The latest funding will help Cresta double down on its existing product suite, scale its go-to-market efforts, and rapidly develop the next generation of virtual agents
Cresta, the end-to-end generative AI platform for contact centers, announced the closing of its $125 million Series D round of financing. The round was led by new investors World Innovation Lab (WiL) and QIA with participation from Accenture, EnvisionX Capital, LG Technology Ventures, Qualcomm Ventures, and Workday Ventures. The round also includes returning investors Andreessen Horowitz, Greylock Partners, J.P. Morgan, Sequoia Capital, and Tiger Global. This brings the company’s total funding to over $270 million.
There is increased pressure in the contact center space to drastically drive down costs while improving customer loyalty and top-line revenue. Cresta provides a unified platform for human and AI agents that transforms customer conversations and workflows at every level of the contact center. With Cresta, customers can uncover real-time insights and behavioral best practices in order to scale winning behaviors across their human agents, while automating mundane tasks using virtual agents.
“Cresta provides Fortune 500 companies like Intuit and Verizon with leading AI-powered technology that empowers them with clear competitive advantages,” said Ping Wu, Chief Executive Officer at Cresta. “With this latest round of financing, we look forward to expanding our end-to-end AI platform to help dramatically reimagine how contact centers function and expand the use of human-centric AI to both augment human agents to make them more effective and save costs using human-like virtual agents.”
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Cresta also announced several major milestones for the company:
- In the last two years, the company has nearly quadrupled its annual recurring revenue (ARR) and nearly doubled its customer base.
- Cresta will be rapidly scaling R&D, opening two new engineering hubs in Romania and India to add to existing offices in Palo Alto, San Francisco, New York, Berlin, and Toronto.
- Cresta has appointed Rob Theis, General Partner and Chief Investment Officer at WiL, to the company’s board of directors.
“Ping and the Cresta team consistently show that they have what it takes to succeed in the contact center AI space,” said Rob Theis, General Partner and Chief Investment Officer at WiL (World Innovation Lab). “We were impressed by Cresta’s track record with Fortune 500 companies and we view Cresta as the strongest end-to-end platform in the market. They are defining the next era of contact centers with best-in-class AI performance.”
Cresta’s end-to-end platform is trusted by the world’s leading contact centers to drive powerful business outcomes.
- Brinks Home, one of North America’s leading home security and alarm monitoring companies, selected Cresta to transform their contact center operations and revitalize customer engagement. By combining real-time agent assistance with Cresta’s AI-driven quality management (QM) and coaching capabilities, Brinks Home was able to cut QM costs by 50%, increase first-call resolution to 75%, and boost the company’s net-promoter score by 30 points.
“Partnering with Cresta has enabled us to build stronger customer connections, boost retention, and drive revenue,” said William E. Niles, CEO of Brinks Home. “We have transformed customer conversations into a competitive edge, cutting call transfers from 30% to 8%—a 73% improvement. In addition, we are thrilled to partner with Cresta to use their next-generation virtual agent platform to dramatically reduce costs and reinvest in the business in other ways. It’s going to be a complete game changer for Brinks Home.”
Source: PRNewswire
