Phone Call Conversation Tracker Scores $30M Funding Round
This year, around 100 million phone calls and data on what they were about will run through a call tracking system from Invoca, which has just scored $30 million in a Series D funding round led by Morgan Stanley Alternative Investment Partners. The company, which counts SunTrust bank and manufacturing firm Brady Corporation among its clients, has received a total of $60 million in funding.
Invoca's technology acts like a tracking URL, generating unique phone numbers for specific web pages, emails or mobile apps. When a call is made from a landline or mobile phone using an Invoca-generated number, the system presents information about the individual making the call, tracks location data and other information, and digitizes the contents of the conversation. When a call is made, the system in real-time can identify connections to marketing automation platforms and match information about the caller to first-party data a company might already have stored about a customer, or can retrieve additional demographic data via third parties such as WhitePages.
"That little widget is … sniffing around the web page for any other marketing tags that might exist," said Kyle Christensen, VP-marketing at Invoca. "This pool of data and pool of customer interactions is just getting bigger and bigger and bigger."
Clients use the information flowing through the Invoca platform to measure digital ad or email conversions, better route phone calls from customers, and keep track of what is actually discussed during a phone call with customer support.
"We're actually digitizing and transcribing those conversations," said Mr. Christensen. If, for example, a customer asks about a specific product during a phone call, that information might be used to send a follow-up email promoting the product.
When a customer calls SunTrust about a loan, the system can detect that the person dialed a unique number generated on a page about mortgages and route them to a customer service person specializing in home mortgages. It can also ping other marketing platforms where SunTrust stores customer data to find information it already has associated with that person.
"We're trying to create a profile for that person in real time," said Mr. Christensen.
It all happens through integrations Invoca has with 30 digital advertising, marketing and marketing automation platforms through partnerships with companies including Adobe, Marketo, Oracle, Google and Salesforce. In fact, Salesforce Ventures contributed to this most recent funding round, along with Accel Partners, Upfront Ventures, Rincon Venture Partners and Stepstone.
Of course, conversations between financial institutions or retailers and their customers can include sensitive information such as account or credit card numbers. Invoca allows clients to scan for personally-identifiable data such as credit card numbers, and if they choose, automatically redact that information from call records.
"We have clients who opt to not to scan or record any conversation data at all, and instead just use attribution data about where calls are coming from and who is on the phone. A lot of healthcare or financial services companies chose to go this route," said Mr. Christensen.