Omilia, an Athens-based company specializing in AI-driven customer support solutions, has secured $67 million in a Series B funding round led by Expedition Growth Capital. This investment aims to enhance Omilia’s development of self-learning agents capable of managing customer interactions across various channels.
Established in 2002, Omilia has been at the forefront of automating voice calls and customer support services. CEO Dimitris Vassos emphasizes the importance of deploying AI judiciously, noting that many customer inquiries involve straightforward tasks like checking account balances, which don’t necessitate complex AI models. He advocates for a versatile approach, stating that effective customer service requires a range of tools tailored to specific needs.
Since its initial $20 million funding from Grafton Capital in 2020, Omilia has achieved a tenfold increase in annual recurring revenue, reaching $60 million. Vassos attributes this growth to the company’s focus on strong unit economics and delivering tangible returns on investment for clients, positioning Omilia for sustained expansion.
Omilia’s client roster includes prominent organizations such as Capital One, Discover, RBC, DWP, and PSEG. The company is also making significant inroads into the quick-service restaurant sector, with Taco Bell implementing Omilia’s voice-based ordering system in over 1,000 locations. Discussions are underway with two additional U.S. quick-service restaurant chains to adopt similar technologies.
Addressing reports of a malfunction in Taco Bell’s ordering system that allegedly allowed a customer to order 18,000 cups of water, Vassos refutes the claim, stating that Omilia’s system logs show no evidence of such an incident.
The newly acquired funds will support Omilia’s expansion efforts, including the establishment of a U.S. office to better serve a market that constitutes a significant portion of its revenue. The company plans to strengthen its go-to-market team by hiring a chief revenue officer, chief marketing officer, and a vice president of revenue operations. Currently employing around 500 staff members, Omilia anticipates increasing its workforce to 600 by year’s end.
Omilia’s strategic focus on delivering measurable ROI and its commitment to steady growth underscore its potential to become a leading player in the AI-driven customer support industry. As the company continues to innovate and expand, it is well-positioned to meet the evolving needs of businesses seeking efficient and effective customer service solutions.
