CX company Cyara secures $485m investment to accelerate growth

Automated CX brand Cyara has received more than $485 million from investment fund K1 Investment Management to support its accelerated growth, driving expansion of the contact testing market.

This investment will help Cyara build upon its global leadership in the CX assurance market.

According to the company, the investment will be used to accelerate product innovation, expand CX assurance into new emerging digital channels, fund strategic acquisitions of complementary technologies, and fuel geographic expansion.  

Co-founded in Melbourne, Australia, in 2006 by CEO Alok Kulkarni, CTO Luan Tran and Executive Director Bonny Malik, Cyara helps its blue-chip customers build and maintain their CX systems more efficiently with automated testing and monitoring. 

Alok Kulkarni, CEO of Cyara said, “Cyara was founded with a vision to improve customer experience, and we’re delighted to have found a partner in K1 that is committed to the same values and wants to accelerate our growth aspirations.

“Organisations can succeed or fail based on their customer experience. More companies are realising the business-critical nature of the work we do and we’re excited to have the firepower to grow and continue to attract the best people globally. We’re at the beginning of a very exciting new chapter.”

Roy Liao, Principal at K1 said, “Cyara provides mission critical software and is led by a visionary management team. We look forward to supporting Alok and the management team to execute on their growth strategy and further cement their position as the category leader in automated customer experience.”

Through its SaaS-based Automated CX Assurance Platform, Cyara has forged an early lead in the contact centre testing market, estimated by Forrester to reach $9 billion by 2024.

Cyara counts leading organisations such as the National Australia Bank, eBay, Oracle, Vodafone and AT&T as some of its customers.