Invoca, an AI-powered conversation intelligence platform, raised $83 million in Series F equity financing at a $1.1 billion valuation. The round was led by Silver Lake Waterman with additional participants, including Hollyport Capital, Kingfisher Investment Advisors and Fenwick & West, and existing investors Upfront Ventures, Accel, H.I.G. Capital and Industry Ventures. This round propels Invoca to surpass $100 million in run-rate revenue and represents a 4X increase in the company’s valuation since its last funding round in 2019.

With the Series F proceeds, Invoca plans to accelerate product innovation through organic development and acquisitions and expand its go-to-market distribution. Invoca recently introduced solutions for contact center teams and will increase technology investments in these areas.

“When consumers look for value-added expertise in buying the right product or resolving an urgent service issue, they often escalate from digital self-service to speak with a human expert,” said Gregg Johnson, CEO of Invoca, in a statement. “At Invoca, we’re using data, automation and AI to integrate these digital journeys with conversations in the contact center, helping brands deliver a delightful experience, drive revenue and strengthen customer relationships. We are thrilled to partner with new and existing investors as we innovate in the rapidly expanding market for conversational AI.”