All the fundraising deals in the conversational AI market (from Q2 2025 to Q2 2026)
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The conversational AI market recorded 67 publicly announced funding rounds from Q2 2025 through Q2 2026.
These conversational AI startups raised about $4.01 billion across voice agents, enterprise assistants, speech infrastructure and conversation analytics.
Q1 2026 was the largest quarter because ElevenLabs, Parloa and Decagon completed three major funding rounds.
And if you want to better understand this new industry, you can download our pitch covering the conversational AI market.
Insights
- Q1 2026 generated about 41% of all conversational AI market funding during the five-quarter period, even though the quarter represented only 27% of the deals.
- The three largest conversational AI funding rounds captured between 60% and 83% of quarterly capital, which shows how strongly large platform investments shaped the market totals.
- Voice and speech companies completed 27 deals, making voice technology the most common investment theme in the conversational AI market.
- Enterprise conversational assistants raised about $2.14 billion, as investors favored platforms that can resolve customer requests and complete business workflows.
- ElevenLabs, Parloa, Sierra, Decagon and EliseAI together raised $1.70 billion, equal to about 42% of all funding during the period.
- Healthcare became an important entry point for conversational AI startups because scheduling, patient calls and administrative requests offer clear and measurable workflows.
- Testing and monitoring startups such as Cekura and Coval attracted funding as conversational AI agents moved into regulated and customer-facing environments.
- Q2 2026 funding fell sharply from Q1 2026, but the number of smaller voice-agent and vertical-assistant rounds remained healthy.
- Multilingual conversational AI became a recurring investment theme, particularly across India, Europe, the Middle East, Africa and other emerging markets.
- Investor activity remained fragmented, but Y Combinator appeared in seven disclosed conversational AI funding rounds across infrastructure, applications and testing tools.
This market map, featured in our conversational AI market deck, highlights top companies and startups in the conversational AI market
Summary table of the funding deals in the conversational AI market (last 5 quarters)
We define the conversational AI market as products that enable or deliver AI assistants whose main interface is natural-language conversation through text or voice.
We include assistant platforms, speech technology, orchestration tools, knowledge connectors, analytics, testing products and packaged conversational workflows.
We exclude general-purpose language-model APIs, communications infrastructure without a conversational product and broader software suites where conversational AI is only a minor feature.
You can also read our detailed analysis to understand how funding activity in the conversational AI market has evolved over the last few years.
Also, you should know that we have a dedicated page, updated weekly, with all the latest fundraising deals in the conversational AI market.
| Name | What they do | Amount in $ | Quarter |
|---|---|---|---|
| telli | Runs AI voice agents for customer acquisition, bookings and high-volume business calls. | $3.5M | Q2 2025 |
| Manychat | Automates customer conversations across Instagram, WhatsApp, Messenger and other messaging channels. | $140M | Q2 2025 |
| Ringg AI | Provides a no-code platform for building multilingual voice agents. | $1M | Q2 2025 |
| Solda.AI | Uses autonomous voice agents to call, qualify and convert potential customers. | $4M | Q2 2025 |
| Parloa | Provides enterprise voice and digital agents for customer-service conversations. | $120M | Q2 2025 |
| Decagon | Deploys AI agents that resolve complex customer requests across voice, chat and email. | $131M | Q2 2025 |
| Synthflow AI | Lets businesses build no-code voice agents for inbound and outbound calls. | $20M | Q2 2025 |
| Siro | Analyzes in-person sales conversations and coaches field-sales representatives. | $50M | Q2 2025 |
