Forma.ai, a platform providing AI-based customer service automation, has just closed its series B funding round with a total of USD$45 million. This investment comes when the demand for AI-driven customer service automation solutions increases.
The company plans to use the new funds to continue developing its technology and support more customers. In this article, we will explore what this means for the future of Forma.ai, and the impact it will have on the customer service automation industry.
Forma.ai Closes USD$45 Million
Forma.ai is an AI-assisted financial technology company that uses natural language processing (NLP) and machine learning to help banks and financial services companies improve customer experience. The company creates automated processes that drive operational efficiencies and reduce manual efforts by leveraging AI and NLP technologies to intelligently read, understand, organise, prioritise, and automate customer conversations over chat and voice platforms.
Forma.ai recently announced USD$45 million in funding from investors including General Catalyst, 8VC, Cisco Investments, Pelion Ventures and SVB Financial Group to help continue its mission of transforming the customer experience within the financial services industry. The infusion of capital will be used for research and development of new product capabilities and team expansion in the US and Israel where Forma.ai is headquartered.
The FinTech sector is highly competitive with many startups working to create innovative solutions for financial institutions struggling to keep up with customer demands in an ever-evolving technological landscape. With this new influx of capital through a Series B funding round led by General Catalyst (GC), Forma.ai joins a growing list of exciting innovative software companies driving the future of financial services forward – including GC’s own Credit Karma Inc., which raised $800 million just last year from existing investors viz., Silver Lake Management LLC., Tiger Global Management LLC, Tomer Cohen & Allen Nance amongst others.
The Funding Round
Forma.ai, an AI-powered customer experience platform, has recently closed its Series B funding round, raising USD$45 million in its latest funding effort. This round was led by Threshold Ventures and included prominent venture capitalists Sequoia Capital, M12 Ventures, and Felicis Ventures. This latest funding round brings Forma.ai’s total funding to USD$63 million.
Let’s explore the implications of this recent funding:
Details of the Funding Round
Forma.ai, Inc. is thrilled to announce the successful close of a USD$45 million Series C round of funding. Led by Bessemer Venture Partners and joined by venture fund Valor Capital Group, this is the largest capital raise for Forma.ai to date. This round also includes participation from key venture investors across North America, Europe and Asia, including Bill Tai – a prominent early-stage investor in Silicon Valley who previously invested in companies such as Zoom, Canva and Wish; Citi Ventures; Samsung Catalyst Fund; MARCLE COM Investment; TVC Capital; Haxus; Elliott Advisors and Schneider Electric Ventures.
These funds will be used to expand on existing core areas of product growth and focus on international market expansion efforts across Europe and Asia Pacific regions in 2021/2022. Moreover, the funding support will enable Forma.ai to pursue further strategic acquisitions this year while adding new team members worldwide to accelerate growth into key markets outside North America. We are particularly excited about leveraging cutting-edge AI technologies developed with our partners to explore additional areas of product innovation that align with our mission: “transforming how people do business.”
Forma.ai recently closed a round of USD$45 Million from some notable tech investors. Kakao Investment, WeWork China, Co-Stone Venture Capital, Sequoia Capital China, SIG Asia Investment and OppaHub are all committed to investing in Forma.ai’s unique artificial intelligence (AI) solutions within the industry.
The funding round is considered one of the region’s largest Series A fundraises for SaaS startups. Not only has Forma.ai raised a substantial amount of funds but has more importantly established itself as a leading provider of AI solutions for Customer Relationship Management and service optimization with its clients in retail, hospitality, education and healthcare industries throughout South East Asia.
With the influx of money from this funding round, Forma.ai is pushing forward with their plans to expand their reach and capability within Asia Pacific countries like India, Korea and Japan in addition to their existing base throughout South East Asia markets such as Indonesia, Philippines, Thailand and Vietnam where their applications are already gaining traction due to its ability to boost customer engagement through intelligent customer segmentation analysis tools which allow clients to segment customers according to usage frequency and spendability; among other features that simplify management tasks at hand while giving clients direct access to answer even complex data queries made easily through natural language processing (NLP) search capabilities; all part of an overall AI-powered comprehensive platform specifically tailored towards unique organisation needs across multiple industries.
The Impact of the Funding
Forma.ai closed USD$45 Million in Series A funding, and the announcement has had a major impact on the company. The funding opens up many possibilities for the company, such as hiring new talent and expanding their product capabilities. It also boosts confidence for Forma.ai, as the capital represents a show of faith from investors.
Let’s dig into the details of how the funding will impact Forma.ai:
How the Funding Will be Used
The funding raised by Forma.ai is expected to help the company’s global expansion in its HR technology sphere and continue to build out its existing product suite. Founded in 2019, the company is a leader in people-first AI HR solutions that aim to help organisations unlock human potential at scale. The platform has been well-received and is already being used by enterprise customers including Google, Daimler, SAP, AT&T, HSBC and LVMH.
This latest round of funding will allow Forma.ai to expand globally and further develop innovative technologies such as predictive analytics for proactive workforce optimization and artificial intelligence for talent acquisition and management. In addition, with this funding, the company will be able to expand their European presence into new countries by opening offices in Paris, Berlin and Amsterdam within the next year.
