Australia-based Cyara gets $25m Series A round
Cyara Solutions Corp, a customer experience monitoring service established in Australia in 2006, has received $25 million in a Series A round of funding led by PeakSpan Capital and Greenspring Associates.
The company has not previously raised institutional VC money, having been bootstrapped to profitability. With bases in San Francisco and London, in addition to a headquarters in Hawthorn, Victoria, Cyara provides a platform that helps companies improve customer experience.
The service is underpinned by a technology that mimics customer behavior in live interactions so as to test how a client's systems function. This includes speech performance testing, customer experience monitoring, contact center testing, online interaction testing, and voice biometric testing.
Cyara has previously worked with Westpac, introducing a testing and monitoring program for the bank's speech-enabled voice channel that saw misrouted calls fall from 25% to 5% while average customer navigation time fell from 90 seconds to below 14 seconds. It also helped the Australian Department of Defense build a new speech recognition system and migrated the New Zealand Ministry of Social Development to automated testing for its call centers.
The company counts the likes of Avaya, Cisco, Genesys, IBM and HP among its clients and expects to grow headcount by 60% this year. The new capital will be used to expand the software-as-a-service (SaaS) platform, strengthen global marketing and business development efforts, and add to the sales and engineering teams.
"Cyara fills an essential need by helping companies to differentiate from competitors through improving customer experiences," Philip Dur, co-founder and managing partner of PeakSpan, said in a statement. "By doing this across all channels, not just the call center, Cyara clearly outperforms all legacy companies in this field and is well positioned to dominate the market."
Founded in 2014 and based in Silicon Valley and New York, PeakSpan invests exclusively in business software companies. Greenspring has $3.9 billion in capital commitments across a variety of solutions and customized investment mandates, covering primary fund, secondary and direct investments in the venture capital space. It is one of PeakSpan's LPs.
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