Omilia Raises $67 Million to Expand Its Customer Support Platform

The number of startups seeking to implement artificial intelligence technologies in customer service is growing sharply. However, according to ixbt.com, Athens-based Omilia, which has been automating voice calls and customer support systems since 2002, argues that applying generative artificial intelligence equally to every process is inefficient. The new funding round will enable the company to expand its operations further. Techcrunch.com reports .

In recent years, startups such as Sierra, Decagon, and Parloa have been actively using artificial intelligence tools to automate customer calls, chats, and messages. At the same time, Omilia’s leadership is taking a critical view of the prevailing market approach. According to company CEO Dimitris Vassos, most incoming requests contain simple information, such as an account balance, and there is little need to use large language models for such tasks.

Choosing the Right Tool Strategy

Dimitris Vassos emphasized that customer service centers need a variety of tools in real-world conditions. In his words, competitors are limiting themselves by presenting their businesses solely as generative artificial intelligence companies. Just as a knife is preferable to a bazooka when the enemy is nearby, customer service requires different tools depending on the situation.

As a result of this approach, Omilia is actively expanding its development of self-learning agents capable of operating across different communication channels. To achieve these goals, the company secured $67 million in Series B funding led by Expedition Growth Capital. This was the company’s second major funding round; in 2020, Grafton Capital invested $20 million.

Financial Results and Future Plans

Since the latest funding agreement, the company has increased its annual recurring revenue tenfold to $60 million. Dimitris Vassos says Omilia’s main advantage is its ability to deliver cost efficiency that works for both the company and its customers. This strategy has meant that the business has not needed the massive cash infusions received by its competitors.

The company’s leadership said it does not aim to appear as flashy on LinkedIn as other startups. Instead, its focus is on sustainable growth and building a solid foundation for generating $1 billion in revenue over the next three years. Omilia’s customers include major organizations such as Capital One, Discover, RBC, DWP, and PSEG.

Fast-Food Chains and Voice Orders

Fast-food restaurants that have adopted voice-ordering technologies have now become one of Omilia’s key areas of focus. Taco Bell is one of the customers using this technology, and the system has been deployed at more than 1,000 of its locations. The company is also negotiating with two other such chains in the United States.

Earlier, reports claimed that a malfunction in Taco Bell’s ordering system had allowed a customer to order 18,000 cups of water. However, Vassos firmly stated that the incident had not occurred and that no such case was recorded in Omilia’s logs.