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TuVox Announces $15 Million Financing Led by Norwest Venture Partners
TuVox, the pioneer in enterprise software for speech applications, announced that it has closed a $15 million Series D equity financing in an over-subscribed round led by new investor Norwest Venture Partners (NVP). All of the company's previous investors, including Foundation Capital, Granite Ventures and Adobe Ventures participated in the round. Jeff Crowe, a venture partner at Norwest Venture Partners and a TuVox Board member of two years, will remain on the company's Board representing Norwest Venture Partners.
"The market for enterprise speech applications is accelerating as companies replace their existing legacy IVR systems with more cost-effective speech solutions based on open standards.
"The market for enterprise speech applications is accelerating as companies replace their existing legacy IVR systems with more cost-effective speech solutions based on open standards.
TuVox's unique enterprise software solution for speech automation has allowed the company to seize a significant leadership position in this market," said Crowe, who is also former CEO and founder of Edify, one of the early leaders in the voice applications arena.
TuVox will use the new capital to fuel aggressive expansion in sales and market awareness in North America and Europe, and will be opening its European Operations in the U.K. in 2005. In addition, TuVox will accelerate the delivery of additional pre-built speech applications.
"TuVox's enterprise software dramatically reduces the cost and time it takes for companies to deploy speech applications. More importantly, TuVox's patent-pending technology enables companies to deliver a broad range of self-service speech applications that provide a significantly better caller experience over their current IVR solutions," said Larry Miller, president and CEO at TuVox. "Our rapid sales growth and new customer acquisition over the past year suggests that the market is ready to embrace a better approach to customer service. We are very pleased to have Norwest Venture Partners as part of the TuVox team, and particularly Jeff Crowe's extensive knowledge of the voice automation market. This financing allows us to further accelerate the continued expansion of our product capabilities and our market penetration."
Market acceptance of TuVox's enterprise software for speech applications is growing quickly. Working with industry leading partners such as ScanSoft, Genesys and Nuance on its biggest deals, the company recently enjoyed its fifth consecutive quarter of record sales growth, with customer wins at companies such as Columbia House, Netflix, Oriental Trading Company and the United States Postal Service.
TuVox will use the new capital to fuel aggressive expansion in sales and market awareness in North America and Europe, and will be opening its European Operations in the U.K. in 2005. In addition, TuVox will accelerate the delivery of additional pre-built speech applications.
"TuVox's enterprise software dramatically reduces the cost and time it takes for companies to deploy speech applications. More importantly, TuVox's patent-pending technology enables companies to deliver a broad range of self-service speech applications that provide a significantly better caller experience over their current IVR solutions," said Larry Miller, president and CEO at TuVox. "Our rapid sales growth and new customer acquisition over the past year suggests that the market is ready to embrace a better approach to customer service. We are very pleased to have Norwest Venture Partners as part of the TuVox team, and particularly Jeff Crowe's extensive knowledge of the voice automation market. This financing allows us to further accelerate the continued expansion of our product capabilities and our market penetration."
Market acceptance of TuVox's enterprise software for speech applications is growing quickly. Working with industry leading partners such as ScanSoft, Genesys and Nuance on its biggest deals, the company recently enjoyed its fifth consecutive quarter of record sales growth, with customer wins at companies such as Columbia House, Netflix, Oriental Trading Company and the United States Postal Service.
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