- AI-powered voice customer service company Observe.AI announced that it raised $26 million in Series A funding led by Scale Venture Partners
Observe.AI — the leader in AI-powered agent enablement for voice customer service — announced that it raised $26 million in Series A funding led by Scale Venture Partners. Nexus Venture Partners, Steadview Capital, 01 Advisors, and Emergent Ventures also joined the round. And this round of funding allows Observe.AI to expand its US-India team globally and accelerate product development.
“Legacy speech analytics systems are simply not meeting the needs of the world’s top brands,” said Swapnil Jain, CEO and co-founder of Observe.AI. “Today’s customer service agents have a unique ability to emotionally connect with customers and are often a brand’s only frontline representatives. This investment will fuel our mission to elevate agent performance through AI-based coaching and insights.”
In conjunction with the funding, Scale partner Andy Vitus will be joining Observe.AI’s board. Including this round of funding, Observe.AI has raised a total of $34 million since it was founded.
“Observe.AI is already disrupting the $300 billion voice customer service market by rethinking how agents are coached and the way top brands provide personalized customer experiences,” added Vitus.
Many support teams monitor just 1% to 2% of calls and use 3 or more systems to access conversational insights and enable agents. And Observe.AI uses the latest speech, natural language processing, and deep learning technologies to analyze 100% of customer conversations and provide adaptive coaching, including completely automating some parts of the quality assurance and compliance tracking processes. As a result, the platform becomes smarter with each call analysis.
“Observe.AI is set to transform voice customer service for the AI era. We are delighted to have partnered with them from the early days of their journey,” commented Jishnu Bhattacharjee, Nexus Managing Director and Observe.AI board member.
Observe.AI also announced it has been accepted into the Microsoft for Startups program. Through this relationship, Microsoft customers will be able to leverage Observe.AI’s platform through its Azure marketplace.
“At Microsoft, we’re thrilled to see one of our Microsoft for Start-Up members excel as one of the fastest-growing startups in the Bay Area. Observe.AI continues to define how AI can transform the customer experience, impacting enterprise support teams to improve quality of service, agent performance, and productivity,” explained Shaloo Garg, Managing Director of Microsoft for Startups.
So far, Observe.AI has signed 100 customers and formed partnerships with leading organizations such as Microsoft, Talkdesk, ERCBPO, itelBPO, TripAdvisor, Concentrix, ClearMe, and Root Insurance. And thousands of global agents are coached with Observe.AI, which provides a detailed look at how top agents successfully structure calls so those tactics can be replicated.
“We expect to see a 4X increase in annual recurring revenue in 2020,” explained Sharath Keshava Narayana, CRO of Observe.AI. “With plans to significantly expand our sales, marketing, and customer success teams over the next few months, we’re both eager and grateful to build on the momentum.”
