Invoca, a US-based marketing analytics technology developer backed by recruitment services provider StepStone and customer relationship management software producer Salesforce, has raised $56m.
The round was co-led by venture capital firm Upfront Ventures and HIG Growth Partners, the growth equity affiliate of private equity firm HIG Capital, while investment bank Morgan Stanley’s Alternative Investment Partners unit, venture capital firm Accel and undisclosed additional backers also took part.
Formerly known as RingRevenue, Invoca has created a suite of software tools for sales centres that utilise conversational analytics to provide real-time marketing insights from each telephone call.
The company recently launched a new feature, Signal Discovery, that applies machine learning to track factors such as marketing campaigns which resulted in a sale, in order to inform a client’s strategic approach.
Invoca plans to double headcount over the next three years and will put the proceeds from the round toward product development and efforts to expand its partner ecosystem. It has now accumulated $116m of funding since it was founded in 2008.
Morgan Stanley Alternative Investment Partners led Invoca’s last round, a $30m series D in 2016 backed by Salesforce’s corporate venturing unit, Salesforce Ventures, in addition to StepStone and existing investors Accel, Upfront Ventures and Rincon Venture Partners.