Berlin-based startup Parloa has secured $350 million in Series D funding, reaching a $3 billion valuation. The investment was led by General Catalyst, with participation from existing backers like EQT Ventures and Altimeter Capital. Parloa aims to automate customer service tasks through AI agents, competing with companies like Sierra and Decagon.

Parloa’s CEO, Malte Kosub, believes the customer service AI market is vast and not a “winner-take-all” situation. The company, along with rivals, targets a portion of the 17 million global contact center agents, as estimated by Gartner. The substantial funding raised by Parloa signals its potential to lead the industry and outshine competitors.

Despite generating over $50 million in annual recurring revenue, Parloa faces competition from Poly AI and Decagon, with expected ARR figures close to or exceeding $40 million. However, Kosub remains confident in Parloa’s competitive edge due to its significant funding and strategic positioning in the market. The company serves major clients like Allianz and SAP, focusing on personalized AI agent experiences for customers.

Parloa plans to use its latest funding to enhance its AI technology, creating a personalized, contextual customer experience across various communication channels. The goal is to go beyond basic phone call automation and provide tailored support based on individual customer needs and preferences.

Read more at Yahoo Finance: Parloa triples its valuation in 8 months to $3B with $350M raise