Observe.AI, PolyAI, Botpress, Forethought and a shrinking pack of rivals are racing to replace hold music with software that talks back. The funding says they are winning. The person still stuck on the line is not so sure.
The Cyprus garage startup bootstrapped for 18 years, countersued the giant that tried to crush it, and just raised $67 million to finally kill the phone tree.
Infobip, PolyAI, Cresta, Botpress and a pack of rivals are pouring hundreds of millions into software that picks up the phone before a person can. Here is who is winning, who got bought, and what it means the next time you dial support.
Nikola Mrkšić is the co-founder and CEO of PolyAI, a voice AI company building enterprise-grade conversational agents that handle customer service calls so naturally that callers sometimes apologize mid-sentence for being rude to what they assume is a person. Born in Belgrade in 1991, Mrkšić earned a full scholarship to Cambridge, completed a PhD on spoken dialogue systems, co-built VocalIQ before Apple acquired it, and then founded PolyAI in 2017 with two Cambridge lab colleagues. The company has raised $206M across four rounds - most recently an $86M Series D in December 2025 at a $750M valuation - and its voice agents now handle calls for Marriott, FedEx, Caesars Entertainment, and over 200 enterprise customers across 45+ languages in 25+ countries.