UTEC is celebrating an exit as Agara is acquired by Coinbase for a reported $40m to $50m.

Agara, a US-based virtual voice agents platform, has been purchased by cryptocurrency exchange operator Coinbase, providing an exit to University of Tokyo Edge Capital (UTEC), a venture capital affiliate of the institution.

Financial terms were not officially confirmed, but sources told TechCrunch the deal was worth between $40m and $50m. The transaction is set to close by the end of the year.

Agara has developed machine learning and natural language processing technology to improve customer experience. Its platform could be integrated with services such as Salesforce and Shopify, but going forward Agara will move its focus onto Coinbase.

Agara had raised a total of $7.5m in funding as of a $4.3m pre-series A round led by UTEC in January this year. That round additionally featured Blume Ventures and RTP Global, while Agara’s historical investors also include Kleiner Perkins.

Thierry Heles

Thierry Heles is the former editor-at-large of Global University Venturing and Global Corporate Venturing, and was the producer and host of the Beyond the Breakthrough podcast until December 2024.