The customer support sector has recently experienced a significant surge in new companies, such as Sierra, Decagon, and Parloa, all focused on integrating artificial intelligence to automate customer interactions across calls, chats, and messages, thereby enabling businesses to manage a higher volume of inquiries efficiently.
However, Omilia, an Athens-based firm with a history in voice call and customer support automation dating back to 2002, contends that indiscriminately applying AI to every process can be inefficient. Dimitris Vassos, the company's CEO, highlights that a substantial portion of customer support inquiries pertain to fundamental information, like account balances, for which the deployment of sophisticated large language models is often unnecessary.
Vassos articulated this perspective, stating, "We will use any available weapon to win the battle for customer service. Companies like Sierra, Decagon, etc. identify as generative AI companies. Their sole purpose is to deploy generative AI and limit themselves. You may have a bazooka, but if your enemy is near you, you need a knife. This is the reality of the contact center, where you need multiple tools."
Omilia has, for its part, broadened its capabilities to develop self-learning agents designed to operate across various customer contact channels. To support this expansion, the company has successfully secured $67 million in a Series B funding round, led by Expedition Growth Capital.
This latest capital injection marks the second time the company has raised funds, following a $20 million investment from Grafton Capital in 2020. Since that time, Omilia has achieved a tenfold increase in its annual recurring revenue, reaching $60 million.
According to Vassos, Omilia's primary competitive advantage stems from its strong unit economics, benefiting both the company and its clientele. This strategic approach has allowed it to avoid the substantial cash infusions often required by its competitors.
Emphasizing a long-term vision, Vassos stated, "In the next few years, we will see the companies that can offer real ROI prevail. We don’t mind that we’re not as sexy as ElevenLabs and Sierra on LinkedIn right now. We care about growing steadily and building the foundations for a billion-dollar revenue company in the next three years."
Omilia's diverse client roster includes prominent names such as Capital One, Discover, RBC, DWP, and PSEG. Vassos indicated a significant new focus on quick-service restaurants (QSRs) that have implemented voice-based ordering systems. Taco Bell is already a client, with Omilia's technology deployed in over 1,000 of its outlets, and the company is currently in discussions with two additional U.S.-based quick-service restaurant chains.
However, AI implementations are not without their challenges and can sometimes yield inconsistent results. For instance, a reported malfunction in Taco Bell's ordering system last year allegedly enabled a customer to place an order for 18,000 cups of water.
Vassos, however, asserts that this incident never occurred, stating that Omilia’s internal logs do not record such an event. The reporter has contacted Taco Bell for clarification and will provide an update pending their response.
The newly acquired capital will be strategically allocated to establish a new office in the United States, a market that contributes substantially to Omilia's revenue. Furthermore, the company plans to strengthen its go-to-market team by recruiting key leadership roles, including a Chief Revenue Officer, Chief Marketing Officer, and a VP of Revenue Operations.
Currently, Omilia employs approximately 500 individuals, with projections indicating a workforce expansion to 600 employees by year-end.
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