Voxeo raises $9M for voice communications business

November 13th, 2009

voxeo Voxeo said today it has raised $9 million in funding for its voice communications business.

The Orlando, Fla.-based company is focused on making open platforms based on what it calls “unlocked communications,” such as voice-over-Internet-protocol on mobile platforms or unified messaging and voice communications. It essentially helps companies run their phone systems using modern web-based technologies. The investors include North Atlantic Capital and the Florida Growth Fund. The company will use the money for acquisitions and other expansions.

In the past 14 months, Voxeo has acquired three companies. This is the first investment made by the Florida Growth Fund, a $250 million partnership between the State Board of Administration of Florida and private equity firm Hamilton Lane, which has $88 billion under management.

The company’s products include a self-service enterprise platform that lets companies automate their customer and employee communications via phone, text message, instant message, Twitter and more. It also has application servers for enterprises, enterprise VoIP platforms. The company has more than 100,000 developers that use its platforms to create products for 45,000 companies.

Voxeo was founded in 1999 and has 140 employees. Rivals include Genesys, Convergys/Intervoice, and Microsoft’s Tellme subsidiary. The company has seen triple-digit revenue growth for five years and has been profitable for 22 quarters.