The funding values Ada at $1.2B. Here are the top-line bullets you need to know.
Ada, an automated chatbot platform, has raised $130M in a Series C with participation from Accel, Bessemer Venture Partners, Burst Capital, FirstMark Capital, Spark Capital, Tiger Global Management, and more.
How’s the company performing?
- Toronto-based Ada’s AI-powered customer experience automation platform helps businesses deliver improved user experiences.
- The company automated more than 1.5B customer interactions for its clients in 2020.
- Ada’s conversational AI platform, Ada Engage, provides a proactive outbound messaging service for businesses.
- The company’s revenue numbers tripled in 2020 as it acquired new clients such as Zoom, MoneyLion, Tile, and Webflow.
- Ada integrates with social channels like WhatsApp and Facebook Messenger and has expanded partnerships with Zendesk and Salesforce.
Why does the market matter?
- The global conversational AI market is projected to grow at a CAGR of 21.9% and reach a value of $13.9B by 2025, according to Markets and Markets.
- The rise of social media platforms, advancements in AI, and low development costs have contributed to the industry’s growth. It’s estimated that AI-enabled bots will handle between 75% and 90% of all healthcare and banking providers’ queries by 2022.