Furthr VC has led a €1.5m investment round in Klearcom with Enterprise Ireland and HBAN's Bloom Equity syndicate also contributing.
The latest rounds brings the total level of investment in Klearcom by Furthr VC to €1.1m in the past 18 months as the company rapidly expands its global customer base, which spans pharmaceuticals, enterprise software, credit card and emergency services firms.
Klearcom uses AI and machine learning to test interactive voice response (IVR) systems used by businesses to manage incoming calls, and the company now operates across four continents.
Klearcom's clients use the company to manage and filter large volumes of calls without risk of losing customers, and it last year established a fully incorporated subsidiary company in India to support growth in Asia, adding to it existing presence in Ireland and the US.
The new investment will be used to advance product development from Klearcom's Waterford base, with a greater use and wider application of AI being a major focus for the company. As a result, Klearcom expects to drive a new generation of IVR testing and become a clear market leader in the space.
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The company is on track to grow its headcount to 50 by the end of 2024 and more than double revenues this year. The investment will also support employment with recruitment for technical, marketing and sales teams.
Technical roles will be based in Waterford, while marketing and sales hires will be split between Waterford and the US.
“We are delighted to once again receive funding from Furthr VC, as well Enterprise Ireland and Bloom Equity who were also involved in our previous round," said Liam Dunne, co-founder and CEO of Klearcom.
"Our partnership with Furthr VC has been pivotal to getting us to where we are now, as they have provided strategic support, valuable industry introductions, as well as introductions to senior new team members who will help to steer Klearcom’s future.
"The market opportunity for us is getting broader and wider and this investment will help us to develop more cutting-edge technologies and solutions, which are market-firsts and will set us apart from the competition.”
Furthr VC's latest fund aims to invest in approximately 25 highly scalable export-focused software and MedTech companies by 2024.
To date the fund has invested in 16 companies. Following this latest round of investment, Klearcom expects to embark on a larger fundraising round within the next 18 months.
“When we established Furthr VC’s latest fund, it was companies like Klearcom that we had in mind," said Colm O'Sullivan, partner at Furthr VC and board member at Klearcom.
"The founders have tapped into a space with enormous market potential on a global scale and already, we are witnessing the impact of that on the company’s growth trajectory.
"We are highly impressed by the progress since our initial investment and are excited to continue our partnership with Klearcom as they embark on this latest part of their journey, which will be defined by the company’s exemplary leadership and their ability to deliver market-first technology.”
Photo: (l-r) Klearcom co-founder Satish Barot; Furthr VC partner, Colm O'Sullivan; and Klearcom co-founders Mark Rohan and Liam Dunne.