Forma.ai plans to use its resources to meet growing demand from worldwide enterprises requiring innovative technology-driven solutions to transform their workforces into more agile structures capable of addressing rapid internal and external changes – especially those related to managing remote teams during 2020’s ‘new normal’ pandemic business climate. It also aims to strengthen customer support services that have become Business-Critical due to increased reliance on technology solutions throughout the sector during the pandemic.
What the Funding Means for the Company
Forma.ai, a startup blockchain-driven health technology venture, recently announced that it has closed a USD$45 million Series A round of funding. This is the largest funding for a Series A round in the blockchain health technology space and underscores the increasing importance of digital solutions to transform healthcare.
This new capital injection will help Forma.ai accelerate the development and growth of its platform and provide more opportunities for patients to better access their data by connecting them with providers and payers efficiently. The additional funds will allow Forma.ai to further develop its SaaS solutions such as its:
- Data Analytics Engine
- Medical Learning System
- Health Digital Ecosystem
- Smart Contracts Marketplace
- P2P Networking Platforms
- Clinical Decision Support Systems
– all of which are designed to help improve outcomes while providing reduced costs for patients and providers alike.
The increased funding also strategically invests in Forma.ai’s rapid expansion into new markets through partnerships with many licensed healthcare organisations globally. These partnerships aim to make access to intelligent care services easier by providing customers with local expertise in their home countries and consistent care management outcomes across borders worldwide.
Furthermore, as Forma.ai is focused on improving outcomes through digital technologies – such as Artificial Intelligence (AI), Machine Learning (ML), Natural Language Processing (NLP) – they are also poised to benefit from this additional funding by increasing investments into research & development in these fields as well as improving patient engagement capabilities on their platform altogether.
Forma.ai recently closed an impressive USD$45 million Series B investment led by Greylock Partners. This much-needed investment will help the company grow and expand its operations.
Forma.ai’s CEO and co-founder, Aatif Awan, has shared some of his plans for the future with the new funding. Let’s take a look at what these plans entail:
Goals for the Future
Forma.ai recently closed a USD$45 million equity and debt investment round. This funding round has come at a crucial time and demonstrates confidence in Forma.ai’s business models and prospects. With the new funds, the company is looking to expand its team and build new technology to help organisations become more data-driven and quickly make better decisions.
Forma’s goals moving forward are to:
- Develop greater AI capabilities around understanding customer behaviour through enhanced analytics.
- Continue expansion of its Sales Transformation platform.
- Unveil breakthrough product discoveries.
- Make strategic investments that expand its market reach.
By embedding artificial intelligence into all aspects of the customer engagement process from prospecting to sales enablement and onboarding, Forma strives to provide next-level customer experience across enterprises of all sizes for improved success outcomes. As such, the company is dedicated to providing superior technologies integrated with tools such as Power BI, Salesforce, Microsoft Dynamics 365 for Sales, etc., for invigorated sales teams that thrive well in the digital age.
In addition to technological advancement efforts, Forma plans on establishing a bigger presence internationally by scaling up its existing global operations with offices in Toronto (Canada) and Madrid (Spain) while exploring opportunities within Asia Pacific. The awareness of Forma’s innovative AI-powered solutions will naturally increase significantly when presence increases geographically speaking. This could also open new avenues for collaboration on innovating international markets, yield improved financial performance due to diversification of customers throughout different regions or sectors in this globalised economy.
What the Future Holds for Forma.ai
Forma.ai, a leading AI-driven enterprise platform, recently closed USD 45 million in Series A funding to continue innovating and advancing its technologies for modern enterprises. This new infusion of funds is expected to be used for product development and expanding the platform’s user base.
This impressive round of funding and the new customer traction gathered over the past year demonstrate that Forma.ai is becoming an increasingly major player in the enterprise AI revolution. The platform already serves many major companies such as Microsoft, Adobe, VMware, and Oracle, making them the go-to option for digital transformations that leverage the latest technologies.
With this new funding launched in 2021, Forma.ai is ready to double down on its mission of helping companies scale up by automating mundane tasks with minimal human intervention. Moreover, to broadcast its cutting-edge market vision and expertise across even more industries, they plan to expand their customer base within financial services, healthcare technology & services, and manufacturing sectors through strategic partnerships and targeted initiatives within these growing markets.
The company also intends to further develop its flagship product – FORMULA – which provides users a configurable and adaptable decision automation system with workflows that meet complex requirements across enterprises’ functional areas such as procurement & contracts administration processes, finance & accounting operations or marketing & sales automation solutions on a unified access point accessible from both desktop or mobile devices anytime and anywhere.
Forma believes that this infusion of capital will help them expand their reach beyond small-and mid-sized businesses to major global enterprises involved in analytics initiatives looking for cost savings from higher accuracy/automation without sacrificing product quality while providing faster delivery timeframes at affordable rates backed up by best-in-class security safeguards at every level of their IT systems architecture design models by leveraging venture capital investments into engineering teams with cloud computing capabilities focusing on AI implementation strategies such as those found on Microsoft’s Azure Stack image classifiers workbench or Amazon Web Services unique one click Data Lake solutions connected to Forma intelligent robotic process automation (iRPA).
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