New funding allows company to deliver on its
vision of reinventing the contact center through customer
self-service automation
IntelePeer, a leading AI-powered Communications Automation
provider, today announced the completion of $140 million in new
growth funding and debt financing. This strategic growth investment
was co-led by Savant Growth LLC and VantagePoint Capital Partners
with support from Savant limited partners including Coller Capital,
Hollyport Capital, Manulife Investment Management and Achmea.
Vector Capital, through its newly formed direct credit strategy,
Vector Velocity, led the debt financing. Stifel, Nicolaus &
Company, Inc. served as financial advisor to IntelePeer. The new
financing allows for the continued execution of IntelePeer’s vision
to reinvent the contact center and reimagine the customer
experience through AI and automation.
Riding the generative AI market momentum
With a potential market size reaching into the trillions within
the next decade, AI is rapidly revolutionizing businesses across
industries, and this has been further spurred on by the advent of
generative AI (Gen AI). Nearly 90% of companies have already
deployed or are piloting Gen AI technology, according to Bain &
Company. The same survey found that businesses, regardless of
industry, are prioritizing Gen AI deployments, with 87% of
participants ranking it among their top five priorities for the
next three to four years.
“IntelePeer grew its AI business by more than 100%
year-over-year and is forecasting further acceleration, as a result
of our commitment to reinventing the contact center through
customer self-service automation. This funding is further
validation of this long-term goal,” said IntelePeer CEO Frank
Fawzi. “Our unique sales process harnesses Gen AI to extract why
consumers contact a business. The collected data is used to develop
an intent map that identifies what AI use cases will deliver the
highest ROI with the best possible customer experience and can be
used to create reports ready for executive and board presentations.
This funding will enable us to continue growing our AI Agent
portfolio, significantly increasing our investment in our product
and development teams as well as our sales and marketing
initiatives.”
IntelePeer’s enterprise-grade, easy-to-deploy solutions help
businesses quickly implement AI-powered omnichannel communications
that securely automate customer interactions. Since its inception,
IntelePeer has automated more than 600M customer interactions
across voice, messaging and digital channels while lowering the
cost of an interaction ten-fold. For example, one IntelePeer
customer fully automates over 60M inbound interactions a year,
achieving over 70% full self-serve and call containment rates.
“IntelePeer has been implementing communications AI and
automation since 2020 but saw an acceleration after adopting Gen AI
which radically increases ROI for customers,” said Javier Rojas,
Founding Partner, Savant Growth. “While IntelePeer’s workflow
capture and guardrails result in rapid reliable implementations,
its market leading product success results from its whole product
offering including its omnichannel communications workflow engine,
call center, integrations and voice quality experience which
provides the contact center with full self-serve automation for
approximately 65% of calls across its customers.”
Nick Ghoussaini, Head of Credit at Vector Capital, said, “We are
excited to draw from our deep credit investing experience to
provide a flexible financing solution to IntelePeer and support the
company’s transition to its next phase of growth. As the use of AI
continues to rapidly grow within the contact center solutions
sector, we look forward to leveraging our proven operating support
and technology expertise to ensure IntelePeer is best positioned to
capitalize on AI expansion opportunities.”
Compelling use cases across customer service
90% of the success of applied AI comes from domain specific
workflows, process, software and integrations that embed AI in new
workflows that captures the benefit of the technology. Today,
Fortune 500 and large mid-market companies across healthcare,
retail, financial services, logistics, transportation, and
insurance verticals are using IntelePeer’s domain-specific AI
Agents to enhance their customer and patient service initiatives
and experiences while simultaneously delivering tangible ROI for
these businesses. Recent solutions are already generating millions
of dollars in savings for customers, stemming directly from
reductions in the number of contact center agents required as well
as enterprise worker productivity enhancements. One customer, a
Fortune 100 company, is on track to save more than $100 million
dollars in labor costs by using IntelePeer’s AI Agents to automate
consumer interactions and raise self-serve rates to more than
70%.
“The advent of Gen AI has opened the floodgates for businesses
to realize massive operational efficiencies while vastly improving
customer experience,” added Fawzi. “The measures we have taken,
including our partnership with Microsoft Azure OpenAI, ensure the
guardrails are in place for responsible AI implementation, a key
consideration for all clients looking to implement AI. It’s
exciting to have this new backing from investors, and we’ll
continue to move forward in developing top-tier AI Agents that
provide our customers with best-in-class security and
compliance.”
For more information, visit: www.intelepeer.ai.
About IntelePeer
IntelePeer simplifies communications automation through advanced
AI-powered solutions, helping businesses and contact centers reduce
costs, enrich the customer experience, and accelerate ROI. Its
AI-driven Communications Automation Platform works seamlessly
within existing business software and infrastructure, enabling
brands to automate complex processes quickly and effortlessly.
Built for business users, IntelePeer’s vendor-neutral platform
leverages world-class generative AI and analytics, empowering
businesses to proactively resolve potential pain points and
maintain context across channels and throughout the orchestrated
customer journey.
About Vector Capital
Vector Capital is a leading, San Francisco-based investment firm
focused on transformational investments in middle market technology
and technology-enabled businesses. Founded in 1997, Vector manages
over $4 billion of capital across its credit and private equity
strategies on behalf of a high-quality group of global limited
partners. For over 25 years, we have invested in technology
businesses concurrent with implementing an operational
transformation to deliver breakthrough operational and financial
results. For more information, please visit
www.vectorcapital.com.
About Savant Growth
Savant Growth is a private equity firm that focuses on investing
in bootstrapped, founder-led B2B SaaS and tech-enabled services
businesses. Leveraging over 30 years of investment experience, the
firm adopts a data-driven, entrepreneurial approach to unite
talent, companies, and capital, resulting in transformative
outcomes within large, high-growth markets. Their investment thesis
revolves around the digitization of workstreams by blending SaaS,
data, content, predictive analytics, and AI to automate both blue
and white-collar work. For additional information, please visit
www.savantgrowth.com.
View source
version on businesswire.com: https://www.businesswire.com/news/home/20240725650583/en/
For IntelePeer: Paula Rivera (720) 889-9135
privera@intelepeer.ai
For Vector Capital: Nathaniel Garnick / Grace Cartwright
Gasthalter & Co. (212) 257-4170 Vector@gasthalter.com
For Savant Growth: Paola Castellanos (415) 906-3036
pcastellanos@savantgrowth.com