Observe.AI raises $54 million in series B funding round to expand contact center AI solution
Observe.AI, a provider of contact center AI, has 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 growth by accurately transcribing and analyzing 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, which, the companys says, demonstrates strong investor confidence in Observe.AI and the importance of enhancing voice customer experiences.
“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.”
According to Observe.AI, 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. The result is that businesses can 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.
"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."