VirtuOz Raises $7 million in Funding to Fuel Growth as Intelligent Virtual Agents Gain Widespread Adoption
Company Strengthens its Position as the Leading Provider of Intelligent Virtual Agents (IVAs)
EMERYVILLE, CA – June 8, 2011 – VirtuOz, Inc., the leading provider of intelligent virtual agents (IVAs) for online customer service, today announced that it has raised $7 million in additional funding from existing investors Mohr Davidow, Inventures Group and Galileo Partners to finance growth in the U.S. and E.U.
“Over the past year, VirtuOz has hired an executive team with a proven track record of transforming early stage startups with disruptive technologies into successful software companies that lead new market categories,” said Eric Hahn, the founding partner of the Inventures Group and a VirtuOz board member. “This latest infusion of capital coupled with the company’s proven intelligent virtual agent technology and strong management team, positions VirtuOz to continue to be the technology innovator and thought leader in the Virtual Agent market.”
The IVA proposition is so compelling for both the online consumer and the business provider that leading analyst firm Gartner Research predicts that virtual agents will be a standard technology for customer interactions in two to four years. VirtuOz currently leads the market with the largest number of live enterprise IVAs for the Global 2000. Already used by leading companies such as eBay, SFR, H&R Block and L’Oreal, the funding will be used to grow sales, marketing and product development of the company’s intelligent virtual agents.
“We are excited about the forecast for aggressive adoption of intelligent virtual agents and are well positioned to take advantage of the explosive growth with our industry-leading technology, best practices, and managed services,” said Steve L. Adams, CEO of VirtuOz. “Our current investors share this excitement and have voted with their wallets to give the new management team the runway to execute our growth initiatives in this market.”
VirtuOz is the leader in Digital Customer Relationships, enabling large and mid-market enterprises to use Intelligent Virtual Agents to provide world-class online customer and technical support. Intelligent virtual agents offer companies a new channel for contemporary online customer service that delivers the best possible customer experience at one-tenth the cost of traditional channels. VirtuOz solutions combine best-in-class virtual agent solutions with best practices across agent development, deployment, and optimization to deliver predictable and measurable results. Intelligent virtual agents are predicted to become the new standard for customer interaction in the next few years. VirtuOz leads the market for successful use of intelligent virtual agents, having processed over 144 million conversations on behalf of our customers in 2010 and with the largest number of live enterprise intelligent virtual agents for Global 2000 companies including eBay, SFR, H&R Block and L’Oreal. More information about VirtuOz can be found at www.virtuoz.com.