Cyara Achieves More Than 30% YoY Growth, Equals Largest VC Funding Round in Australia’s History
Cyara, provider of the award-winning Automated Customer Experience (CX) Assurance Platform, announced it closed FY22 with more than 30% growth in revenue, a 95% customer retention rate, a Customer Net Promoter Score (NPS) of 70 and 10 billion seconds of synthetic CX testing traffic annually.
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“Our goal is to ensure that self-service CX solutions such as chatbots and interactive voice response (IVR) systems are improving customer journeys — not causing customers additional frustration — all while increasing productivity and minimising costs.”
In January, Cyara received over US$350 million from leading investment firm K1 Investment Management (K1) in a venture capital funding round that equalled the largest in Australia’s history, to support accelerated growth, driving further expansion of the contact testing market.
Following the funding, Cyara acquired industry-leading automated chatbot testing company Botium. The strategic acquisition added chatbot and conversational artificial intelligence (AI) testing and optimisation capabilities to Cyara’s product portfolio, solidifying the company’s position as the global leader in the CX testing and assurance market.
New Features & Services
Recently, Cyara added Cyara Botium to its solution portfolio. Botium tests and monitors the performance of chatbots and conversational AI. It is the only solution on the market offering seamless and comprehensive CX journey assurance from digital to voice agents. Botium enables brands to improve and continuously test the customer chatbot experience across all channels and platforms in all phases of the chatbot development lifecycle.
“In today’s digital economy, testing digital CX is a critical function for companies in every industry, so the release of Cyara Botium was a natural addition to our product arsenal. It has already made a positive impact for many of our customers,” said Alok Kulkarni, CEO and Co-founder of Cyara. “Our goal is to ensure that self-service CX solutions such as chatbots and interactive voice response (IVR) systems are improving customer journeys — not causing customers additional frustration — all while increasing productivity and minimising costs.”
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Additional products and offerings that Cyara unveiled in FY22 include:
- LiveVQ: A solution that delivers last mile assurance for the hybrid workforce by monitoring cloud connectivity, agent applications and technology infrastructure in real time to ensure voice quality for at-home and remote agents.
- Toll-Free Fast Check: A concierge-style, white-glove service that reduces the manual, labour-intensive task of managing and testing toll-free numbers
- CX Test Automation Maturity Model: An innovative, easy-to-navigate self-assessment that enables organisations to determine how advanced their approach to automated CX testing is and see how their current level of test automation measures up to industry best practices.
- GDPR Compliance Testing: A free service for organisations’ chatbots in both English and German that reduces the risk of fines associated with non-compliance, allowing bots to quickly and accurately assist organisations’ customers who want to know how their data is being stored.
- Support for NICE InContact: Cyara released virtual agents for NICE InContact, enabling customers on that platform to test call routing and data passing functionality.
- Greater Flexibility Scheduling Load Tests: Cyara delivered several features over the course of the year making it easier for its customers to schedule and run load tests, including a self-service booking calendar, as well as the ability to run small load tests without a booking at all. This helps customers reduce friction and increase the frequency of load testing to enable continuous testing.
Company Growth & Expansion of Executive Team
Cyara continues to grow its employee ranks with headcount growing over 70%. The company strengthened its executive bench with several new hires in FY22, including Jeremy Braidish, Chief People Officer (CPO). Jeremy brings 20+ years of human resources (HR) experience to drive Cyara’s global HR functions and strategy, in addition to talent acquisition and development.
Today, more than 250 high-profile global brands trust Cyara’s SaaS solution to test, monitor and manage CX technology, which enables them to deliver stellar experiences for customers.
FY22 saw Cyara establish new alliances with VIS Global, Carahsoft, ConvergeOne, Waterfield and as well as expanding relationships with partners like Genesys, AWS and Verizon to grow new channel ACV bookings by 30% year on year.
Cyara’s successful and unique approach to CX optimisation has resulted in the Cyara Accelerator being made available on Genesys AppFoundry.
Industry Recognition & Accolades
The growing adoption and continued success of Cyara’s platform has been recognised in 12 industry awards, including:
- Silver Stevie® Award for “Sales or Customer Service Solutions Technology Partner of the Year” and “Best Contact Center Solution”
- Product of the Year Award from CUSTOMER Magazine
- Remote Work Pioneer Award and Communications Solutions Products of the Year Award from TMC
- Gold Globee winner in the “Test, Measurement and Monitoring Innovation” category from Golden Bridge Business and Innovation Awards
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