| Gupshup | Provides conversational engagement and AI-agent tools for large businesses. | $60M+ | Q3 2025 |
| Rifa AI | Builds multilingual enterprise voice agents for Asian markets. | $1.1M | Q3 2025 |
| Capacity | Automates customer and employee support through enterprise conversational AI. | $42.6M | Q3 2025 |
| Vox AI | Automates restaurant drive-through ordering with multilingual voice agents. | $8.7M | Q3 2025 |
| Prosper AI | Uses voice agents for healthcare calls, scheduling and administrative work. | $5M | Q3 2025 |
| Cekura | Tests and monitors voice and chat agents through simulated conversations. | $2.4M | Q3 2025 |
| Wittify.ai | Builds Arabic-first voice, chat and omnichannel assistants for businesses. | $1.5M | Q3 2025 |
| Julius AI | Provides a conversational assistant for data analysis and chart creation. | $10M | Q3 2025 |
| EliseAI | Automates leasing, resident communications and healthcare scheduling through conversational agents. | $250M | Q3 2025 |
| Sierra | Builds customer-facing AI agents that answer questions and complete transactions. | $350M | Q3 2025 |
| Hello Patient | Automates healthcare calls, scheduling, triage and patient follow-up. | $22.5M | Q3 2025 |
| Keplar | Conducts voice interviews and converts customer conversations into research findings. | $3.4M | Q3 2025 |
| DRUID AI | Provides conversational AI for employee and customer business workflows. | $31M | Q3 2025 |
| Lorikeet | Deploys AI customer concierges that resolve complicated support requests. | $35M | Q3 2025 |
| Alex | Conducts conversational job interviews and candidate screening for employers. | $17M | Q3 2025 |
| Vocca | Uses voice agents to answer healthcare calls and book appointments. | $5.5M | Q3 2025 |
| Assort Health | Automates healthcare scheduling, insurance questions and call-center interactions. | $76M | Q3 2025 |
| August AI | Offers consumers a conversational health assistant focused on Indian healthcare. | $3M | Q4 2025 |
| Fundamento | Builds voice and agent automation for enterprise customer conversations. | $1.9M | Q4 2025 |
| Jack & Jill | Uses conversational agents to match job seekers with employers. | $20M | Q4 2025 |
| Sesame | Develops natural voice companions and conversational technology for smart glasses. | $250M | Q4 2025 |
| Cartesia | Develops low-latency speech models for real-time voice applications. | $100M | Q4 2025 |
| ExaCare AI | Automates admissions conversations for post-acute healthcare providers. | $30M | Q4 2025 |
| Wonderful | Provides multilingual AI agents for customer service and business operations. | $100M | Q4 2025 |
| AUI | Develops a foundation model for task-oriented business conversations. | $20M | Q4 2025 |
| Vida | Provides an operating system for deploying enterprise AI phone agents. | $4M | Q4 2025 |
| Synthio Labs | Builds healthcare and enterprise voice automation for India and international markets. | $5M | Q4 2025 |
| GetVocal | Provides conversational agents for enterprise customer support. | $26M | Q4 2025 |
| Beside | Handles calls, messages, bookings and follow-ups for small businesses. | $32M | Q4 2025 |
| SLNG.ai | Develops multilingual speech technology for real-time voice agents. | $3.8M | Q4 2025 |
| Gradium | Provides low-latency voice technology for real-time conversational applications. | $70M | Q4 2025 |
| PolyAI | Provides enterprise voice assistants that complete customer-service calls and transactions. | $86M | Q4 2025 |
| Deepgram | Provides speech recognition, text-to-speech and voice-agent APIs. | $130M | Q1 2026 |
| Parloa | Provides enterprise AI agents for large-scale customer-service conversations. | $350M | Q1 2026 |
| LiveKit | Provides real-time voice and video infrastructure for conversational agents. | $100M | Q1 2026 |
| Mia Labs | Automates customer conversations for automotive dealerships. | $20M | Q1 2026 |
| Arrowhead | Builds voice AI sales agents for financial-services companies. | $3M | Q1 2026 |
| VoiceRun | Helps enterprises build, deploy and monitor production voice agents. | $5.5M | Q1 2026 |
| Bolna | Provides multilingual voice-agent infrastructure for Indian languages and workflows. | $6.3M | Q1 2026 |
| Ringg AI | Builds multilingual voice agents for support, sales and logistics. | $5.5M | Q1 2026 |
