RevComm Inc., a leading B2B SaaS company specializing in AI-driven communication solutions “MiiTel”, announced the successful completion of a $10 million Pre-Series B funding round, bringing its total funding to $32 million.
This round saw continued support from existing investors, including Sony Innovation Fund by IGV, WiL, and ALL STAR SAAS FUND, as well as participation from new investors, Salesforce Ventures and tb Innovations. Additionally, the funding included a loan from the UPSIDER BLUE DREAM Fund, managed by UPSIDER Capital, and asset financing from Money Forward Kessai.
This marks RevComm’s first funding announcement since October 2020, when the company secured 1.5 billion yen in a Series A round. Over the same period, the company also obtained a 1.7 billion yen loan from financial institutions such as Shoko Chukin Bank, SBI Shinsei Bank, Japan Finance Corporation, Shizuoka Bank, and Mitsubishi UFJ Bank. The cumulative capital raised by RevComm now stands at 4.95 billion yen (about US$32 million).
"RevComm has demonstrated significant progress in supporting various forms of communication, including telephone, online meetings, and face-to-face interactions. They have consistently provided in-depth data analysis to meet the demands of the digital society. Since the Series A round, we have been proud to be part of this journey as shareholders, and we are confident that they will continue to leverage the latest AI technology to address their customers' challenges. We will continue to support them," said Kazuto Hatano, Representative Director and President of Sony Ventures.
Takeshi Aida, CEO of RevComm Inc., stated, "Since the Series A funding round in 2020, we have operated our business without equity financing, relying solely on operational cash flow and debt. This Pre-Series B funding round was raised through mezzanine financing by CE, similar to the Pre-Series A round in 2019. Moving forward, we will continue to optimize our balance sheet with a focus on our Weighted Average Cost of Capital (WACC) and actively invest to maximize growth while maintaining capital efficiency."
The funds from this round will be used to enhance the development and sales infrastructure for RevComm’s AI-driven conversation analysis services, "MiiTel." Additionally, the investment will support research and development for new services, international expansion, and improvements to organizational infrastructure.
In 2020, during the Series A funding round, RevComm offered only one product, MiiTel Phone, which utilized AI to analyze telephone conversations automatically. Since then, RevComm has continued to innovate, introducing new products such as MiiTel Meetings and MiiTel RecPod. These solutions analyze and visualize voice communications in online and offline meetings, enhancing overall corporate productivity. In addition to its advanced analytical capabilities, MiiTel also provides automatic recording, transcription, and generation of meeting minutes.
“Now that generative AI has become widespread, we believe that our mission is to create an environment in which MiiTel user companies can make the most of AI by turning each company's voice data into an asset as big data. We will use the funds we have raised this time to strengthen our services as an application layer, accelerate our efforts in the data layer, and promote the development of services that utilize new AI technology,” added Takeshi Aida.
RevComm Inc., headquartered in Tokyo, Japan, has been operating in Indonesia since 2021 and now serves over 78,000 users globally, including in Japan, Indonesia, and the United States. In Indonesia, MiiTel is trusted by many prominent companies, such as Orang Tua Group, Astra International, BPJS Kesehatan, and the Ministry of Manpower of Republic Indonesia.
Investor Statements
Mr. Toshimitsu Namba, Partner at WiLMr. Yamato Sasakawa, Investor
Following our Series A investment, we are pleased to contribute additional funding in this Pre-Series B round.
Previously, the importance of online meetings increased due to the COVID-19 pandemic, changing the nature of business communication. Now, with the rise of generative AI, enterprise data is gaining attention, and the utilization of voice data, in addition to text and images, is being questioned. We are excited about the vision of Mr. Aida, who has consistently focused on "AI x Voice" since the founding of RevComm, and the daily efforts of the RevComm team to "Reinventing Communication to create a society where people think of others." We look forward to RevComm updating the way people conduct business. We will also continue to support RevComm as part of the team.
Mr. Masayuki Minato, Senior Partner at ALL STAR SAAS FUND
Following our participation in the Series A round, we are very pleased to join this Pre-Series B round. Online communication with customers has become an indispensable and extremely important element of sales activities. RevComm, as a leading company in voice AI from Japan, has developed various solutions that dramatically improve the productivity of sales organizations by personalizing communication not only through phone and web meetings but also in face-to-face interactions with customers. We sincerely hope for RevComm to lead the world in the voice AI x SaaS field under Mr. Aida’s overwhelming vision and leadership.
Mr. Ken Asada, Executive Officer, Salesforce Ventures Japan
Since meeting Mr. Aida and Yusuke Suzuki from RevComm in early 2020, we are delighted to participate in this round as Salesforce Ventures after more than four years. The collaboration between RevComm and Salesforce began in December 2021 with the release of MiiTel for Salesforce on our AppExchange marketplace. As the utilization of AI becomes a competitive edge in all business activities, the importance of rich data as a foundation will also increase. We look forward to further collaboration with RevComm as they expand their product portfolio centered around AI x Voice.
Mr. Kenji Tak, President of tb innovations (Tokyo Boeki Group CVC)
When I first met President Aida, I was deeply impressed by his strong determination and foresight. The company’s vision of innovating business communication using AI x voice technology holds the potential to bring new value to the industry. Especially noteworthy is their effort to convert voice data, which has not been fully utilized, into big data. I believe this approach will provide a crucial competitive advantage in the era of generative AI.
We will fully support the development of their technology and services that contribute to enhancing corporate productivity. We are confident that RevComm’s challenge will pave the way for the future of communication in the AI era and make a significant impact on society.
Mr. Naoki Ishigami, President of UPSIDER Capital
When I spoke with President Aida, I was impressed by their passion to revolutionize business through "Voice x AI," leveraging their pioneering strength in voice data analysis and utilization.
With changes in working styles, online sales activities have become the norm. I am honored to support RevComm’s challenge to address the black-box problem of voice communication and dramatically improve productivity, a major issue in Japan.
UPSIDER BLUE DREAM Fund will fully support RevComm’s mission to "Reinventing Communication to create a society where people think of others," and we will work together to move forward swiftly and far.
Ross is known as the Pambansang Blogger ng Pilipinas - An Information and Communication Technology (ICT) Professional by profession and a Social Media Evangelist by heart.
Post a Comment