Baring Vostok Capital Partners and RTP Ventures Back European Communications Platform-as-a-Service Leader as it Brings AI-powered Capabilities to North America

Voximplant, the leader in cloud communications platforms for the European market, announced it has raised $10 million in a Series B round of funding to support its international expansion. Voximplant has profitably grown to more than 100 employees, supporting 20,000 customers in six countries based on a small seed round. The new investment led by Baring Vostok with participation from RTP Ventures empowers Voximplant to further expand its global go-to-market capabilities, focusing on North America initially, with additional geographies to be announced. Voximplant’s customers includes 8X8, Kentucky Fried Chicken, S7 Airlines, Home Credit Bank, and Atlassian.

Industry analyst firm IDC projects that the Cloud Communication Platform-as-a-Service market will grow from $2 billion to $10.9 billion by 2022, with a 39.2% CAGR. As businesses digitally transform, adding new applications and services, as well as improving existing delivery of customer support and commerce, they must offer superior voice, video and text communications capabilities that make communication with customers and partners frictionless.

Read More: Rakuten Marketing Data Reveals Cyber Weekend Continues To Outstrip Expectations

“Baring Vostok are pleased to have the opportunity to invest so early in what is already a company that has a proven business model and has clearly identified an important market need,” said Elena Ivashentseva, senior partner at Baring Vostok Capital Partners. “Voximplant has both impressive customer momentum, as well as a highly innovative solution. This is truly rare in a young company, only six years old.”

Voximplant delivers a cloud-based, serverless development environment that provides deep application control, while speeding development of communications applications and minimizing overhead. Its differentiated, comprehensive set of AI integrations quickly inject state-of-the-art technology into communications applications and deliver global coverage that enhance performance, while delivering redundancy. Customers use the Voximplant CPaaS to build leading edge applications for cloud call centers, IVRs with voice recognition, unified communications, programmable call back and voice notifications, as well as many others. Voximplant currently supports more than 600 million calls per year with 20,000 paying customers to date across market verticals, including banking, marketing, ecommerce, logistics and many others.

In 2019, Voximplant achieved several significant milestones, including enhancements to its AI-powered Smartcalls service, an intelligent and customizable web service that enables businesses to create outbound call campaigns and smart IVRs with voice recognition capabilities in as little as five minutes. This no-code approach to creating call campaigns can increase conversions by 50% and ensure 100% processing of leads by integrating with CRM systems.

Read More: BridgeClimb Reaches The Cloud With RingCentral’s Cloud Communications And Contact Centre Solutions

“Voximplant has a unique, serverless platform that consistently beats other CPaaS providers in head-to-head competition for one simple reason: Businesses and developers using Voximplant deliver differentiated services to the market faster,” said Alexey Aylarov, CEO and co-founder, Voximplant. “Our growth rate has been phenomenal over the past few years, averaging 100% revenue growth. With our highly engaged customer base and continuing track record for innovation, we see an opportune moment to expand into the North American market which we expect will allow us to book more than $100 million in annual revenue within just a couple of years.”

Matvey Vinokurov, investment manager at Baring Vostok, will join Voximplant’s board of directors and Kirill Sheynkman, founder and senior managing director of RTP Ventures, will join as a board observer. The Untitled ventures, an early investor in Voximplant, made an exit during the round.

“The CPaaS market is still in its infancy, shifting from the early adopters, digital-first businesses such as Uber and Airbnb, to the early majority. Enterprises now realize that they must use APIs to modernize the way they engage and communicate with their customers,” said Tony Jamous, former CEO and co-founder of CPaaS trailblazer Nexmo, which was acquired by Vonage in 2016 for $230 million. “Robust communication API platforms such as Voximplant can play a critical role in enabling this customer engagement transformation.”

Read More: Retention More Critical Than Recruitment, Say Healthcare HR Executives In Workforce Institute Survey

Write in to psen@martechseries.com to learn more about our exclusive editorial packages and programs.