TruVideo, the leader in AI and AR driven communication technology for the transportation industry announced today that it has secured a $40 million minority growth investment from TZP Growth Equity.

WELLESLEY, Mass., Dec. 10, 2024 /PRNewswire/ — TruVideo, the leader in AI (“Artificial Intelligence”) and AR (“Augmented Reality”) driven communication technology for the transportation industry announced today that it has secured a $40 million minority growth investment from TZP Growth Equity. This strategic investment will fuel TruVideo’s continued innovation, product development, customer service and market expansion as it advances its mission to revolutionize customer communication and engagement.

“This investment validates the quality of our innovation and the growth we have delivered,” said Joe Shaker, TruVideo Co-Founder and CEO. “Our focus on communication technology has had a transformational effect on revenue and customer experiences for our direct dealers, software partners, and OEM relationships.”

“Leading companies are integrating our cutting-edge AI, AR, and video technologies into their platforms, revolutionizing how they deliver service and engage customers,” said Douglas Chrystall, TruVideo Co-Founder and CTO. “Our flexible technology, powered by microservices and low-code/no-code solutions, ensures seamless integration and rapid deployment—making it easier than ever for service software companies to lead with innovation.” 

TruVideo is the market leader in customer engagement software, supporting over 6,700 dealerships. With the support of its customers, TruVideo has achieved remarkable year-over-year revenue growth. Their team has developed customized machine learning and AI models using their data from over 100 million customer videos, text and voice conversations. The platform delivers improved customer experiences that benefit OEMs, dealerships, partners and their customers.   

“TruVideo’s innovative platform addresses a critical need in today’s market—enhancing transparency and trust in customer communications,” said Shamit Mehta, Partner with TZP Growth Equity. “We’re excited to partner with Joe Shaker, Douglas Chrystall, Kevin Marinelli and the entire TruVideo team as they continue to lead the industry in customer engagement.”

As part of the investment, Shamit Mehta will join TruVideo’s Board of Directors.

TD Securities acted as the strategic advisor to TruVideo, with Goodwin Procter providing legal counsel on the transaction. Greenberg Traurig served as legal counsel to TZP Growth Equity.

About TruVideo

TruVideo is a leading provider of AI-driven video and messaging solutions that transform customer experiences across a wide range of industries, including Service Providers, Technology Companies, and Customer-Focused Businesses. Founded by a distinguished technologist and a prominent industry leader, TruVideo was built on the principle of fostering trust through transparency between service providers and their customers.

TruVideo’s platform empowers customers to see and understand the services and solutions recommended by experts, bridging a longstanding communication gap between providers and their clients. This innovative approach to transparency has become a cornerstone for driving customer satisfaction and loyalty across sectors.

Today, thousands of businesses and their partners rely on TruVideo to improve communication, build trust, and enhance the customer experience. Additionally, TruVideo’s technology powers tools and solutions for some of the largest management platforms globally, making it a valuable partner in any service industry. For more information, visit www.truvideo.com.

About TZP Group

TZP Group, a multi-strategy investment firm managing approximately $2 billion across its family of funds, is focused on control, growth equity, and structured capital investments in technology, business services, and consumer companies. Founded in 2007, TZP targets companies with solid historical performance and sustainable value propositions and aims to be a “Partner of Choice” for business owners and management teams. TZP seeks to invest primarily in closely held, private companies in which the owners desire to retain a significant stake and partner with an investor with complementary operating and financial skills to accelerate company growth, increase profitability, and maximize the value of their retained stake. TZP leverages its investment professionals’ operating and investment experience to provide strategic and operational guidance and is dedicated to long-term value creation. For more information, please visit www.tzpgroup.com.

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SOURCE TruVideo