| Wonderful | Provides multilingual enterprise agents for support and operational workflows. | $150M | Q1 2026 |
| VerbaFlo | Automates leasing, lead qualification and resident communications for property operators. | $7M | Q1 2026 |
| WINN.AI | Guides sales representatives during calls and updates CRM records automatically. | $18M | Q1 2026 |
| Simple AI | Operates voice agents that sell and support products for consumer brands. | $14M | Q1 2026 |
| Newo.ai | Provides small businesses with voice and text assistants for daily operations. | $25M | Q1 2026 |
| ElevenLabs | Develops speech generation, voice cloning and conversational AI products. | $500M | Q1 2026 |
| Slang AI | Answers calls and manages reservations for restaurants and hospitality businesses. | $28M | Q1 2026 |
| Linq | Places AI assistants inside business SMS conversations. | $20M | Q1 2026 |
| Decagon | Provides customer-service agents across voice, chat, email and other channels. | $250M | Q1 2026 |
| Gnani.ai | Automates enterprise conversations with multilingual voice models. | $10M | Q1 2026 |
| Astor | Provides conversational investment guidance connected to users' financial accounts. | $5M | Q2 2026 |
| Phonely | Provides AI receptionists and phone agents for small businesses. | $16M | Q2 2026 |
| Miravoice | Conducts automated voice interviews and analyzes the responses. | $6.3M | Q2 2026 |
| Basata | Uses healthcare agents to coordinate referrals, scheduling and administrative communications. | $21M | Q2 2026 |
| Vapi | Provides developer infrastructure for building, testing and deploying voice agents. | $50M | Q2 2026 |
| AethexAI | Builds multilingual voice infrastructure for Africa and the Middle East. | $3M | Q2 2026 |
| Town | Provides a personal AI assistant connected to workplace and communication tools. | $55M | Q2 2026 |
| Bland | Runs configurable voice agents for complex and regulated customer interactions. | $50M | Q2 2026 |
| Coval | Tests, evaluates and monitors voice and chat agents. | $28M | Q2 2026 |
In our conversational AI market deck, we identify pain points entrepreneurs should prioritize
How has funding activity in the conversational AI market changed over time?
Q1 2026 was the most active quarter, mainly because ElevenLabs, Parloa and Decagon raised a combined $1.10 billion.
Q2 2026 was the least active quarter because no conversational AI startup raised more than $55 million.
Conversational AI market funding fell by about 86% from Q1 2026 to Q2 2026 and by about 50% from Q2 2025 to Q2 2026.
Without the largest one or two deals in each quarter, conversational AI funding activity looks much more stable. The underlying market continued to produce regular rounds across voice agents, healthcare assistants and enterprise tools.
| Quarter | Number of deals | Total raised ($) | Comment |
|---|---|---|---|
| Q2 2025 | 8 | $470M | Manychat, Decagon and Parloa generated most of the conversational AI funding. |
| Q3 2025 | 17 | $922M | Sierra and EliseAI drove a strong quarter with broad activity across vertical assistants. |
| Q4 2025 | 15 | $752M | Sesame led the quarter, while speech infrastructure also attracted several large rounds. |
| Q1 2026 | 18 | $1.64B | ElevenLabs, Parloa and Decagon created the largest conversational AI funding quarter. |
| Q2 2026 | 9 | $234M | Funding normalized as investors backed smaller infrastructure and vertical-assistant rounds. |
| All quarters | 67 | $4.01B | Funding remained active but was strongly influenced by a small number of platform rounds. |
This chart, included in our conversational AI market deck, breaks down Cognigy's playbook in conversational AI
Which startups in the conversational AI market raised the largest rounds over the last months?
These startups raised the most recently in the conversational AI market:
- ElevenLabs raised $500 million to improve audio models, expand internationally and build a broader voice-agent platform.
- Sierra raised $350 million because large enterprises are adopting AI agents that can complete customer transactions.
- Parloa raised $350 million to expand globally and become a complete enterprise customer-experience platform.
