OvationCXM, previously Boomtown, a global leader in customer experience management (CXM), today announces $20 million in a combined Series C and debt funding round, bringing the company’s overall capital raised to date to more than $40 million. The funding round was led by Telstra Ventures with participation from KeyBank, JobsOhio Growth Capital Fund, JumpStart Ventures, Savano Capital Partners, Capital One Ventures, Nyca Partners, Neventa Capital and CIBC Innovation Banking. The new capital comes on the heels of a rebrand to better represent its service offerings as a category leader in CXM and record growth for the company’s flagship CXM platform achieving 600% year-over-year bookings growth. The funding will support client expansion, plans for new capabilities and advanced technology features.
OvationCXM is the first CXM company solving customer experience problems in real-time – while businesses are interacting with customers. The company’s flagship product, CXMEngine, is purposely designed to guide and fix customer experiences in the moment so companies can celebrate customer success while driving significant financial benefits to their business. The platform helps enterprises deliver exceptional customer experiences by unlocking customer data visibility and enabling cross-channel communication and collaboration. CXMEngine combines the aggregation of internal and third-party systems, customer journey design and automation tools, knowledge delivery and multi-channel communications into one seamless platform.
“The name OvationCXM more clearly defines who we are, what we do and where we are going in the future,” said Alfred Kahn IV, Founder and CEO of OvationCXM. “Our CXMEngine platform is driving tremendous outcomes for our enterprise clients in customer retention, revenue growth and operating expense reduction, which rewards our clients and their customers. We’re eager to build on those results with existing customers and expand our reach to more businesses. With our investors backing and strategic support, we’re in a position to sustain our strong growth and deliver better customer experiences through innovation.”
“At Telstra Ventures, we pride ourselves in partnering with extraordinary companies contributing to emerging global trends,” said Mark Sherman, managing partner at Telstra Ventures. “Customer experience management is an emerging industry that’s growing quickly and creating better interactions for customers and value for businesses around the globe and across industries. One of the many reasons we invested in OvationCXM is that its customers gave its products a standing ovation in all our reference calls. We are proud to partner with a company like OvationCXM that is implementing innovative technology and driving impactful results.”
OvationCXM has seen a significant increase in demand for CXMEngine in the past year, and the platform has emerged as a leading SaaS solution for customer experience management. With over 200 customers that support millions of businesses, OvationCXM is transforming customer experiences across several tier one banks and top enterprises that span retail, SaaS, financial services and payment processing, and healthcare industries. This year, KeyBank also expanded its partnership with the company, and additionally, OvationCXM has broadened its client pool with Coca-Cola, Nuvei and Alviere, to name a few.
With the new influx of capital, OvationCXM plans to expand its team of CXM experts and product designers and broaden CXMEngine’s capabilities. Derived from CXMEngine’s AI-powered customer journey features, the platform will utilize enhanced data capabilities and predictive analytics. These capabilities will allow enterprise clients to see value in their customer interactions while creating an exemplary customer experience.
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