AI customer experience platform developer Capacity notched its 14th acquisition since 2023 with the purchase of Creovai Inc. in October, and the firm sees more add-ons, as well as a potential capital raise on the docket for the next several months.

Capacity could seek an additional $50 million as it explores further M&A opportunities, CEO David Karandish said. The company raised $92 million in new capital in August from an investor group led by TVC Capital LLC to fund two add-ons.

IAG Capital Partners will also count itself among Capacity’s financial backers after rolling equity into the platform as part of the Creovai sale, The Deal has learned.

“Because we have this build-partner-acquire strategy, we’re always raising capital to go look at acquisitions,” Karandish said, noting that the company is breaking even and doesn’t need operational funding.

St. Louis-based Capacity, or AI Software LLC, has more than 300 team members and more than 20,000 customers.

“Everything that we acquire has to be in this customer experience/support automation space,” said Karandish, noting that Creovai processes more than 20 million hours of calls a year for quality assurance.

Add-On Criteria

• Scale: $1 million to $15 million of annual recurring revenue
• Targets: survey platforms, CRMs or another of the 24 stages in customer experience automation
• Geography: wherever clients are automating support for team members and customers

In August, Capacity picked up Verbio and Call Criteria, a Tarzana, Calif., company that develops quality assurance tools that use speech analytics and AI to evaluate contact center performance.

The funds included a $50 million term loan from Chicago Atlantic Advisers LLC and a $42.6 million D round led by TVC.

Capacity received advice from Bryan Cave Leighton Paisner LLP on the Creovai deal. Creovai was formed through the June 2024 merger of Awaken Intelligence Ltd. and Thethr, formally CollabIP Inc.

Capacity has identified 24 discrete steps in customer experience that are well suited for AI virtual agents and automation, from welcoming a customer, potentially translating languages, directing them to the right agent, routing CRM data, storing data from the exchange, analyzing outcomes and following up with surveys.

Capacity is building some of the steps and buying others.

Editor’s note: The original, full version of this article was published Nov. 3, 2025, on The Deal’s premium subscription website. For access, log in to TheDeal.com or use the form below to request a demo.