Key facts
- Omilia secured $67 million in Series B funding led by Expedition Growth Capital.
- The company focuses on automating voice calls and customer support, differentiating itself from generative AI-focused competitors.
- Omilia's annual recurring revenue has grown to $60 million.
- The funding will support expansion into the U.S. market and hiring for key revenue-generating roles.
- Clients include Capital One, Discover, RBC, and Taco Bell.
Omilia, a company specializing in automating voice calls and customer support, has successfully raised $67 million in a Series B funding round led by Expedition Growth Capital. The company, founded in 2002, differentiates itself from competitors by focusing on practical AI applications for common customer queries rather than solely deploying large language models. CEO Dimitris Vassos emphasized that many customer service interactions involve basic information retrieval, where simpler, more efficient tools are sufficient and offer better ROI.
This latest funding follows a $20 million round from Grafton Capital in 2020, during which Omilia has seen its annual recurring revenue increase tenfold to $60 million. Vassos highlighted the company's strong unit economics as a key factor in its steady growth and ability to secure funding without the large cash infusions seen by some rivals. Omilia aims to build a billion-dollar revenue company within the next three years.
The company's client roster includes major financial institutions like Capital One, Discover, and RBC, as well as government entities like DWP and PSEG. A significant focus for Omilia is the quick-service restaurant sector, with Taco Bell already a client utilizing its technology across over 1,000 outlets. Omilia is reportedly in discussions with two additional U.S. quick-service restaurant chains.
The fresh capital will be allocated to opening a new office in the U.S., a market that already contributes substantially to Omilia's revenue. The company also plans to strengthen its go-to-market team by hiring a chief revenue officer, chief marketing officer, and a VP of revenue operations. Omilia currently employs around 500 people and anticipates reaching 600 by the end of the year.