This Series B brings Balto's total funding to $52M. Here are the top-line bullets you need to know.
Balto, a real-time guidance platform for contact centers, has raised $37.5M in a Series B with participation from Stripes Group, Sierra Ventures, OCA Ventures, and Cultivation Capital, among others.
How’s the company performing?
- Missouri-based Balto uses AI — automated speech recognition and language processing tools — to provide insights to contact center agents in real time.
- The company has over 100 customers, including AmTrust, Advantage, American Homes, and Fresenius Medical Care.
- Balto has guided more than 75M calls and delivered 185M conversations in real time.
Why does the market matter?
- The conversational AI market is expected to reach a value of $13.9B by 2025 at a CAGR of 21.9%, according to Markets and Markets.
- The proliferation of social media platforms, advancements in AI, and the reduction of development costs have contributed to the growth of the industry. Some projections indicate that AI-enabled bots will handle 75-90% of all interactions by 2022.
- During the forecast period, North America is projected to lead in the global market share of conversational AI. The US has emerged as the largest market due to increasing investment activity alongside a growing number of vendors exploring the use of AI and machine learning technologies for various applications.