Cyara Closes $25 Million Series A Funding Round
March 30, 2016
Round Led by PeakSpan Capital and Greenspring Associates Will Further Accelerate Cyara’s Rapid Growth and Recruitment Efforts
REDWOOD CITY, CA–(Marketwired – March 30, 2016) – Cyara Solutions Corp., provider of the market-leading omni-channel discovery, testing and monitoring platform which helps enterprises accelerate for the delivery of flawless customer experience at scale, today announces that the company has secured $25 million (USD) in Series A funding in a round led by PeakSpan Capital and Greenspring Associates.
The company will use the funds to scale the business and accelerate the company’s fast growth. Cyara plans to further expand its SaaS platform and grow its global marketing, business development, sales and engineering teams. Established in 2006 in Australia, Cyara was bootstrapped to profitability without venture funding until this round.
Cyara’s platform supports global customers with combined revenues of approx. $3 trillion (USD) and is utilized by the world’s most recognizable global brands. Cyara’s Partner Program includes such leading technology companies as Avaya, Cisco, Genesys, IBM, HP and Nuance. With recent hires and active recruiting, Cyara’s staff is expected to grow by 60% this year.
Cyara achieved this momentum and rapid growth through meeting the needs of enterprise customers who are heavily invested in creating a seamless customer experience. This is imperative in an environment where buying decisions are often made based entirely on that experience.
“Subpar customer experiences are simply no longer acceptable. This is particularly true in markets such as financial services, telecommunications, government, insurance and healthcare,” explained Cyara CEO and cofounder Alok Kulkarni. “Cyara’s mission is to help companies accelerate their customer experience innovation lifecycle through Agile enabled discovery, testing and monitoring. This round of funding will be critical in allowing us deliver on that mission.”
“Cyara fills an essential need by helping companies to differentiate from competitors through improving customer experiences,” explained Philip Dur, co-founder and managing partner of PeakSpan Capital. “By doing this across all channels, not just the call center, Cyara clearly outperforms all legacy companies in this field and is well positioned to dominate the market. This is why our investment in Cyara is so strategic, and why we anticipate even greater things from Cyara in the future.”
As the global, market-leading provider of an omnichannel customer experience testing and monitoring platform, Cyara was named a Gartner Cool Vendor in CRM Customer Service and Customer Support in 2015. Cyara accelerates the delivery of flawless customer experiences for voice and digital channels at scale while reducing the risk of customer-facing defects. Every day, millions of flawless customer interactions are delivered by some of the most recognizable brands in the world that use the Cyara Platform. For more information, please visit www.cyara.com, or connect with Cyara on LinkedIn, Twitter and Facebook.
About PeakSpan Capital
PeakSpan Capital is a growth equity firm based in Silicon Valley and New York City, exclusively investing in business to business software companies which serve the full spectrum of buyers from small businesses to large enterprises. PeakSpan looks to combine its focus and domain expertise with business software with a rich portfolio of proprietary technology assets to help entrepreneurs drive resilient growth and value creation. To learn more about PeakSpan, its partner, and portfolio visit: www.peakspancapital.com