SUMMARY
The funding round was led by Menlo Ventures
Next47 Ventures and NGP Capital also participated in the funding round
Observe.AI plans to expand its team in both the US and Indian offices
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Voice AI platform Observe.AI, on Tuesday (September 15), announced that it has raised $54 MN in Series B round led by Menlo Ventures, with participation from Next47 Ventures and NGP Capital. This brings the company’s total funding till date to $80 Mn.
In conjunction with the funding, Steve Sloane, partner at Menlo Ventures, will also be joining Observe.AI’s board. Prior to this Series B funding round, Observe.AI had secured $26 Mn from Nexus Venture Partners in December 2019.
With the funding, Observe.AI plans to expand its team in both the US and Indian offices. Additionally, the company also plans to accelerate product development.
Swapnil Jain, CEO and cofounder of Observe.AI said, “We have a mantra we use that guides how we think about our product development and customer success initiatives. At our core, we deeply believe that to provide the world’s best Contact Center AI solution we must be faster, more accurate, and more human in our approach to contact center transformation than any other company in the market.”
Founded in May 2017 by Akash Singh, Sharath Keshava Narayana, and Jain, Observe.AI uses the latest speech, natural language processing, and deep learning technologies to analyse customer conversations and provide adaptive coaching to the AI-based platform. Notably, the AI-platform becomes smarter with each call analysis.
“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.
The company claims that over 100 clients have signed up with Observe.AI in the last 12 months. Some notable clients of Observe.AI include Microsoft, Talkdesk, TripAdvisor, Concentrix, ClearMe, and Root Insurance.
Speaking about their association with Observe.AI, Shaloo Garg, Managing Director, Microsoft for Start-Ups said, ‘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.”
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