Pendula Closes $14.5 Million Funding Round to Expand into UK Market

Pendula, a start-up based in Sydney, recently completed a funding round of $14.5 million, which was led by Octopus Ventures. Although Pendula was offered a position in the 2021 series B funding round, they chose to partner with Australia's MA Financial instead. Alex Colvin, the CEO of Pendula, mentioned that the funding round involved parties that the company was already familiar with. While he didn't disclose the exact valuation of the company, he stated that it was higher than the previous round. Pendula has achieved positive cash flow in Australia and is now getting ready to enter the UK market. They intend to use the funds to hire new staff for their locations in London and Singapore. Pendula's software allows brands to effectively communicate with their customers, leading to a reduction in customer turnover and an increase in revenue. For instance, telecommunications companies can utilize Pendula to automatically offer a plan upgrade to a customer who has exhausted their data. The platform also incorporates generative AI technology, which enables call center agents to access notes. Additionally, the software takes advantage of external data sources to personalize communications for customers. In the past year, Pendula has managed over 85 million conversations and has gained new customers like Mate Telecom and Brighte. The demand for Pendula's services is rapidly growing, especially in the UK.