Observe.AI, a startup that develops AI software for call centres, announced on Wednesday that it has raised $54 million in a Series B funding round led by Menlo Ventures, with participation from Next47 Ventures, and NGP Capital.
The San Francisco-based company, which also has an office in Bengaluru, will use the funding proceeds to expand its go-to-market programmes and invest in R&D.
As part of the funding, Steve Sloane, Partner at Menlo Ventures, has joined Observe.AI’s board of directors, the latter said in a blog post.
“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,” Sloane said.
Observe.AI uses AI to extract information from audio conversations and claims to enable better contact center workflows, such as accelerating the transcription and analysis of 100% of a businesses calls, as well as improving quality management and coaching programmes.
“Today’s contact centre 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 analyse customer interactions, businesses will turn their contact centres into growth centers,” said Swapnil Jain, cofounder and CEO at Observe.ai.
The company started out of a Bangalore office with a team of five about two years ago, and today it boasts of a team of 105 with more than 150 customers across the globe, including brand names like Tripadvisor, Root Insurance, Alcon Laboratories, and Pearson.
It raised $26 million in Series A financing led by Scale Venture Partners, with participation from Nexus Venture Partners, Steadview Capital, 01 Advisors, and Emergent Ventures last December. The company’s total funding now stands at $80 million.