[Funding alert] Observe.AI raises $54M in Series B round led by Menlo Ventures
Observe.AI, the three-year-old tech startup founded in Bengaluru before shifting its headquarters to San Francisco, on Wednesday said it has raised $54 million in Series B round led by Menlo Ventures, with participation from Next47 Ventures, and NGP Capital.
With this round, Observe.AI has so far raised $88 million in funding. The startup plans to use this fresh capital to expand its go-to-market programmes and invest in R&D.
Observe.AI provides technology platforms for the contact industry by leveraging artificial intelligence. The startup claims that it has over 150 customers from diverse segments, including Pearson, Alcon Laboratories, and Concentrix.
The startup leverages technologies like automatic speech recognition, and Natural Language Processing (NLP) to help modern contact centres and their frontline teams.
Over the last 12 months, Observe.AI's revenue grew 600 percent, while its team size increased to 100 people. It also added over 20,000 agent licenses to its platform during the time.
“Today’s contact centre is mired with inefficient workflows and lack of data-driven training for frontline agents who represent the voice of the company,” said Swapnil Jain, CEO and Co-founder of Observe.AI.
He added, “By leveraging AI to analyse customer interactions, businesses will turn their contact centres into growth centres. This latest round of funding is a direct result of the trust we’ve built with customers and investors, and the dedication of our team.”
According to the startup, contact centres analyse just one to two percent of the calls manually, but Observe.AI leverages AI to automatically surface opportunities that improve the customer experience and better support frontline agents.
Following the funding round, Steve Sloane, Partner at Menlo Ventures, will be joining Observe.AI’s board of directors.
Speaking on the funding, Steve said, “Observe.AI is uniquely using AI to automate tedious customer service workflows and deliver actionable intelligence. We’re thrilled to be leading this investment round, and are looking forward to supporting the company’s continued growth and innovation.”
Edited by Suman Singh