Toma's AI Voice Agents Secure $17M Funding, Transform Car Dealerships

Toma's AI Voice Agents Revolutionize Car Dealerships with $17M Funding

AI startup Toma has secured $17 million in Series A funding led by a16z, marking a significant milestone in its mission to transform customer service in the automotive industry. The company's AI-powered voice agents are already deployed in over 100 dealerships nationwide.

From Banking to the Bible Belt: A Journey to Automotive Innovation

Co-founders Monik Pamecha and Anthony Krivonos initially targeted the banking and healthcare sectors. However, a surge in calls from overwhelmed car dealerships presented a unique opportunity. A nationwide test revealed that dealerships only answered 45% of incoming calls, highlighting a critical need for improved customer service.

Pamecha and Krivonos embarked on a hands-on tour of dealerships across Oklahoma and Mississippi, immersing themselves in the daily operations and challenges faced by these businesses. This immersive experience proved invaluable, fostering strong relationships with dealers and providing crucial insights for refining their AI technology.

We invest in a lot of next-generation vertical AI companies. The best founders truly understand their customers' needs," said Seema Amble, a partner at a16z. "Pamecha and Krivonos lived and breathed with these dealers, gaining a deep understanding of their operations.

Streamlining Operations and Enhancing Customer Experience

Toma's AI voice agents are designed to handle a wide range of customer interactions, including scheduling service appointments, processing parts orders, and answering sales inquiries. This automation frees up human employees to focus on more complex tasks, ultimately boosting efficiency and customer satisfaction.

The AI undergoes rigorous training using a dealership's existing customer call data, ensuring it can handle the specific nuances and promotions of each business. The system continuously learns and improves through analysis of call handoffs to human employees.

Investor Confidence and Future Growth

In addition to a16z, Toma has garnered investment from Y Combinator, the Scale Angels fund, and prominent auto industry influencer Yossi Levi, also known as the Car Dealership Guy. Levi emphasized the challenges dealerships face in managing fluctuating call volumes and staffing, highlighting the value of AI in standardizing customer service and delivering a consistent experience.

With its recent funding, Toma plans to expand its sales team and further develop its AI technology. The company operates on a subscription model, offering tiered pricing based on the features and capabilities utilized by each dealership.

Pamecha reflected on the transformative journey, stating, "It has been one of the best experiences of my life. We've built strong relationships with the dealers, and I believe it stems from understanding their challenges and working together to find solutions."