those who develop the tools to help manage that demand are seeing their stars. In the latest development of Glia, which creates an AI-based CRM solution for agents to communicate with customers through multiple means (including video, voice, messaging, email, and chatbots) and then screens to provide these users with hands-on support. a $45 million Series D funding round that brings the company’s valuation to over $1 billion.

Insight Partners led the round, which also included Wildcat Capital Management and new strategic financier, integrated business communications giant RingCentral. Insight and Wildcat are previous sponsors, including a $78 million Glia Series C round in January 2021. The company, headquartered in New York and Tallinn, Estonia, has now raised over $150 million in total.

Glia originally made a name for itself by providing CRM tools for the financial services industry, and this is where it still counts the majority of its customers. It says that more than 250 banks, credit unions, insurance companies and other financial services companies are currently using its tools to help their customer service teams answer questions – and because there are so many customers these days. upset those customers with more services.

As in the previous round, most of the funding will go to R&D. Specifically, Glia plans to build more tools using artificial intelligence and analytics to support customer service reps working directly with customers, both to help them with basic support questions and to help them when they’re browsing customer sharing. to find the reason. problem and then go to them to solve the problem. Glia will also invest in further improvements to its messaging, voice and video solutions.

Finally, Glia will also invest in business development to further expand internationally. A public company, RingCentral has hundreds of multinational clients, so Glia is likely to invest more in building services for this global clientele.

Glia co-founder and CEO Dan Michaeli told me last year that the pandemic gave his company a big boost: as more business went online, it also had a natural impact on customer service digitization: revenue increased by 150% . in the period from 2020 to 2021.

As the world calms down (hopefully) that COVID-19 becomes endemic and something we can live with (hopefully again), these digital channels are unlikely to change customer service, they said.

“The future of customer service is digital, and those who have not yet taken steps to modernize their support and engagement strategies are behind us,” he said in a statement. “We are pleased with our investor confidence reflected in the round’s valuation and believe we have only scratched the surface of what Glia can achieve. Our rapid growth and successful relationships with all types of financial services demonstrate a strong need for a digital customer experience. As we build on a decade of innovation, this capital will further expand our capabilities and help more companies around the world reimagine how they interact with customers digitally. ,

Even though today’s customers prefer to dial in and talk to someone on the phone to ask a question about a product or service, and speech remains a popular channel, they do so with a “screen for themselves.” this is for me last year.

The mixed approach and focus on providing a technology network to facilitate the transition from one to another for all types of users has attracted investors to Glia so far.

“As businesses everywhere digitize processes and services, digital communications are becoming indispensable, and Glia is at the forefront of the digital transformation of the customer experience,” Lone Jaffe, managing director of Insight Partners, said in a statement. “We are investing more in the company due to its exceptional growth and momentum and the sheer size of the market opportunity. Most people have yet to experience the magic and power of digital customer service as consumers, which stems from Glia’s proven ability to create seamless, uninterrupted interactions through collaborative browsing, voice, chat, and video. We are excited to once again support Glia as they deepen their investment in research and development and continue to set the standard for digital customer experiences around the world. ,

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