Menlo Ventures leads Series B Funding for Observe.ai
Observe.ai, a two year old AI based startup announced that it raised $54 Million in Series B funding from Menlo Ventures, Next 47 Ventures and NGP Capital. With the current round of funding, the company has raised a total of $80 million in less than a year. As a strategic move Steve Sloane, Partner, Menlo Ventures will also be joining the company’s board of Directors.
“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. “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.”
Headquartered in San Francisco, Observe.ai develops AI based transcription and analytics software for contact centers. It uses AI to extract information from audio conversations and enables better contact center workflows, such as accelerating the transcription and analysis of 100 percent of a business calls, as well as improving quality management and coaching programs. “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, Co-Founder & CEO, Observe.ai.
Observe.ai was founded by Swapnil Jain, Sharath Keshava and Akash Singh in Bangalore in 2017; the firm then went on to be launched out of the Y-Combinator and Microsoft for Start-Ups programs. Currently Observe.ai employs about 105 members and has over 150 clients including names such as Tripadvisor, Root Insurance, Alcon Laboratories and Pearson among others. It has also amassed net revenue growth of 600 percent within the last year, having sold over 20,000 agent licenses in that time. These funds will be leveraged to maintain the company’s growth momentum and initiate its next stage of growth through usage of AI, speech recognition, and Natural Language Processing (NLP).