New Funding with Management Recapitalization to Fuel Accelerated Growth
As consumer adoption of Artificial Intelligence-powered devices reaches an inflection point, SmartAction is poised to expand its market leadership in enterprise AI with customer service solutions.
El Segundo, CA, February 5, 2018 — SmartAction, provider of the first omnichannel customer self-service platform powered by AI, today announced that it secured $33 million in strategic growth investments from Boston-based Staley Capital and San-Diego-based TVC Capital. SmartAction’s management team also participated in the funding. The company’s cloud-based platform automates customer service communications in every channel, including phone, SMS, web chat, Facebook Messenger, and Skype, enabling customer service representatives to focus on high value engagements that require the human touch.
“We are beyond excited to partner with Staley and TVC,” said Tom Lewis, CEO of SmartAction. “Our innovative technology and proven implementation methodology form an excellent foundation. This investment provides us with a springboard for accelerated growth, which we are confident will lead SmartAction to establish itself as a true leader and an iconic brand for AI in customer service.” Over the last year, SmartAction has experienced considerable growth, with January 2018 usage of the platform increasing by 115% over January 2017.
Leveraging proprietary AI, speech recognition, and Natural Language Understanding, SmartAction solutions can automate customer service conversations traditionally requiring the aid of live agents, turning complicated processes into effortless experiences for customers. From simple outbound reservation reminders or inbound billing, to complex three-factor patient authentications and emergency roadside service dispatch, SmartAction provides intelligent solutions for enterprise customers in over ten industries, including AAA/CAA, Royal Caribbean Cruise Lines, Office Depot, TechStyle Fashion Group, and MGM Resorts. The company plans to use this investment to expand sales and marketing efforts, continue product innovation, and grow internationally.
“SmartAction provides a highly differentiated solution that drives significant cost savings for their enterprise client base, while improving the customer experience. The SmartAction team has unrivaled industry expertise and a deep understanding of the needs of their clients. They are revolutionizing the customer service industry,” said Renny Smith, Managing Partner of Staley Capital.
”We are delighted to partner with SmartAction and Staley Capital to further fuel the strong growth that the company is experiencing. SmartAction has a unique opportunity to capitalize on its competitive advantages and continue to expand significantly,” said Jeb Spencer, Managing Partner of TVC Capital.
ORIX Growth Capital and Silicon Valley Bank provided debt financing to SmartAction and G-Bar Ventures also participated as an equity investor in the transaction. Signal Hill, a Daiwa Securities Group Inc. company, served as the exclusive financial advisor to SmartAction on the transaction.
SmartAction is transforming customer self-service with Artificial Intelligence. We work with businesses to create an environment where intelligent virtual agents are handling complex customer requests in every channel—voice, SMS text, web chat, and social media. SmartAction’s state-of-the-art technology and industry-leading expertise is fundamentally improving the way customers communicate with the brands they love. SmartAction was recognized by Deloitte as a Tech Fast 500 recipient in 2016. For more information, visit www.smartaction.ai.
About Staley Capital
Staley Capital is a Boston-based growth equity firm focused on investments in B2B software and tech-enabled services companies that offer compelling, demonstrable, and innovative value propositions in vertical markets in which growth can be further accelerated by institutionalizing sales and marketing. Targeted industry sectors are tightly focused on application software and services in digital media, marketing and advertising, Internet services, retail IT, business process outsourcing, and financial services. Staley’s team leverages decades of investing and operating experience, with senior partners having invested nearly $700 million of capital in 40+ deals over the past 25 years. To learn more visit www.staleycapital.com.
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.