AI chatbot developer Ada joins the unicorn club after Series C close

Automated customer experience software developer Ada has netted $130m in its Series C round, which puts its valuation at $1.2bn.

Spark Capital, a US-based venture capital firm served as the lead investors. Tiger Global also joined the round, alongside existing Ada backers Accel, Bessemer, FirstMark, Version One and Burst.

With the capital injection, the company hopes to further its global expansion by hiring staff for its go-to-market team. Additionally, it plans to bolster its R&D efforts.

Canada-based Ada is a no-code platform that enables teams to implement an AI-powered conversational platform. Its services are used by the banking, insurance, FinTech, e-commerce, retail, travel, telecom industries, among others.

The company claims it automated more than 1.5 billion customer interactions for hundreds of brands in 2020.

Spark Capital general partner Yasmin Razavi said, “Ada has carved out an entirely new category in automated customer experience.

“Companies across all industries and stages increasingly see the quality of their customer experience and communication as a competitive advantage, and yet they are not able to efficiently scale their efforts to meet their customers’ needs.

“An easy-to-deploy, no-code automation tool such as Ada is game-changing for any business that aims to offer real-time brand interactions across all channels, products, geographies, and at all times. We are thrilled to lead Ada’s Series C and support this team on their exciting journey ahead.”

With the close of the round, the company has raised a total of $200m in funding.

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