Neuron7.ai, a pioneer in Service Resolution Intelligence, announced it raised $44 million in Series B funding led by Smith Point Capital (the firm founded by former Salesforce co-CEO Keith Block). Existing investors Nexus Venture Partners and Battery Ventures joined the oversubscribed funding round, bringing the total capital raised to over $63 million.
Neuron7 essentially resolves issues in complex service environments. In the last year, it has increased annual recurring revenue (ARR) by 300% while adding top-tier enterprise customers from the medical device, high-tech device, and industrial equipment industries.
This new funding round will accelerate Neuron7’s product innovation and enterprise-focused go-to-market growth initiatives. And these will enable the delivery of sophisticated AI-powered use cases to resolve issues in complex service environments and support deeper integration into a host of CRM applications, chat, and other service workflows.
Neuron7 tackles the major challenge faced by complex service organizations: resolving customer issues is a struggle because knowledge is spread across vast data sources and in individuals’ minds. Adding to this issue, many service organizations rapidly lose institutional knowledge as employees retire or change careers.
The Service Council pointed out that workforce and talent shortages were the most significant external challenges impacting service, with over 45% of front-line agents stating that they did not plan to or were unsure about remaining in field service careers. And these challenges impede successful service delivery, increase costs, reduce uptime, and lead to lower overall customer satisfaction.
Service organizations must support increasingly sophisticated technology – from wireless communications and point-of-sale systems to MRI machines and industrial machinery – for customers who cannot afford downtime when something goes wrong. However, the industry has seen little innovation, with many organizations still relying heavily on out-of-date articles and manuals.
Neuron7 addresses these challenges by providing accurate resolutions to help customers improve first-time fix rate, parts prediction, next likely error prediction, and onboarding times while capturing knowledge.
The goal of customer service is to resolve issues and incidents. And Neuron7’s use cases are at the heart of service, with AI solutions that can perform on industry-specific, deep-domain data to provide fast, accurate resolutions at scale. Neuron7 is 21% to 38% more precise than industry-standard large language models (LLMs), and it reduces hallucinations by more than 50% compared to industry standards.
This accuracy is the key to delivering Service Resolution Intelligence, which is in production for Fortune 1000 customers. It offers accurate resolution paths with turn-by-turn guidance that improves with usage.
KEY QUOTES:
“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. We are grateful for our investors’ support and thrilled to welcome Smith Point and the expertise of enterprise software stalwarts like Keith Block to the Neuron7 business. Their extensive industry experience validates our approach and will help propel us forward as we continue to address the toughest challenges in service and support.”
-Neuron7.ai CEO and Co-Founder Niken Patel
“Neuron7 represents the next great leap forward for the service industry. We’ve had a front-row seat to the industry’s evolution over the last few decades and were immediately drawn to Niken’s vision to establish a service-focused, AI-driven intelligence layer. 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. We are excited to partner with Neuron7 on its next chapter of growth.”
-Keith Block, CEO and Founder of Smith Point Capital
“NCR Atleos is responsible for maintaining over 600,000 ATMs across 60 countries in multiple languages, with a critical commitment to keeping our customers’ businesses running seamlessly. Neuron7’s solutions have been instrumental in transforming the quality of service we deliver to our global customers. With its AI-powered Service Resolution Intelligence deployed to more than 6,000 users worldwide, handling 1.4 million cases per year, we’ve been able to drive significant improvements in first-time resolve and resolution time.”
-Bill Girzone, Senior Vice President, Global Field Services of NCR Atleos
“Neuron7 solutions support our strategy to empower service technicians to diagnose and repair more efficiently by leveraging service data, expert knowledge, and smart-instrument telemetry data. By integrating the solutions into our service delivery platforms, we achieve daily efficiencies that enhance customer service, enabling our customers to innovate at speed and achieve sustained positive outcomes with Keysight products and solutions.”
-John Page, President of Global Services at Keysight
