Observe.ai, a San Francisco-based startup developing AI-based transcription and analytics software for call centres, announced it has raised $54 million in a Series B funding round. The funding round was led by Menlo Ventures, along with participation from Next 47 Ventures and NGP Capital.
The company will use the funding to bulk up its R&D in new areas such as real-time coaching, omnichannel support and interaction analytics, apart from investing in go-to-market programmes.
Founded in 2017 by Akash Singh, Sharath Keshava Narayana and Swapnil Jain, Observe.AI is trusted by more than 150 customers and partners, including Root Insurance, Alcon Laboratories, Tripadvisor, and Pearson. The company is backed by Menlo Ventures, Next47, NGP Capital, Scale Ventures, Nexus Ventures, and Y-Combinator. Observe.AI has an office in Bangalore, India.
The startup says it has grown its revenue by over 600% in the last 12 months, having sold over 20,000 agent licences in that 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. By leveraging AI to analyse customer interactions, businesses will turn their contact centres into growth centers,” said Swapnil Jain, cofounder and CEO at Observe.ai.
So far, the startup has raised $80 million in funding. Last year in December, the company raised $26 million in funding led by Scale Venture Partners, with participation from Nexus Venture Partners, Steadview Capital, 01 Advisors, and Emergent Ventures.
“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. Observe.AI is uniquely using AI to automate tedious customer service workflows and deliver actionable intelligence,” said Steve Sloane, Partner at Menlo Ventures.
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