Invoca Hits Unicorn Status With $83M Silver Lake-Led Funding Round

Invoca, a Santa Barbara-based AI software platform that analyzes customer service calls for sales and marketing teams, is now a unicorn.

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The startup announced an $83 million Series F funding round on Tuesday that values it at $1.1 billion. Silver Lake Waterman led the round, which takes Invoca’s total private financing to $184 million. New investors Hollyport Capital, Kingfisher Investment Advisors and Fenwick & West also participated, as did existing backers Upfront Ventures, Accel, H.I.G. Capital and Industry Ventures.

Founded in 2008, Invoca’s platform uses artificial intelligence to help customer service call centers better address inquiries and complaints. The company provides its clients with data from those conversations that provide insight into how calls were handled and the outcomes of those interactions.

Invoca’s clients include notable consumer brands such as AutoNation, DirecTV, Orkin and Rogers Communications. The startup, which employs around 400 people, recently reported 70% annual revenue growth and says it surpassed $100 million in annual run-rate revenue.

Invoca said it will use the new funding to “accelerate product innovation” both internally and through acquisitions like its May 2021 purchase of call tracking and analytics company DialogTech. It also plans to “broaden its geographic coverage” beyond its core U.S. and Canada markets and into Mexico, South America and Europe.

The Series F funding follows Invoca’s $56 million Series E round in 2019, which was led by Santa Monica-based Upfront Ventures. Prior to that, the company raised a $30 million Series D in 2016, led by Morgan Stanley Investment Management, and a $20 million Series C in 2014, led by Accel.