May 11, 2021
Ada Support Inc., a Toronto based artificial-intelligence start-up, has raised $130-million in equity valuing the company at $1.2-billion. Technology start-ups that reach a valuation of over $1 billion are called unicorns. Ada’s latest valuation places it amongst a number of other Canadian companies that have become unicorns over the pandemic, including fintech giant Wealthsimple and legal software producer Clio.
Ada offers an AI chatbot that provides automated answers to customers’ sales and service questions for notable clients such as Facebook, Shopify and Zoom. According to the company, its chatbot reduces customer wait times by up to 98 per cent and solves more than 70 per cent of customer inquiries instantly. For example, Zoom was able to automate 70 per cent of in-bound sales enquiries, allowing account executives to better manage an explosion of pandemic-fuelled demand. Co-Founder Mike Murchison describes Ada as the “leader in automated customer experience” and a “new paradigm helping users speak to their customers more—not less, as they grow.”
Ada will use the funding to fuel its global expansion efforts and hopes to revolutionize the way brands interact with their customers at scale.
Author: Kyle Jacobson