Omilia raises $67M to scale its customer support platform
The Series B is the company's second fundraise since it last raised capital in 2020. In that time, it has increased its ARR by 10x to $60 million.
Omilia, a customer support firm based in Athens, has secured $67 million in Series B funding to enhance its AI-powered platform. Founded in 2002, Omilia has long advocated against overreliance on generative AI for basic customer queries, arguing that a more multifaceted approach is necessary. CEO Dimitris Vassos contends that companies like Sierra and Decagon focus solely on generative AI, limiting their effectiveness.
Omilia has pivoted to develop self-learning agents capable of operating across multiple customer contact points. The company's recent funding round was led by Expedition Growth Capital, marking their second major capital raise following a $20 million investment in 2020. Omilia's annual recurring revenue has surged tenfold to $60 million since then.
CEO Vassos emphasizes the company's strong unit economics, enabling steady growth without large infusions of capital. Omilia boasts a client roster that includes Capital One, Discover, RBC, DWP, and PSEG. They are currently focusing on expanding into voice-based ordering for quick-service restaurants, with Taco Bell already onboard and plans to serve over 1,000 outlets.
Despite the risks associated with AI deployment, such as the Taco Bell incident where a customer ordered 18,000 cups of water, Omilia remains committed to its strategy. The new funding will be used to establish a U.S. office, bolster the go-to-market team, and hire a chief revenue officer, chief marketing officer, and a vice president of revenue operations. With approximately 500 employees, Omilia anticipates reaching 600 by year-end.
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