Balto, based in downtown St. Louis, has raised $37.5 million to continue developing its coaching software for call centers.
The financing was led by Stripes, a New York venture capital firm, and joined by RingCentral Ventures of Belmont, California. Several previous investors, including Cultivation Capital of St. Louis, also joined the Series B capital round.
Balto's software uses artificial intelligence to analyze a call-center conversation in real time. By coaching the employee on what to say, it helps call centers avoid misunderstandings and improves the odds of closing a sale.
Marc Bernstein, Balto's chief executive, said in a LinkedIn posting that the firm plans to adapt its product for digital chats and to add support for multiple languages.
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Riadh Dridi, a Stripes partner who is joining the St. Louis company's board, said in a statement that "the addressable market for Balto is massive."
The latest financing comes just 10 months after Balto raised $10 million in venture capital. The company has more than doubled its staff since then and now has 110 employees.
Balto, founded in 2017, also won a $50,000 Arch Grant in 2018 and raised $4.2 million in two seed capital rounds.