Waterford-based Klearcom has raised €1.5 million in an investment round as it seeks to expand its customer base.
Klearcom, which was founded in 2018 by Liam Dunne and Satish Barot, helps multinational contact centres avoid voice call outages, using artificial intelligence (AI) and machine learning to test interactive voice response systems used by businesses to manage incoming calls.
Interactive voice response systems are automated systems that allow customers to interact with computers through menus activated either by keypad selection or verbal response.
The money will be used to further develop its product, focusing on a wider application of artificial intelligence. This could lead to a more intelligent generation of interactive voice response systems that could predict problems before they occur, and give Klearcom a market-leading position.
The round was led by Furthr, the second investment the fund has made in the company in 18 months, with Enterprise Ireland and HBAN’s Bloom Equity syndicate also contributing. Furthr has now invested a total of €1.1 million in the company.
The company has seen rapid growth as enterprises seek an effective solution to manage large volumes of calls, while also keeping customers
The funding will also support further growth in its workforce, with Klearcom planning to add to its technical team based in Waterford, and its marketing and sales teams in Waterford and the US. Klearcom expects to have a team of 50 by the end of 2024, and double revenues in 2023.
The company has seen rapid growth as enterprises seek an effective solution to manage large volumes of calls, while also keeping customers.
“The interactive voice response market is growing rapidly as enterprises continue to grow their customer care and sales teams. At the same time, they are having to deal with constrained budgets coupled with high competition for customers, putting greater pressure on them to ensure call centres are operational and reachable 100 per cent of the time. This has increased the demand for Klearcom’s services and we expect continued significant growth in our customer numbers and revenues for the foreseeable future,” said Liam Dunne, co-founder and chief executive of Klearcom.
“The market opportunity for us is getting broader and wider, and this investment will help us to develop more cutting-edge technologies and solutions, which are market-firsts and will set us apart from the competition.”
Klearcom has established a subsidiary in India to support its expansion in the Asia market, and has a presence in the US and Ireland.
“The founders have tapped into a space with enormous market potential on a global scale and, already, we are witnessing the impact of that on the company’s growth trajectory,” said Colm O’Sullivan, partner with Furthr VC.
“We are highly impressed by the progress since our initial investment, and are excited to continue our partnership with Klearcom as they embark on this latest part of their journey, which will be defined by the company’s exemplary leadership and their ability to deliver market-first technology.”
