Home Artificial Intelligence Balto receives US$ 10 million in Series A funding

Balto receives US$ 10 million in Series A funding

Balto receives US$ 10 million in Series A funding
Balto receives US$ 10 million in Series A funding

Balto, a St. Louis-based real-time AI-based guidance provider for contact centers, received US$ 10 million in Series A round of funding held in October 2020. The new investment brings Balto’s total capital raised to US$ 14.2 million.

The round was led by Sierra Ventures, with other participants like Jump Capital, OCA Ventures, Cultivation Capital etc. In association with the funding, Tim Guleri, managing partner at Sierra Ventures, will join the Balto’s Board of Directors. 

The company intends to use this investment to change the way contact centers conduct business, increasing the reach of its real-time call guidance solution through an extension in product functionality and expanding its go-to-market team. It plans to increase headcount from 45 to 100 by 2021. 

Many startups have come up with artificial intelligence tools catering to help companies find ways of improving the productivity of contact center representatives. Usually, these tools function by listening in on conversations, finding patterns of successful customer interactions and highlighting or reporting them to managers. What makes Balto unique is that it is looking to make this process real-time.

Companies can customize the information that the platform provides according to their specific needs. Suggestions for the agent gets displayed alongside a checklist that highlights questions and other information that they should address during the call. Balto detects the completed tasks and removes it from the list. 

Marc Bernstein, Chief Executive Officer, Balto said, “Unlike other conversation intelligence solutions available today that provide only post-call analytics, Balto uses AI to guide customer conversations on-the-fly, helping agents say the right thing, at the right time.”

Balto plans to make its platform reduce the duration of customer support calls by 90 seconds and push sales interactions to provide a 35% increase in conversion rates. 

Balto’s funding round comes two months after Gong I.O. Ltd., which provides an AI-powered call analytics service for business-to-business (b2b) sales teams, raised $200 million at a $2.2 billion valuation. 

About Balto

Balto
Balto

Balto’s software is being used across many industries, which includes insurance, telecommunications, retail, financial services, health care etc. It has seen explosive revenue growth in recent times. CEO Marc Bernstein, COO Chris Kontes, and CTO Davidson Girard founded Balto in January 2017. 

About Sierra Ventures

Sierra Ventures
Sierra Ventures

Sierra Ventures is an early stage globally investing venture firm focusing on cutting-edge Enterprise and Emerging Technologies. It was founded in 1982 by Peter Wendell, with headquarters in San Francisco Bay Area, California. Sierra Ventures primarily invests in Seed and Series A rounds.

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