Dialpad, the business-centric voice, video and contact-center service, today announced that it has raised a $100 million Series E funding round led by OMERS Growth Equity. Andreessen Horowitz, Google Ventures, ICONIQ Capital and Work-Bench also participated. The company says its valuation is over $1.2 billion after it has now raised a total of $245 million.
The funding news comes only a few weeks after the company also announced its acquisition of video conferencing service Highfive, a move that brought deeper expertise in mobile video and conferencing room devices to the company.
Recently, Dialpad has put a lot of emphasis on its AI solutions. Back in 2018, it launched its VoiceAI service, for example, and it now offers a number of AI solutions as part of its Voice Intelligence service (or Vi, as the company calls it). This includes a note-taking service, for example, as well as call transcripts and sentiment analysis, among other features.
"We have seen a huge increase in demand for cloud communications tools, and we are raising additional capital to meet this demand," said Craig Walker, CEO of Dialpad. "Users want a single platform to handle voice, video and messaging. They also want that platform to be smart; to do things like automate note taking and provide real-time insights and answers in response to what’s happening on a call or meeting. We have invested in real-time speech recognition, natural language processing and voice analytics on a system that works anywhere, on any device. Our goal has always been to empower the future of work, and we are thrilled to join the OMERS Growth Equity portfolio and to continue to innovate."
The company says it now has an annual run rate of more than $100 million and its customers include the likes of Uber, Motorola Solutions, Domo and Xero. In total, the 500-employee company says it now has more than 70,000 customers.
"We are excited to become an investor in Dialpad. Craig and his team have built an impressive company, offering a leading product in a market with a long growth runway. We believe cloud-based software and artificial intelligence are in the early stages of widespread adoption, and Dialpad is playing a leading role in this change,” said Mark Shulgan, managing director and head of OMERS Growth Equity, who will join the company's board. We are proud to join Dialpad’s impressive roster of existing investors, and look forward to taking this journey with the company."