- EliseAI raised $250 million to expand conversational workflows across housing and healthcare.
- Sesame raised $250 million to launch its voice assistant, train larger models and develop smart-glasses technology.
- Decagon raised $250 million to expand internationally and support more customer-service workflows.
- Wonderful raised $150 million to launch locally adapted enterprise agents in additional countries.
- Manychat raised $140 million to expand globally and add more AI capabilities to messaging-based customer engagement.
- Decagon raised $131 million to improve its agent platform and serve larger enterprise customers.
- Deepgram raised $130 million to build a more complete real-time voice-agent technology stack.
And, yes, we do cover most of them in our our beautiful pitch about the conversational AI market.
You may also want to check our ranking of the most funded startups in the conversational AI market as well as our list of the most valued startups.
This chart, included in our conversational AI market deck, shows annual funding in conversational AI startups
Is the conversational AI market shifting toward smaller or bigger deals?
The average conversational AI funding round was about $60 million across the full five-quarter period.
The quarterly average ranged from $26 million in Q2 2026 to $91 million in Q1 2026. The average changed because a few large conversational AI platform rounds strongly affected each quarter.
Without the largest rounds, the conversational AI market shows a steadier flow of seed and Series A investments below $30 million.
| Quarter | Number of deals | Average deal size | Deals below $2M | Deals above $50M |
|---|---|---|---|---|
| Q2 2025 | 8 | $58.7M | 1 | 3 |
| Q3 2025 | 17 | $54.2M | 2 | 4 |
| Q4 2025 | 15 | $50.1M | 1 | 5 |
| Q1 2026 | 18 | $91.0M | 0 | 7 |
| Q2 2026 | 9 | $26.0M | 0 | 1 |
| All quarters | 67 | $59.9M | 4 | 20 |
This chart, included in our conversational AI market deck, compares the main business model options for conversational AI enterprise platforms
How concentrated was funding activity in the conversational AI market?
Conversational AI market funding was highly concentrated, as the largest deal captured between 24% and 38% of quarterly capital. The three largest deals captured at least 60% in every quarter.
This concentration means quarterly conversational AI funding totals often reflect a few large platform investments rather than a broad rise across all startups.
| Quarter | Number of deals | Top 1 | Top 3 | Top 10 |
|---|---|---|---|---|
| Q2 2025 | 8 | 29.8% | 83.3% | 100.0% |
| Q3 2025 | 17 | 38.0% | 73.3% | 97.0% |
| Q4 2025 | 15 | 33.3% | 59.9% | 97.6% |
| Q1 2026 | 18 | 30.5% | 73.3% | 96.5% |
| Q2 2026 | 9 | 23.5% | 66.2% | 100.0% |
| All quarters | 67 | 12.5% | 29.9% | 57.3% |
This chart, featured in our conversational AI market deck, illustrates revenue distribution by customer segment in the conversational AI market
Which categories in the conversational AI market received the most funding?
Enterprise conversational assistants raised about $2.14 billion, equal to roughly 53% of all conversational AI market funding. Investors valued platforms that can resolve requests and complete business workflows.
Voice and speech platforms raised about $1.46 billion, equal to roughly 36% of funding. Demand grew for faster speech models, multilingual support and reliable phone-agent infrastructure.
Consumer and vertical assistants raised about $354 million, equal to roughly 9% of funding. These startups used industry knowledge to solve focused problems in healthcare, recruiting, property and personal productivity.
