AI Leader Secures $19 Million in Series A Funding

Ada Support Inc. (“Ada”), one of the world’s leading companies in Artificial Intelligence-based customer service, recently announcedthat it has raised CAD $19 million in Series A funding. This successful Series A round comes only two years from the company’s founding in 2016, which is a reflection of Ada’s early success with its breakthrough software.

Since its inception, Ada has assisted more than 30 million customers worldwide through its automated service. It is currently reported to provide approximately 2 million automated responses per month, only 2% of which require an actual customer service representative to interfere.

Ada indicated that this injection of capitalwill enable it to, inter alia, expand into global markets, improve its software, and double its team in 2019 alone.

Ada’s growth is perhaps most exciting for Toronto and the rest of Canada. Ada is Toronto-based and, according to the company, views Toronto as the fastest growing tech market in North America. Ada’s expansion will inevitably lead to meaningful employment opportunities for Canadians, particularly given that the AI-based customer service model is projected to be worth $2 billion dollarsin the next five years.

Authors: Hassan Rasmi, 2018/2019 Articling Student-at-law