FORT WORTH, Texas, May 23, 2023 /PRNewswire/ — SmartAction, a top-tier AI platform provider specializing in advanced Intelligent Virtual Agents (IVA) and conversational AI solutions, is proud to announce the successful closing of a new round of funding. This latest funding round brings the current strategic growth capital amount to an impressive $38 million, signifying a major milestone for the company. The funds will help advance the company’s AI-powered technology platform and expand its commercial team to meet the growing demand for its customer support solutions.
“Our primary objective at SmartAction is to revolutionize customer support capabilities, providing consumer-facing enterprises with the ability to handle complex agent interactions in a cost-effective manner, while gaining valuable insights into their customers,” said Kyle Johnson, CEO of SmartAction. “Our clients choose our services because we excel in building brand loyalty and driving significant improvements in key customer metrics, as well as contact center ROI.”
The funding round was led by existing investors TVC Capital and Staley Capital with the support of ORIX Corporation USA.
“We are thrilled to invest in SmartAction’s growth, as we firmly believe that the company’s offering is exceptional and highly valuable within the conversational AI market,” said Jeb Spencer, Managing Director of TVC Capital. “With the industry rapidly evolving and supporting increasingly complex virtual interactions, we are confident that SmartAction is well-positioned to capitalize on this opportunity and further expand its reach.”
SmartAction’s Distinctive Approach
SmartAction stands out in the industry due to its business and delivery model, centered around fostering genuine partnerships with its clients. Unlike traditional service providers, SmartAction goes beyond simply delivering a solution—it collaborates closely with each business to design a customized customer journey. From the initial build to ongoing maintenance, SmartAction remains dedicated to its clients throughout the lifespan of their accounts. SmartAction acts as an extended team by continuously monitoring systems and calls, providing invaluable support. This collaborative approach sparks innovation, as SmartAction recognizes that true breakthroughs often emerge from the art of collaboration.
SmartAction® is the industry leader in purpose-built AI-powered Virtual Agents for customer service in the contact center industry. Our innovative technology and CX services enable frictionless conversational AI experiences over voice, chat, and text, freeing up live agents to handle human-necessary and high-priority conversations. Our satisfied clients, including AAA, DSW, Electrolux, and Choice Hotels, have consistently ranked us as the top Virtual Agent provider on Gartner Peer Insights. As a result, we have established ourselves as the go-to solution for companies looking to improve customer support capabilities, drive brand loyalty, and achieve significant improvements in key customer metrics and contact center ROI.
About TVC Capital
TVC Capital is a San Diego-based growth equity firm with over $235 million under management. TVC is focused on investments in and acquisitions of business-critical software firms. TVC targets a wide spectrum of software sectors and industry verticals that are poised for growth and consolidation. The TVC team is led by operating executives with more than 80 years of experience growing technology companies into market leaders. Current and past investments include Accordent Technologies, Docupace, MediaPlatform, Levels Beyond (Reach Engine), Del Mar DataTrac, Centage, Perspectium, Limeade, LiquidPlanner, Mercent, Celigo and ReverseVision. For more information, visit www.tvccapital.com.
About Staley Capital
Staley Capital invests in growth-stage B2B technology companies that provide “better, faster, cheaper” solutions with compelling and demonstrable value propositions. Based in Boston, the firm’s team of investment professionals and advisors have over 25 years of experience investing in and operating B2B technology and consumer-focused businesses together, as well as a deep understanding of consumer trends and the tools enterprises need to better serve their customers. Some of Staley Capital investments include Olo, Zeta Global, MNTN, Acclaris and Aspen Marketing Services.
About ORIX Corporation USA
Since 1981, ORIX USA has served the middle market with creative and flexible capital solutions, delivering through a capital base that combines the strength of its balance sheet with funds from third-party investors seeking access to attractive alternative investments. With a focus on private credit, real estate and private equity, ORIX USA and its subsidiaries — ORIX Advisers, ORIX Capital Partners, Signal Peak Capital Management, Boston Financial, Lument, Real Estate Capital and NXT Capital— have approximately 1300 employees across the U.S. ORIX USA and its family of companies have $85.1 billion in assets, which include $27.4 billion of assets under management, $47.1 billion in servicing and administration assets, and approximately $10.6 billion in proprietary assets, as of March 2023. Its parent company, ORIX Corporation, is a publicly owned international financial services company with operations in 28 countries and regions worldwide. ORIX Corporation is listed on the Tokyo Stock Exchange (8591) and New York Stock Exchange (IX). For more information, visit orix.com.