SaaS (Software as a Service) has been on the rise in recent years as more businesses shift to the cloud for their software needs. With the increased demand for SaaS solutions, more and more startups have emerged in the space. One of the most recent is Ada, a Canadian startup that has just raised $44 million in a Series B funding round led by Accel.
The Toronto-based startup provides a platform that helps businesses build and manage their customer service chatbots. Ada’s platform allows businesses to create chatbots that can answer customer inquiries, automate routine tasks, and provide customers with tishare information about products and services.
With the global chatbot market projected to reach $9.4 billion by 2024, Ada is well-positioned to capitalize on this growing demand. The company has already attracted a number of high-profile clients, including Zoom, Coinbase, and AirAsia.
According to Ada’s co-founder and CEO, Mike Murchison, the company’s platform is designed to help businesses of all sizes improve their customer service operations. “Our goal is to democratize customer service by making it easy for any business to create and manage their own chatbot,” he said.
The $44 million in funding will be used to expand Ada’s platform and grow the company’s global presence. As part of its expansion plans, Ada will be opening new offices in the United Kingdom and Germany, as well as hiring additional staff to support its growth.
Accel, the lead investor in Ada’s Series B funding round, is a well-known venture capital firm with a strong track record of investing in successful SaaS startups. The firm has previously invested in companies like Dropbox, Slack, and Atlassian.
In addition to Accel, Ada’s Series B funding round also saw participation from existing investors, including Bessemer Venture Partners, FirstMark Capital, and Version One.
Commenting on the funding round, Accel partner Arun Mathew said that Ada has the potential to become a leader in the customer service chatbot space. “We believe Ada is well-positioned to be the leading platform for businesses looking to automate customer support, and we’re excited to be a part of their journey,” he said.
With its innovative platform and strong backing from top-tier investors, Ada is poised for continued success in the SaaS market. As more businesses look to improve their customer service operations and take advantage of the benefits of automation, Ada is well-positioned to be a leader in the space.
