Latest investment will help Klearcom to develop market-leading AI technology, while also adding to its sales and marketing teams.
Waterford artificial intelligence and machine learning business Klearcom has raised €1.5m in an investment round led by Furthr VC with Enterprise Ireland and HBAN’s Bloom Equity syndicate also contributing to the round.
The investment brings Furthr VC’s total investment in Klearcom to €1.1m in the last 18 months as the company rapidly expands its global customer base.
“The IVR market is growing rapidly as enterprises continue to grow their customer care and sales teams”
Using Artificial Intelligence (AI) and machine learning, Klearcom tests Interactive Voice Response (IVR) systems, used by businesses to manage incoming calls. Operating across four continents, the company’s global client base spans all industries and includes large multinational pharma, enterprise software, credit card and emergency services companies.
Finding its voice
As enterprises with constrained budgets look for a solution to manage and filter large volumes of calls effectively or risk of losing customers, the company is experiencing rapid growth. To support growth in the Asian market, last year, Klearcom established a fully incorporated subsidiary company in India – in addition to its existing presence in Ireland and the US. The subsidiary will be of significant strategic importance as Klearcom expands its presence in the Asian market.
The new investment will be used to advance product development from Klearcom’s Waterford base, with a greater use and wider application of Artificial Intelligence (AI) being a major focus for the company. As a result, Klearcom expects to be the driving force behind a new generation of IVR testing, which will be more intelligent, predicting problems before they occur. This will place Klearcom as a clear market leader in the space.
Klearcom is currently on-track to grow to a team of 50 by year-end 2024, while revenues are expected to more than double this year. The investment will support the team growth and the company plans to add to its technical, marketing and sales teams. Its technical team will be based in Waterford, while marketing and sales hires will be split between Waterford and the US.
“The IVR market is growing rapidly as enterprises continue to grow their customer care and sales teams,” said Liam Dunne, co-founder and CEO of Klearcom.
“At the same time, they are having to deal with constrained budgets coupled with high competition for customers, putting greater pressure on them to ensure call centres are operational and reachable 100% of the time. This has increased the demand for Klearcom’s services and we expect continued significant growth in our customer numbers and revenues for the foreseeable future.
The funding from Furthr VC comes from its latest fund, which aims to invest in approximately 25 highly scalable export-focused software and MedTech companies by year-end 2024. To-date, the fund has invested in 16 companies. Following this latest round of investment, Klearcom expects to embark on a larger fundraising round within the next 18 months.
“When we established Furthr VC’s latest fund, it was companies like Klearcom that we had in mind,” said Colm O’Sullivan, Partner, Furthr VC, and Klearcom board member.
“The founders have tapped into a space with enormous market potential on a global scale and already, we are witnessing the impact of that on the company’s growth trajectory. We are highly impressed by the progress since our initial investment and are excited to continue our partnership with Klearcom as they embark on this latest part of their journey, which will be defined by the company’s exemplary leadership and their ability to deliver market-first technology.”
Main image at top: Klearcom co-founder Satish Barot; Furthr VC partner Colm O’Sullivan; and Klearcom co-founders Mark Rohan and Liam Dunne