Vapi Raises $50 Million Series B at $500 Million Valuation as Voice AI Platform Surpasses 1 Billion Calls
Voice AI infrastructure startup Vapi closes a $50M Series B led by Peak XV at a ~$500M valuation after surpassing 1 billion calls, with Amazon Ring routing 100% of its inbound volume through the platform.
Overview
Voice AI infrastructure startup Vapi announced on May 12, 2026 that it has raised a $50 million Series B led by Peak XV Partners at a post-money valuation of approximately $500 million, bringing total funding to $72 million. The round, which also includes participation from M12 (Microsoft’s Venture Fund), Kleiner Perkins, and Bessemer Venture Partners, arrives as the company crosses 1 billion calls processed on its platform, according to TechCrunch.
What We Know
Vapi provides an enterprise voice AI platform that enables teams to build, deploy, and manage voice agents at scale. The platform handles a wide range of use cases — inbound customer service, outbound collections, candidate screening, sales coaching via simulated dialogue, and autonomous IVR navigation — and has attracted enterprise customers including Amazon Ring, Kavak, ServiceTitan, New York Life, and Intuit, as reported by GlobeNewswire.
The platform has been adopted by more than 1 million developers and has seen 2.7 million unique AI agents created on it. Enterprise annual recurring revenue grew 10x in the period preceding this round, and the platform now processes between 1 million and 5 million calls daily, per TechCrunch.
Among the most striking customer disclosures is Amazon Ring’s full migration of inbound call volume to the platform. Jason Mitura, Vice President of Software Development at Amazon Ring, described how Ring evaluated the platform: “When Ring customers call in, they expect fast, high-quality support. After evaluating dozens of vendors, Vapi stood out. We went from zero to production in two weeks, and 100% of our inbound volume now runs through the Vapi,” as quoted by SiliconANGLE.
Lead investor Arnav Sahu, Partner at Peak XV, framed the opportunity in infrastructure terms. According to Yahoo Finance, Sahu said: “Vapi has built a differentiated self-serve product for developers and enterprises in the massive voiceAI revolution.”
Vapi was co-founded by Jordan Dearsley and Nikhil Gupta, both University of Waterloo alumni. Before Vapi, the pair built a Y Combinator-backed calendar application that reached profitability. Vapi’s origins trace to mid-2023 when Dearsley created a voice-based AI therapist prototype; the product launched publicly in March 2024, per Yahoo Finance. The company now employs approximately 100 people, according to TechCrunch.
The funding will go toward engineering, infrastructure, and go-to-market expansion. Traction has been strongest in financial services, healthcare, insurance, automotive, and workforce management, according to SiliconANGLE.
CEO Jordan Dearsley described the company’s goal as shifting voice interactions from a source of customer frustration to a competitive asset. “Most businesses have spent decades of time and effort, only to make their customer experience worse. The real unlock is building agents for your customers that feel human. Vapi gives teams the platform to deploy voice agents that actually solve problems for customers,” he told SiliconANGLE.
What We Don’t Know
Vapi has not disclosed absolute ARR figures, only the 10x growth rate. The company did not publicly disclose the valuation breakdown between pre- and post-money terms in detail beyond the approximate $500 million post-money figure. Terms of individual customers’ contracts and the scale of each deployment beyond Amazon Ring’s full-inbound commitment have not been made public.
Analysis
Vapi’s round illustrates how enterprise voice AI infrastructure is maturing into a distinct category, distinct from the broader large language model race. While much venture attention in 2026 has concentrated on foundation models and agentic reasoning systems, Vapi has built its position on reliability, developer access, and integration depth — the operational layer that makes voice agents production-ready at scale.
The Amazon Ring deployment is particularly notable because it represents not a pilot but a full-stack replacement of Ring’s existing inbound call infrastructure after a competitive evaluation of more than 40 vendors. For an incumbent like Ring, with millions of active customers and real-time support demands, routing all inbound volume through a two-year-old startup’s platform represents a significant operational bet. The 10x ARR growth across the enterprise segment, achieved before this round closes, suggests the bet is paying off for early adopters.
With $72 million total raised and a $500 million valuation, Vapi enters a class of well-capitalized voice AI platforms alongside companies like ElevenLabs and Deepgram — but with a differentiated focus on the full agent infrastructure stack rather than synthesis or transcription alone.