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Vapi, a San Francisco-based voice AI startup, has successfully raised $20 million in funding, backed by prominent investors like Bessemer Venture Partners and Y Combinator. This funding round values the company at $130 million, reflecting the growing interest in AI voice agents among businesses seeking efficient customer service solutions. The funds will be utilized to expand Vapi's engineering team and infrastructure to meet increasing demand.
The market for AI voice agents is projected to reach $110 billion by 2028, indicating a significant opportunity for growth in this sector. Vapi's platform allows developers to quickly build and deploy voice AI agents, positioning the company to capitalize on this trend. With expectations to generate $8 million in revenue by year-end, Vapi is poised to become a key player in the evolving landscape of AI technology.
• Vapi raises $20 million to enhance AI voice agent technology.
• AI voice agent market projected to reach $110 billion by 2028.
Voice AI refers to artificial intelligence technologies that enable machines to understand and respond to human speech, facilitating customer interactions.
AI voice agents are software applications that use voice recognition and natural language processing to assist users in various tasks.
A funding round is a stage in the investment process where startups raise capital from investors to support growth and development.
Vapi specializes in developing AI-powered voice agents, providing businesses with tools to enhance customer service.
Bessemer Venture Partners is a venture capital firm that invests in early-stage technology companies, including those in the AI sector.
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