Observe.ai, a startup developing AI-based transcription and analytics software for call centres, has raised $54 million in its Series B funding round, led by Menlo Ventures, along with participation from Next 47 Ventures and NGP Capital.
The San Francisco-based company, which has an office in Bengaluru, will utilise the capital to bulk up its R&D in new areas such as real-time coaching, omnichannel support and interaction analytics, apart from investing in go-to-market 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 latest round brings the total capital raised by Observe.ai in the last one year to $80 million, with the company having raised $26 million in December led by Scale Venture Partners, with participation from Nexus Venture Partners, Steadview Capital, 01 Advisors, and Emergent Ventures.
Founded by Swapnil Jain, Sharath Keshava and Akash Singh in 2017, the company says it has grown its revenue by over 600% in the last 12 months, having sold over 20,000 agent licences in that time. The company counts enterprises such as Tripadvisor and Microsoft among its 150 odd customers.
“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,” said Steve Sloane, Partner at Menlo Ventures.
Sloane will also join Observe.ai’s board of directors as part of the deal.