Vlocity Raises $50 Million in Funding
Vlocity Has Received Funds to Accelerate Rapid Growth with Expanded Product Development and Global Customer Success Capabilities.
San Francisco – Sept. 20, 2016 – Vlocity Inc., a leading industry cloud company, today announced that it raised $50 million in a funding round led by Sutter Hill Ventures. The round includes participation from strategic investors including Salesforce Ventures, Accenture, New York Life, Kennet Partners, TDF Ventures, and Wildcat Venture Partners.
Vlocity empowers companies to deliver unified, industry-specific customer experiences in customer-centric industries, including Communications and Media, Insurance, Health Insurance and the Public Sector. Leading customers deploying Vlocity industry cloud applications include Sky Italia, Cellcom, Fastweb, New York Life and the City of Toronto/WoodGreen Community Services.
Vlocity industry cloud apps are modern cloud and mobile software that embed industry-specific functionality, best practices and business processes. Built in partnership with Salesforce, the world's #1 CRM company, Vlocity industry cloud apps leverage the omnichannel capabilities of the Salesforce Customer Success Platform to enable companies to achieve faster business agility and time-to-value from the cloud.
“A fundamental shift to the industry cloud is underway, and Vlocity has emerged as a first mover and clear leader,” said Jim White, managing director of Sutter Hill Ventures. “Vlocity is the first company we’ve seen that has combined a deep domain expertise in industry-specific CRM, a cloud-based platform delivery model, and an advanced product portfolio serving several massive markets. We have known David Schmaier, Vlocity’s CEO and Founder, since the early days of the CRM software industry, and he has built an impressive team and winning strategy with Salesforce that will drive massive value for companies in their target industries.”
“We're excited to have Vlocity contributing to the incredible innovation occurring in the Salesforce ecosystem,” said John Somorjai, EVP of Corporate Development and Salesforce Ventures, Salesforce. “Vlocity has proven that even the largest and most complex on-premise CRM systems can easily migrate to the cloud—an amazing testament to the growth potential and power of the Salesforce platform.”
“By combining deep industry knowledge and operations expertise with the agility and enabling power of the cloud, Vlocity is empowering companies like New York Life to better serve their customers,” said John Kim, president and chief investment officer for New York Life, the largest mutual life insurance company in the United States and one of the largest life insurers in the world. “Vlocity will deliver to our teams, our agents, our partners and our customers meaningful cross-channel collaboration opportunities. Our investment is a reflection of our confidence in Vlocity and the strategic impact their products promise to have on our customer relationships.”
“I am delighted by the incredible success our customers are realizing when adopting our industry cloud and mobile applications,” said Vlocity CEO and Founder David Schmaier. “Our customers are realizing operating and financial benefits that exceed their highest expectations. This latest investment will help us accelerate the delivery of our industry cloud software by fueling the expansion of our service and support infrastructure for our customers around the world.”
Vlocity industry cloud apps, built on the Salesforce platform, allow organizations to deliver a unified customer experience across channels and devices. Vlocity offers the following industry applications on the Salesforce AppExchange:
Vlocity Communications & Media
Vlocity Communications & Media Cloud apps take advantage of the omnichannel capabilities of the Salesforce Customer Success Platform and include comprehensive sales, marketing, service, enterprise product catalog, CPQ (Configure-Price-Quote), contract management, order management and analytics functionality. Design and built for B2C and B2B communications service providers and media companies, Vlocity Communications & Media apps include a comprehensive library of pre-built sales, service and billing inquiry management processes, conform to TM Forum industry standards, and integrate with third-party systems through pre-built APIs and web services. Go Digital™ is a customer experience and commerce platform built with MATRIXX Software that allows communications companies to deliver a differentiated customer experience and grow revenue from video and music streaming, roaming passes, lifestyle applications and more via an elegant, one-click customer experience. For more information on Vlocity Communications & Media, visit https://vlocity.com/industries/communications.
Vlocity Insurance Cloud apps are a modern, enterprise-scale suite of insurance acquisition, customer care, and distribution management industry cloud and mobile solutions. Designed and built for Property and Casualty, Life and Annuities, and Employee Benefits, Vlocity Insurance takes advantage of the omnichannel capabilities of the Salesforce Customer Success Platform to enable carriers, agents and brokers to manage client relationships, policy and annuity portfolios, renewals and claims across their clients and producer networks. Vlocity Insurance delivers omnichannel solutions that optimize insurance carrier, benefit provider, and distribution channel operations for consumer, business, and group lines of business. Vlocity is a member of ACORD. For more information on Vlocity Insurance, visit https://vlocity.com/industries/insurance.
Vlocity Health Insurance
Vlocity Health Insurance is a modern, enterprise-scale suite of processes designed for each segment and specialty in the payor ecosystem. Designed and built for health insurers and payors, Vlocity Health Insurance takes advantage of the omnichannel capabilities of Salesforce Customer Success Platform to enable health plans, third-party administrators and producers to automate the plan selection and renewal process across health benefits segments. Health insurance processes and applications include shop, quote and enroll, contract lifecycle management, custom plan design and portals. For more information on Vlocity Health Insurance, visit https://vlocity.com/industries/health-insurance.
Vlocity Public Sector
Vlocity Public Sector Cloud apps enable Health and Human Services (HHS) caseworkers, managers and service providers to facilitate the full lifecycle of case management, thereby improving outcomes for the eligible people and households they serve. Vlocity Public Sector delivers applications for managing human services and housing programs that are 100% built upon Salesforce Service Cloud and Community Cloud. Vlocity Public Sector Cloud apps are modern, easy-to-use apps that connect agencies, services providers and the people they serve to meet the community’s needs more efficiently. For more information on Vlocity Public Sector, visit https://vlocity.com/industries/public-sector.
Vlocity Guided Interaction Platform™
The Vlocity Guided Interaction Platform™ takes advantage of the omnichannel capabilities of the Salesforce Customer Success Platform to deliver industry-specific transactional capabilities, a suite of guided flows, and scripting tools that allow companies to consolidate applications, speed new users to productivity, and reduce the overall cost to sell and serve. From data migration to back-office integration, omnichannel sales and service to mobile and analytics, the Vlocity Guided Interaction Platform enables Vlocity customers to capture all the benefits of the cloud in half the time and cost of on-premise and custom solutions. Components include Vlocity OmniScript™, Vlocity Industry Console, Vlocity DataRaptor™, Vlocity Process Engines, Vlocity Wear, Vlocity Mobile and Vlocity Clickstream Analytics. For more information on the Vlocity Guided Interaction Platform, visit https://vlocity.com/platform.