| Category | Number of deals | Total raised | Startups and amount |
|---|---|---|---|
| Enterprise conversational assistants | 18 | ≈$2.14B | Sierra $350M; Parloa $470M; Decagon $381M; Wonderful $250M; EliseAI $250M; PolyAI $86M; Capacity $42.6M; Lorikeet $35M; Beside $32M; DRUID AI $31M; ExaCare AI $30M; GetVocal $26M; Newo.ai $25M; Hello Patient $22.5M; Basata $21M; Mia Labs $20M; Linq $20M; Manychat $140M. |
| Voice and speech platforms | 27 | ≈$1.46B | ElevenLabs $500M; Deepgram $130M; Cartesia $100M; LiveKit $100M; Gradium $70M; Vapi $50M; Bland $50M; Assort Health $76M; Slang AI $28M; Synthflow AI $20M; Phonely $16M; Simple AI $14M; Gnani.ai $10M; Vox AI $8.7M; Bolna $6.3M; Ringg AI $6.5M; VoiceRun $5.5M; Vocca $5.5M; Prosper AI $5M; Synthio Labs $5M; Solda.AI $4M; Vida $4M; SLNG.ai $3.8M; telli $3.5M; AethexAI $3M; Arrowhead $3M; Fundamento $1.9M. |
| Consumer and vertical assistants | 13 | ≈$354M | Sesame $250M; Town $55M; Jack & Jill $20M; WINN.AI $18M; Alex $17M; Julius AI $10M; VerbaFlo $7M; Astor $5M; Siro $50M; Gupshup $60M+; Wittify.ai $1.5M; August AI $3M; Synthio Labs $5M. |
This chart, included in our conversational AI market deck, shows how AI chatbot platform technology has evolved over time
Who are the biggest investors in the conversational AI market?
Y Combinator was the most active disclosed investor, with seven conversational AI market deals across voice infrastructure, assistants and testing tools.
Accel participated in several major conversational AI rounds, including Decagon, Synthflow AI, Solda.AI, August AI and Bolna.
Kleiner Perkins backed four supplied deals, including Cartesia, Bland and Keplar, with a strong focus on voice infrastructure and conversational research.
General Catalyst appeared across large enterprise platforms and multilingual voice infrastructure, including Parloa and Bolna.
NVIDIA and NVentures backed speech and conversational AI infrastructure companies that can increase demand for AI computing.
Sequoia Capital participated in several of the largest conversational AI rounds, including ElevenLabs and Sesame.
Peak XV Partners supported conversational AI startups across recruiting, voice infrastructure and enterprise applications.
Twilio Ventures invested in Deepgram and Coval, two companies that support the development and testing of production voice agents.
Bessemer Venture Partners participated in conversational AI rounds across consumer tools, enterprise assistants and vertical applications.
Speedinvest backed European conversational AI startups including Vocca and GetVocal.
Disclaimer: this investor list may be incomplete; we focus on publicly disclosed lead and prominent recurring investors, so some frequent minority participants may be underrepresented. “Total funded” does not represent the amount personally invested by an individual investor. Instead, it refers to the aggregate amount raised across all fundraising rounds in which the investor participated.
| Investor | Number of deals | Total funded | Startups |
|---|---|---|---|
| Y Combinator | 7 | $199.3M | telli, Julius AI, Deepgram, VoiceRun, Bolna, Phonely, Coval |
| Accel | 5 | $164.3M | Decagon, Solda.AI, Synthflow AI, August AI, Bolna |
| Kleiner Perkins | 4 | $653.4M | Keplar, Cartesia, Bland, ElevenLabs |
| General Catalyst | 4 | $976.3M | Parloa, Bolna, ElevenLabs, Sierra |
| NVIDIA / NVentures | 4 | $816M | Cartesia, PolyAI, ElevenLabs, Deepgram |
| Sequoia Capital | 3 | $1.10B | Sesame, ElevenLabs, Sierra |
| Peak XV Partners | 3 | $72M | Alex, Synthio Labs, Vapi |
| Bessemer Venture Partners | 3 | $360M | Julius AI, EliseAI, Wonderful |
| Twilio Ventures | 2 | $158M | Deepgram, Coval |
| Speedinvest | 2 | $31.5M | Vocca, GetVocal |
This chart, included in our conversational AI market deck, shows how enterprise chatbots have driven growth in the conversational AI market over time
Related blog posts
- All funding deals in conversational AI
- Which companies have raised the most funding in conversational AI?
- How strong is fundraising in the conversational AI market right now?
