Paul Holland Joins TuVox Board
Los Altos, CA (November 25, 2003) - TuVox, the leader in Conversational Voice Response (CVR™) applications for call centers, announced today that the company has closed a $6 million equity financing led by new investor Foundation Capital with participation by existing TuVox investors, Granite Ventures and Adobe Ventures. The funding will enable TuVox to expand operations in engineering, sales and marketing and follows several significant customer wins, new partnerships and product releases.
"We are very pleased to add Foundation Capital to our investor group and to have Paul Holland join our Board of Directors," said Larry Miller, CEO and President of TuVox. "The completion of our recent financing reflects the acceptance of TuVox' industry leading CVR technology, and validates the size and growth potential of the market for standards-based speech applications and TuVox' fundamental ability to provide greater automation and value more quickly and cost-effectively than traditional proprietary IVR and ASR products."
TuVox recently announced availability of CVR 3.0, which includes industry firsts such as Machine Assisted Dialog Generation (MADGen™). The company also announced its partner program, Team TuVox. TuVox' CVR applications are achieving consistently high levels of user acceptance at customers such as TiVo, Activision, and Definity Health.
"We believe that the market demand for sophisticated speech applications is growing faster than the traditional vendors' ability to deliver," said Paul Holland, General Partner at Foundation Capital, who has also joined TuVox' Board of Directors. "As evidenced by its rapidly accelerating market traction, TuVox has developed and delivered next-generation technology that will absolutely change the way companies think about, deploy and deliver speech applications in their contact centers."
Mr. Holland brings with him the veteran knowledge of working with and aiding technology start-ups in their earliest stages. His primary focus has been the development and acceleration of enterprise software companies. Prior to becoming a general partner at Foundation Capital, Mr. Holland was senior vice president of worldwide sales at Kana Communications, joining them in 1997 as their 18th team member and increasing their sales over 5000% in just three years while helping to take the company public. Before Kana, Mr. Holland helped grow revenues for another highly successful start-up, Pure Software, bringing them from a market value of $2 million to over $1 billion in his five year tenure there as vice president and general manager.
About Foundation Capital
Founded in 1995, Foundation Capital is a venture capital firm committed to supporting entrepreneurs and their companies, targeting innovative opportunities in telecommunications and networking; Internet infrastructure; and enterprise software. Enterprise application software companies funded by Foundation Capital include Commerce One, Interwoven, Onyx Software and Chordiant. In May of 2001, Foundation announced the close of Foundation Capital Fund IV, a $595 million fund. Fund IV participants included new limited partners such as Harvard and Yale, as well as all existing limited partners. For more information, visit www.foundationcapital.com.
TuVox' mission is to dramatically improve customer service through natural, conversational automation that streamlines calls and empowers live agents. TuVox has pioneered a new category of content-rich speech automation, which can scale to thousands of dialogs called Conversational Voice Response (CVR). TuVox CVR makes higher levels of automation practical and affordable, including: natural language call routing, data collection, problem diagnosis, step-by-step training, and transaction completion. TuVox customers include Activision, Handspring, TiVo and Definity Health.
For a demonstration or more information, visit: www.tuvox.com
TuVox, CVR, and MADGen are trademarks of TuVox Incorporated. All other company or product names mentioned may be trademarks or registered trademarks of the respective companies with which they are associated.
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