Clinc raises $52m Series B as it marches towards IPOMay 20, 2019
Ann Arbor, Michigan-based Clinc is today announcing a $52 million Series B. The company behind the conversational AI platform netted cash from Insight Partners, DFJ Growth, Drive Capital, Hyde Park Venture Partners, and others.
This round of financing brings Clinc’s total amount of funding to $60 million and will help Clinc scale its conversational AI to new markets. Clinc plans to reach 140 employees by the end of 2019 and intends to move into a new 26,000 square foot office in Ann Arbor, MI. According to Clinc, the company achieved a 300% year-over-year revenue growth and expects to more than triple the business again this year.
“We’ve had phenomenal growth and built unbelievable momentum in a very short period of time,” said Jason Mars, Clinc CEO. “Now we’re adding more world class investors to support our growing team as we work to accelerate the pace of innovation and to reshape the conversational AI landscape, one industry at a time.”
Mars explained to TechCrunch that it sought specific investors for this round that could help take the company to its initial public offering. Jeff Lieberman, Insight Partners’ Managing Director, is joining Clinc’s board of directors and brings significant IPO experience to the boardroom as he previously helped several companies go public including Event, Shutterstock, and Website Pros. With this round, Clinc also adds DFJ’s Randy Glein to its board of advisors.
Mars said this round of financing could be its last before going public. He hopes to take the company straight to an IPO from here and noted that the capital gives the company several years of runway.
With this round, Clinc now has investors on both coasts along within the middle of the country where it’s based.
Clinc was founded in Ann Arbor, MI in 2015 and has remained committed to the Midwest city since its launch in 2016. The company currently has offices elsewhere including Europe, Asia, and throughout the States. CEO Mars tells TechCrunch that the short term plan is to keep key management in Ann Arbor, but it’s plausible that other offices will eventually have more staff.
The company’s conversational AI platform is unique in the industry and has allowed the company to make inroads in different markets. Its deep neural network product can be trained to work in a variety of industries, and Clinc currently works with major banks, automakers, quick-service restaurants, and healthcare companies. The company recently showed off how it could work in video games, too.
Clinc showed off its system at TechCrunch Disrupt SF 2018. Watch his demo here.