St. Louis tech startup Balto has raised $10 million in Series A financing. Washington University in St. Louis alum Marc Bernstein (BSBA ’15) co-founded Balto in 2017.
According to an article in the St. Louis Business Journal:
The funding round was led by Sierra Ventures. Other funders include Jump Capital, OCA Ventures, St. Louis-based Cultivation Capital, and undisclosed investors.
The new financing brings Balto’s total capital raised to $14.2 million.
Balto offers software that uses artificial intelligence to analyze sales and customer service calls and deliver real-time recommendations to representatives while they’re on calls. The company was founded by Bernstein and co-founders Davidson Girard and Chris Kontes.
Company officials said the software is being used across industries including insurance, telecommunications, retail, financial services, and health care, and has seen explosive revenue growth recently.
Balto plans to use the financing to bolster product development and increase headcount from 45 to 100 by year-end 2021. It is currently hiring for 15 positions.
Balto’s $10 million Series A round marks one of the largest funding rounds for a St. Louis startup in 2020.