The funding helps SightCall add AI-based features and tools to its existing application. Here are the top-line bullets you need to know.
SightCall, a platform provider that offers live visual communications to address client queries, has raised $42M in Series B funding from investors InfraVia Capital and Bpifrance.
How’s the company performing?
- California-based SightCall is an AR-powered video communications startup. Its platform allows remote agents and service engineers to assist their clients in conducting technical and complex repair effectively. SightCall’s AR tech integrates with other customer service environments, such as Microsoft, SAP, Salesforce, and ServiceNow, to assist in solving customer queries.
- The company serves around 200 clients, including Allianz, GE Healthcare, Toyota, Kraft-Heinz, Loreal, and Bosch.
- In 2020, SightCall’s annual recurring revenue doubled year-over-year. The company is expected to generate annual recurring revenue of $100M in 2021.
Why does the market matter?
- The global video communication platform as a service (PaaS) market is expected to grow at a CAGR of 31.3% to reach $20.4B by 2028, according to Adroit Market Research.
- The market is expected to be driven by increased spending on technology infrastructure which is equipped with advanced features and reduces ownership costs.
- The Covid-19 pandemic has boosted the industry since employees of most companies from around the world are working from home, resulting in a higher demand for video-based communication.