UPDATED 20:33 EST / OCTOBER 17 2019

business-4309664_1280 AI

Call tracking company Invoca raises $56 million

Call tracking and conversational analytics platform provider Invoca Inc. said today it has raised $56 million in a new round of funding, bringing its total amount raised to $116 million.

Existing investor Upfront Ventures and new investor H.I.G. Growth Partners co-led the round, which saw participation from other backers as well, including Accel and Morgan Stanley Alternative Investment Partners.

Founded in 2008, Invoca sells software that’s used by companies to track and attribute calls using dynamic phone numbers. It works by collating online and offline data into call profiles that are then used to personalize call routing. It also leverages artificial intelligence and rule-based call analytics to classify and segment each conversation, and can detect call outcomes such as appointments that have been made and purchases that have been agreed.

Invoca provides quite a few functions. For example, an e-commerce customer would be able to see information such as which products a caller had in their shopping cart before they called. Other data might include the caller’s estimated household income, their last-viewed webpages and any keywords they searched for. After the call, it can also notify the customer of any products that were mentioned or purchased.

The company recently augmented these tools with a new feature called Signal Discovery. Announced earlier this month, Signal Discovery relies on machine learning, a subset of AI, to analyze buying conversations and help sellers understand the factors that influence people’s purchases.

It works by analyzing large volumes of recorded calls and automatically grouping them based upon words and speech patterns. Unsupervised machine learning discovers patterns without explicit instructions from a human operator. The data derived from these analytics can then be used to refine customer experience and marketing programs.

Invoca can also integrate with tools such as Google Ads and Google Analytics, helping customers optimize their paid ad campaigns and create new audience groups, for example.

Invoca said it will use the new funding to accelerate its product development and forge new partnerships in areas such as digital advertising, marketing technology and affiliate marketing.

“We see conversational and voice interfaces continuing to proliferate,” Gregg Johnson, chief executive officer at Invoca, said in a statement.

Image: TheDigitalArtist/Pixabay

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