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Contact Center Self-service Solutions Provider TuVox Gets $20 Million in Venture Capital

December 04, 2007

TuVox, which develops speech-enabled self-service solutions for the contact center industry, has reportedly received $20 million in venture capital to accelerate expansion of its core business and invest in new areas of growth. The round of financing included participation from new investor Glynn Capital Management, as well as existing investors Norwest Venture Partners, Foundation Capital, Granite Ventures and Adobe Ventures.

TuVox has witnessed stellar growth in the past six months and the company is now reportedly cash flow positive. New customers and new customer deployments in the past six months include AMC Theatres (the second largest theater chain in North America), American Airlines (one of the largest U.S airlines), BCD Travel (the world’s third largest travel management company, with $12B in sales), BECU (one of the largest credit unions in the United States, with over $6B in assets and 470,000 members) CitiStreet Australia (one of the world’s largest and most experienced benefits providers), M&T Bank (one of the 20 largest commercial bank holding companies in the U.S.), USAA (rated #1 by J.D. Power and Associates for customer service in the insurance industry) and Virgin America (which recently launched featuring a highly differentiated in-plane travel experience).

“This is an exciting period for TuVox, as our core business continues to grow rapidly, providing further opportunity to pursue new areas of expansion for the company,” said Larry Miller, TuVox president and CEO, in a press release. “Having achieved positive cash flow, this new financing will take us to the next level as we continue to explore and capitalize on opportunities to expand our market presence globally and broaden our on demand offerings with products that will absolutely change the way companies do business with their customers.”

Miller said he was pleased to have the backing from Glynn Capital Management, which is led by John W. Glynn, Jr., a noted professor and lecturer in business and entrepreneurship at a number of prestigious institutions, including Cambridge University, the Stanford Graduate School of Business, and Darden School at the University of Virginia.

“TuVox is an excellent example of a company that has succeeded by creating a compelling value proposition for its customers and by building a sound business model that has delivered strong growth, great potential and long term viability.” Glynn said in the release.

TuVox made news on ContactCenterSolutions in November when it announced that Progress Energy, a Fortune 250 Energy Company that serves residential, commercial and industrial customers in the Carolinas and Florida, had chosen TuVox to provide personalized customer service to its more than three million customers. Progress Energy will use the self service solution to help customers starting a new energy service, transferring existing service to a new location, or disconnecting existing electric service. The TuVox speech solution will enable the utility to improve customer satisfaction, expanding customer options to 24/7, reduce agent call handling time, and stabilize agent staffing levels.

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Patrick Barnard is Assignment Editor for ContactCenterSolutions and Associate Editor for Customer Interaction Solutions magazine. To see more of his articles, please visit Patrick Barnard’s columnist page.