TuVox Adds $20 Million

TuVox Inc., a Cupertino, Calif.-based provider of enterprise software for speech applications, has raised $20 million in sixth-round funding. Glynn Capital Management was joined by return backers Norwest Venture Partners, Foundation Capital, Granite Ventures and Adobe Ventures. It has now raised nearly $60 million in total VC funding since 2002.

PRESS RELEASE
TuVox, the caller experience company, has announced that it has closed $20 million of financing.  This additional capital provides TuVox the ability to accelerate expansion of its core business and invest in new areas of growth.  The financing included new investor Glynn Capital Management and the continued participation of all of TuVox's institutional investors, including Norwest Venture Partners, Foundation Capital, Granite Ventures, and Adobe Ventures.

This expansion capital will be used to accelerate existing and new initiatives to further TuVox's growth, and comes on the heels of another record period for the company.  New TuVox customers and deployments over the past six months include:

  • AMC Theatres, the second largest theater chain in North America,
  • American Airlines, the world's largest airline,
  • BCD Travel, the world's third largest travel management company, with $12B in sales,
  • BECU, one of the largest credit unions in the United States, with over $6B in assets and 470,000 members,
  • CitiStreet (Australia), one of the world's largest and most experienced benefits providers,
  • M&T Bank, one of the 20 largest commercial bank holding companies in the U.S.,
  • USAA, rated #1 by J.D. Power and Associates for customer service in the insurance industry, and
  • Virgin America, which recently launched featuring a highly differentiated in-plane travel experience.

Glynn Capital Management is led by John W. Glynn, Jr., a noted professor and lecturer in business and entrepreneurship at a number of prestigious institutions, including Cambridge University, the Stanford Graduate School of Business, and Darden School at the University of Virginia.  Mr. Glynn comments, “TuVox is an excellent example of a company that has succeeded by creating a compelling value proposition for its customers and by building a sound business model that has delivered strong growth, great potential and long term viability.”

“We are very pleased to have Glynn Capital Management join the TuVox team” said Larry Miller, TuVox President and CEO.  “This is an exciting period for TuVox, as our core business continues to grow rapidly, providing further opportunity to pursue new areas of expansion for the company.  Having achieved positive cash flow, this new financing will take us to the next level as we continue to explore and capitalize on opportunities to expand our market presence globally and broaden our on demand offerings with products that will absolutely change the way companies do business with their customers.”