The acquisition will add more than 300 products to L’Oreal’s lineup.
NetByTel, which links web self-service, contact centers and telephones via voice commerce technology, has received an investment from AOL Time Warner Ventures.
Boca Raton, FL-based NetByTel, which delivers hosted voice commerce technology linking web self-service, contact centers and telephones, has received an investment from AOL Time Warner Ventures, which joins other previously announced investors to close its most recent round of funding, NetByTel announced today.
NetByTel will use the funding to continue its growth in the voice commerce market. Lazard Technology Partners led this financing round. Besides AOL Time Warner, new investors include Noro-Mosely Partners, Accenture Technology Ventures and InCentive Capital Group. Returning investors from an initial round last year include T-Ventures, the venture branch of Deutsche Telekom and affiliates of Chelsea Capital Partners, Chrysalis Ventures and Mesco Ltd.
“NetByTel offers interesting solutions for extending web services and e-commerce through the telephone, and for offering hosted, self-service voice commerce based on advanced speech recognition solutions,” said Len Leader, President of AOL Time Warner Ventures.
NetByTel’s Voice Commerce Platform applications give callers instant access to online transactions by talking to the web over the phone. The software uses speech recognition to process conversational speech and interact with clients’ web-based IT systems. Callers interact with NetByTel’s Voice Commerce Modules by speaking into the phone as if they were speaking to a live call center representative or typing and clicking on a web site.
“This latest round of funding is not only an affirmation of NetByTel’s technology and management team,” said Neal Bernstein, NetByTel’s co-founder and CEO, “it signals a recognition of the vast potential for voice commerce to make a significant contribution to improve customer service –and profits.”
NetByTel has more than 20 customers, including Office Depot, MicroWarehouse, Boston Proper, Mark, Fore & Strike and Charles Keath.