Clinc’s Groundbreaking $52 Million Series B
Two weeks ago, Clinc made AI history. We announced our $52 million Series B, which is the largest single investment in the history of conversational AI startups. This funding will also pave the way for the future of Midwestern entrepreneurship as it far exceeds the average Series B round for Michigan companies of $20 million.
This series B is more than eight times our $6.3 series A and brings with it world-class investors to our board of directors and advisors. Insight Partners led the financing with participation by DFJ Growth, Drive Capital, Hyde Park Venture Partners and more. Since Clinc was founded in 2015, we have raised $60 million in investments and achieved a 300% year-over-year revenue growth. Clinc CEO and founder Jason Mars spoke to TechCrunch about our sights on IPO and how this group of investors may help Clinc go public in the very near future.
To keep up with this momentum, we are thrilled to announce that we are expanding our team from 75 people to 140 by the end of this year and are committed to growing our headquarters in Ann Arbor, Michigan. By the end of 2019 we will be moving to new, 26,000 square foot, three-story office in Downtown Ann Arbor designed by award winning studio Synecdoche. We are also continuing to extend our global reach and plan to add Los Angeles to our list of locations, which currently include London, Beijing, and San Francisco.
As Clinc grows, the market for voice assistants grows, too. In VentureBeat’s coverage of our funding announcement, they state that by 2023 the voice assistant market will be worth $7.8 billion and 50% of searches will be conducted with voice by 2020. While the AI field is becoming crowded, Clinc continues to emerge as leaders in conversational AI. The most significant reason for this is our focus on the end-user experience.
Clinc’s Director of Marketing, Emma Furlong, explained to Xconomy that Clinc’s natural language processing engine is more sophisticated than others on the market. User’s can use unconstrained, unstructured “messy” language and Clinc’s AI technology is able to interpret semantics, intent, and context. So the end-user doesn’t have to formalize their language or speak rigidly to be understood and gain information. This unique end-user experience has helped Clinc’s clients like Isbank drastically increase the number of users on their platform and increase the individual’s usage over time.
In addition to Isbank, Clinc currently provides solutions for clients in various industries including banking, automotive, gaming, healthcare and we are expecting to announce a new partner in the quick-service restaurant sector by the end of this year. We are thrilled by the substantial investment in our company and are eager to accelerate the pace of innovation and to reshape the conversational AI landscape, one industry at a time.