Even if the holidays are coming soon and work seems to be winding down, some Canadian companies are still raising big money in the tech world.
Ada has announced a new $19 million Series A funding round, led by FirstMark Capital with participation from Leaders Fund and Burst Capital. Returning investors Bessemer, Version One, and computer scientist, Barney Pell also joined the round.
“This funding is a testament to the results we’ve seen with our platform,” says Mike Murchison, CEO and co-founder of Ada. “With backing from such a diverse group of global and local investors, we can continue transforming the customer experience for businesses and their customers around the world.”
The new money will guide Ada’s expansion into the global market. The Toronto-based company created an AI platform that can easily allow non-technical teams to build their own customer service chatbot. Working with clients like TELUS, Coinbase, and Upwork, Ada’s platform gives customers access to personalized service around the clock in over 100 languages. Ada can automate up to 70 per cent of a client’s customer interactions and save millions of dollars in overhead. More than 30 million customers helped with an Ada-powered chatbot.
“Ada’s accessible and scalable platform lets non-technical customer service teams build and manage AI-powered chatbots to automate interactions. Ada has delivered transformational, measurable results to some of the world’s most innovative brands, helping them shift from a reactive, expensive support strategy to a proactive model that reduces customer effort,” says Matt Turck, Managing Director of FirstMark Capital. “Ada has played an important role in driving automated customer experience, and we’re confident in the team and the platform to surpass their rapid projected growth.”
In addition to reaching new global markets, Ada hopes the funding will allow the company to expand their reach into new verticals like financial services and travel. The company will also work with clients to build out their own Automated Customer Service departments and double the size of their team by the end of 2019.