Observe.AI Bags $54 Mn In Series B Round Led By Menlo Ventures
The startup will utilize the fund to expand its go-to market and invest in R&D
Observe.AI, a contact centre artificial intelligence (AI) startup, announced that it has raised a $54 million Series B round led by Menlo Ventures, with participation from Next47 Ventures and NGP Capital. With this funding, the startup has raised a total of $88 million.
According to the company, the capital will help the brands to transcribe and analyze every call and also provide deeper visibility into customer service operations. The company will utilize the fresh fund to expand its market and invest in their research and development to further add new capabilities in the areas of real-time coaching, omnichannel support and interaction analytics.
The company relies on AI to improve customer experience and better support frontline agents in contact centres. The company claims with its service, businesses streamline their quality assurance workflows while uncovering unmet customer needs and compliance gaps.
“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, chief executive officer 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.”
Commenting on the latest development, Steve Sloane, partner at Menlo Ventures said, “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."