Neuron7.ai bags $44M in Series B funding led by Keith Block’s Smith Point Capital

Neuron7.ai, a cloud-based service intelligence platform, has bagged $44 million in a Series B funding round spearheaded by Smith Point Capital, the investment firm led by former Salesforce co-CEO Keith Block.

The round also saw participation from existing backers  Nexus Venture Partners and Battery Ventures. With this latest capital infusion, Neuron7.ai’s total funding now stands at more than $63 million.

The San Jose-based firm specialises in resolving issues within complex service environments.

“Neuron7 is redefining service with AI that delivers fast, accurate resolutions at Fortune 1000 companies. Our Smart Resolution Hub is the future of service, bringing together knowledge from data and people to power better decisions and faster resolutions at every point of the service continuum,” said Niken Patel, CEO and Co-founder at Neuron7.ai.

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With the new funding, the company aims to fuel its product development and scale its enterprise go-to-market strategies, delivering AI-powered solutions and enhanced integration with CRM platforms, chat tools, and service workflows, it said in a statement.

It reported a 300% increase in annual recurring revenue over the past year, along with expanding its customer base with new enterprises from the medical device, high-tech, and industrial equipment sectors joining its portfolio, the statement added. 

“Neuron7 delivers industry-leading, domain-specific results to an impressive roster of customers and establishes impressive strategic partnerships with major cloud platforms—milestones rarely seen in a company at this stage,” said Keith Block, CEO and Founder of Smith Point Capital. 

Neuron7.ai helps complex service organisations in overcoming the challenge of resolving customer issues caused by knowledge spread across various data sources and individuals, which is further compounded by the loss of institutional knowledge as employees retire or transition to new roles.

It also plans to scale its operations in India, targeting 10X growth by 2024. The company’s expansion will also follow a focus on recruiting top talent in data science, NLP, search, infrastructure, engineering, and QA to enhance its capabilities. 

“As early investors, we believed in Niken and the team’s strategic vision to create the new category of Service Resolution Intelligence and are thrilled to see Neuron7 make that vision a reality, delivering on the promise of AI for complex, enterprise service organisations,” said Abhishek Sharma, Managing Director at Nexus Venture Partners.