Cambridge spinout PolyAI has raised $86m (£64.3m) in a Series D funding round that has included backing from the British Business Bank.
The UK-founded firm has developed advanced AI voice agents that can mimic human conversation to handle complex customer service calls.
The firm’s tech has been deployed by major brands including Volkswagen, FedEx and Foot Locker. The PolyAI agents are able to ‘comprehend’ intent, handle multi-factor authentication, bookings and payments and can be integrated with existing enterprise systems.
The firm raised £40m in its previous round in May 2024, and has now secured new funds to support further development of its technology.
The UK government-owned British Business Bank has contributed £15m towards the Series D round.
“The UK has all the right components to be a world leader in AI, with strong technological talent and the venture market to back it up,” said the bank’s chief investment officer Leandros Kalisperas.
“For the UK to realise its AI ambitions, we must support fast growing AI companies like PolyAI by providing them with the capital they need to succeed and grow here in the UK. This will help to ensure we benefit from their growth and success.”
Commenting on the round, Chancellor Rachel Reeves said: “We are investing in companies like PolyAI so we can grow the economy and create good jobs.
“Our backing, combined with our world‑leading universities, strong private investment, and our AI Growth Zones makes the UK one of the best places in the world to build an AI startup.”
The investment round was co-led by Georgian, Hedosophia, Khosla Ventures, with additional investment from NVentures (NVIDIA’s VC arm), Sands Capital, Squarepoint Ventures, Citi Ventures, and Point72 Ventures.
“This Series D financing is proof of the industry’s confidence in our abilities and the potential of our technology,” said PolyAI co-founder and chief executive Nikola Mrkšić.
“This investment will kick start the next stage of our growth cycle and ensure that we can continue to deliver best-in-class technology for enterprises looking to transform their customer and employee experience.”
