Observe.AI Raises $54 Million Series B Round; Leverages AI to Transform the Contact Center
Observe.AI, a leader in Contact Center AI, announced a $54 million Series B financing led by Menlo Ventures, with participation from Next47 Ventures, and NGP Capital. The funding will allow Observe.AI to continue its momentum by helping the world’s top brands accurately transcribe and analyze every call while providing deeper visibility into customer service operations.
With the funding, Observe.AI will expand its go-to-market programs and will continue to invest in R&D to add new capabilities in the areas of real-time coaching, omnichannel support, and interaction analytics. The Series B financing brings the company’s total funding to $88 million, including $80 million in the last 12 months, showcasing strong investor confidence in Observe.AI and the importance of enhancing voice customer experiences.
Over the past 12 months, Observe.AI has grown the team to 100 people and brought on more than 150 customers, including Assurant, Alcon Laboratories, and Tripadvisor. During this time, Observe.AI added over 20,000 agent licenses to its platform and grew revenue by 600%.
“Today’s contact center 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. “By leveraging AI to analyze customer interactions, businesses will turn their contact centers into growth centers. 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.”
Traditionally, contact centers analyze just 1-2% of calls by manually listening to them and are left with little time and resources to coach agents or celebrate top performance. Observe.AI leverages AI to automatically surface opportunities that improve the customer experience and better support frontline agents. With Observe.AI, businesses streamline their quality assurance workflows while uncovering unmet customer needs and compliance gaps.
In conjunction with the investment round, Steve Sloane, Partner at Menlo Ventures, will be joining Observe.AI’s board of directors. Observe.AI is also accelerating the development of its Contact Center AI Platform with the Microsoft Azure AI and Azure Cognitive Services to help joint customers enable frontline representatives to deliver more meaningful customer experiences.
“Menlo Ventures has been closely following the transformation of the customer service landscape. We see a massive market opportunity to solve automation, data capture, and collaboration problems that prevent enterprises from delivering the kinds of support experiences that customers deserve,” said Steve Sloane, Partner at Menlo Ventures. “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.”
“As top brands continue to demand AI-powered solutions to support their frontline agents, automate workflows, and unlock customer intelligence from calls, we are pleased to see Observe.AI continue to gain traction and the confidence of financial markets,” said Shaloo Garg, Managing Director, Microsoft for Start-Ups. “We look forward to leading Observe.AI up-market as they expand their Contact Center AI solution and develop their speech-to-text and Natural Language Processing capabilities with Microsoft Azure Cognitive Services.”
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