Voice AI infrastructure startup Vapi closes a $50 million Series B led by Peak XV Partners at a $500 million valuation, after Amazon Ring selected its platform from over 40 vendors to handle 100% of inbound customer support calls — with the company now processing over 1 billion total calls.
In May 2026, Vapi — a San Francisco-based voice AI infrastructure startup — announced a $50 million Series B funding round led by Peak XV Partners, with participation from M12 (Microsoft's venture fund), Kleiner Perkins, and Bessemer Venture Partners. The round valued the company at approximately $500 million post-money, a roughly 3.8x increase from its $130 million Series A valuation in December 2024, bringing total funding to $72 million. The financing was anchored by a landmark enterprise win: Amazon Ring evaluated over 40 AI voice vendors and selected Vapi to power 100% of its inbound customer-support calls.
The Ring deal serves as the most prominent reference account in the voice agent infrastructure market to date. During the 2024 holiday season, Ring faced a surge in customer-support call volume and conducted a comprehensive evaluation of the AI voice platform landscape before selecting Vapi. According to Ring's VP of Software Development, customer satisfaction scores improved post-deployment, and internal teams can now tune AI agents without heavy engineering involvement — a key differentiator for a platform that positions itself as infrastructure rather than a pre-packaged application. Vapi now handles between 1 and 5 million calls daily and has surpassed 1 billion total calls processed since its public launch in March 2024.
Vapi was founded by Jordan Dearsley (CEO) and Nikhil Gupta, who met at the University of Waterloo and previously went through Y Combinator with a productivity startup. The company grew out of an AI voice therapist Dearsley built in mid-2023 — when the therapy product didn't take off, the underlying low-latency voice infrastructure became the foundation for Vapi. The platform now counts over 1 million developers and 2.7 million unique agents built on its infrastructure, with enterprise customers including Intuit, New York Life, Kavak, Instawork, ServiceTitan, and UnityAI. Enterprise ARR has grown approximately 10x since early 2025, and the company employs around 100 people.
The round positions Vapi alongside Bland.ai, Retell AI, and PolyAI in the increasingly competitive voice agent infrastructure space — but with a distinctive bet on being the orchestration layer rather than a vertically integrated application. By providing the low-latency pipeline connecting STT, LLM reasoning, and TTS rather than a turnkey voice agent product, Vapi competes on developer flexibility and enterprise scalability. The Ring win validates this approach at a scale few competitors have publicly demonstrated. Peak XV partner Shailesh Lakhani framed the investment as backing the infrastructure layer of a market where 'every customer-facing phone number will be AI-powered within the decade.'
