SAN FRANCISCO — Dialpad, a provider of cloud-based communications for businesses, 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 help expand the use of Dialpad’s real-time AI technology and help establish its products as business-critical tools for organizations across industries. Will Griffith of ICONIQ Capital will join Dialpad’s Board of Directors.
Since Dialpad’s last funding round in September 2017, the company said it has added approximately 10,000 new customers and doubled its annual recurring revenue. Dialpad reports more than 55,000 customers worldwide.
With eight offices around the world, the company plans to increase headcount by 50 percent by the end of the year and expand into Europe and the Middle East in 2019.
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.”