Nexidia Secures $23 Million in New Equity Funding
Nexidia, a provider of audio search and speech analytics solutions, has received more than $23 million in new equity funding to extend business growth and technology leadership in its key markets. The funding will be used to further develop and protect original research in its core technology and intellectual property, and to increase the company’s operational capacity in the contact center and other markets worldwide.
New investors in this round are BlueCross BlueShield Venture Partners, Sandbox Industries, and HarbourVest Partners. They join existing investors HIG Ventures, Paladin Capital Group, Boston Millennia Partners, Morgan Stanley, and Cordova Ventures, all of whom added to their equity stake in the company.
"When we invest in high growth companies we look for reliable predictors of commercial success," said Ian Lane, vice president at HarbourVest Partners. "The company must have a differentiated and defensible technology, provide a substantial and tangible ROI to their customers, show demonstrated traction addressing a large market opportunity, and be led by a management team with a proven ability to execute in a fast paced environment. In Nexidia's case, the team has utilized their patented phonetic technology to create a portfolio of applications that address the universal challenges of creating better products, delivering more effective customer service, and improving profitability."
In July, the company announced significant enhancements to its Enterprise Speech Intelligence (ESI) product suite, including Nexidia Discover to provide automated analysis and trend spotting within customer interactions, and Nexidia Evaluate to manage and improve performance across an entire organization and down to individual agents. Nexidia also recently announced Managed Analytic Services, a new program that leverages Nexidia’s experience across multiple industries and contact centers to help customers achieve operational results faster and with lower total costs.
One of Nexidia’s key vertical markets within contact centers is health insurers, which is what attracted BlueCross BlueShield Venture Partners. “We focus on innovative technologies that allow Blue Plans to provide better services to their members, at lower prices,” said Paul Brown, managing director of BlueCross BlueShield Venture Partners. “Nexidia provides analytics that help health plans address customer calls more effectively. This results in better customer service and improved operations. Several Blue Plans are satisfied Nexidia customers that have already experienced these improvements.”
“We’ve seen a significant increase in demand for our products and services across all of our markets,” said John Willcutts, president and chief executive officer of Nexidia. “This new investment will allow Nexidia to leverage our leadership position in these markets to further accelerate our company’s growth.”