- Contact Center AI leader Observe.AI recently announced a $54 million Series B financing led by Menlo Ventures with participation from Next47 Ventures and NGP Capital
Contact Center AI leader Observe.AI recently announced a $54 million Series B financing led by Menlo Ventures with participation from Next47 Ventures and NGP Capital. This round of funding will enable 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 this funding round, 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. And the Series B funding round 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 importance of enhancing voice customer experiences.
In the past year, 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 more than 20,000 agent licenses to its platform and grew revenue 600%.
Contact centers traditionally 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. And Observe.AI utilizes artificial intelligence 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 connection with the investment round, Menlo Ventures partner Steve Sloane will be joining Observe.AI’s board of directors. And 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.
KEY QUOTES:
“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. 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.”
— Swapnil Jain, CEO and co-founder of Observe.AI
“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. 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.”
— Steve Sloane, Partner at Menlo Ventures
“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. 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.”
— Shaloo Garg, Managing Director, Microsoft for Start-Ups
