Intelligent workforce platform: Observe.AI raises $125M in Series C round via Softbank Vision Fund 2
- ByStartupStory | April 13, 2022
On Tuesday, Observe AI, an intelligent workforce platform said that it raised $125 million in Series C funding round via SoftBank Vision Fund 2, with participation from Zoom.
The San Francisco-based tech startup brings the latest round of investment to the total amount raised to $213 million. The round also saw participation from existing investors such as Scale Venture Partners, Menlo Ventures, and Nexus Venture Partners.
Observe.AI, founded in May 2017 by Akash Singh, Sharath Keshava, and Swapnil Jain, uses artificial intelligence (AI) to transform contact centres. In order to improve key business metrics across every customer touchpoint, it embeds AI into customer conversations, and for every interaction, employees can get highly accurate, actionable feedback. In Bengaluru, India, it also has its office.
To fuel development for product innovations, and accelerate its timeframe to IPO readiness, and scale the company’s go-to-market motion and expand into international markets, the startup will use the capital, it said in a statement.
The company had raised about $54 million in a Series B round led by Menlo Ventures, in September 2020.
Observe.AI said about 150 percent growth has been recorded by it in its Annual Recurring Revenue (ARR), in March 2022. Its customer base grew by 125 percent year-over-year of $100,000 or more.
The volume of customer interactions analysed with its AI engine saw 3X increase, by 426 percent its AI-powered agent evaluations grew, and a rise by 201 percent in AI-powered agent coaching sessions, owing to the increase in customers were also seen.
Observe.AI’s customers include ResMed, Group 1 Automotive, Pearson, 23andMe, Accolade, and Southeast Trans.
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