Observe.AI Raises $54 Million Series B Round; Leverages AI to Transform the Contact Center
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SAN FRANCISCO – September 15, 2020 – Observe.AI, a leader in Contact Center AI, today 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 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."
Observe.AI, a leader in Contact Center AI, transforms customer experiences and improves agent performance by helping top brands analyze 100% of calls and streamline quality assurance workflows. With Observe.AI, businesses transcribe every call with high accuracy and coach agents while gaining full visibility into their customer service operations. Observe.AI brings the power of agent assistance, automatic speech recognition, and Natural Language Processing (NLP) to modern contact centers and their frontline teams.
Observe.AI is trusted by more than 150 customers and partners, including Root Insurance, Alcon Laboratories, Tripadvisor, and Pearson. Backed by Menlo Ventures, Next47, NGP Capital, Scale Ventures, Nexus Ventures, and Y-Combinator, Observe.AI’s headquarters is in San Francisco with an office in Bangalore, India. For more information, visit www.observe.ai.
About Menlo Ventures
Menlo Ventures is a venture capital firm that strives to have a positive impact on everything we do. That’s why we support businesses including Chime, Carta, Poshmark, Roku, and Uber that are reimagining life and work for the better. Over 44years we’ve grown a portfolio that includes more than 70 public companies, over 150 mergers and acquisitions, and $5.5 billion under management. We invest at every stage and in every sector, with expertise in Consumer, Enterprise, and Healthcare. From developing market strategies to creating communities, we provide real impact where entrepreneurs need it most. When we’re in, we’re all in.
Next47 is Siemens AG's global venture firm that invests in, and partners with, entrepreneurs who think big and build industry-defining companies. With offices in Palo Alto, Munich, Berlin, Paris, Stockholm, Tel Aviv and Beijing, Next47 gives start-ups unparalleled access to one of the world's largest portfolios of customers in the areas of industry, energy and infrastructure as well as domain expertise in the deep technologies that impact those customers.
About NGP Capital
NGP Capital is a global venture capital firm with over $1.2 billion under management, investing in growth-stage technology companies within the Intelligent Enterprise, Smart Mobility, and Mobile Technologies. NGP Capital backs entrepreneurs with a Connected World vision – a vision where the confluence of sensors, mobility, software, and cloud solutions will connect people, things, and industries in new ways, transforming how we live and work. NGP Capital is active in the U.S., Europe, India, and China. Visit at www.ngpcap.com and follow on LinkedIn (ngp capital) and Twitter (@ngpcapital).