Vapi achieves $500m valuation after securing Amazon Ring contract for inbound support
The Vancouver-based startup, which processes between one and five million calls daily, was selected over 40 rivals to handle all of Amazon Ring's inbound traffic.
AI voice platform Vapi has reached a post-money valuation of approximately $500 million following the completion of a $50 million Series B funding round. The round was led by Peak XV Partners, with participation from Microsoft's M12, Kleiner Perkins, and Bessemer Venture Partners. This latest capital injection brings the startup's total raised funding to $72 million.
The valuation milestone is directly attributed to a major commercial win with Amazon Ring. In mid-Q4 of last year, the e-commerce giant evaluated more than 40 vendors before selecting Vapi to manage 100 per cent of its inbound customer support calls. The deployment, which began during the holiday season surge, has reportedly improved customer satisfaction scores while allowing non-engineering teams to tune the AI agent experience.
Founded by Jordan Dearsley and Nikhil Gupta, Vapi differentiates itself by focusing on the infrastructure and orchestration layer rather than pre-packaged applications. This approach gives enterprise clients greater control over reliability, compliance, and model behaviour. The company currently processes between one and five million calls daily, with enterprise accounts accounting for the majority of this volume.
Since early 2025, Vapi's enterprise business has expanded ten-fold as organisations shift customer support and sales interactions to AI agents. The platform has cumulatively handled more than one billion calls, with a self-serve developer footprint exceeding one million users providing early scale testing before major contracts were signed.
Enterprise clients in the portfolio include Intuit, UnityAI, and Amazon Ring. The startup reports an annual recurring revenue run rate in the healthy eight figures and plans to utilise the new capital to expand its engineering, infrastructure, and go-to-market teams.
Vapi operates within a competitive landscape of AI voice startups including Sierra, Decagon, PolyAI, Bland, Retell, and ElevenLabs. While the company originated from an AI therapist tool built by Dearsley in 2023, it pivoted to infrastructure after the therapy product saw limited adoption, attracting interest from other startups seeking low-latency voice capabilities.
