San Francisco, Dec. 10, 2019 -- Observe.AI, the leader in AI-powered agent enablement for voice customer service, today announced a $26 million Series A financing led by Scale Venture Partners, with participation from Nexus Venture Partners, Steadview Capital, 01 Advisors, and Emergent Ventures. This funding allows Observe.AI to expand its US-India team globally and accelerate product development.
In conjunction with the funding, Andy Vitus, partner at Scale, will be joining Observe.AI's board. This brings the company's total funding to $34 million.
"Legacy speech analytics systems are simply not meeting the needs of the world's top brands," said Swapnil Jain, CEO and co-founder of Observe.AI. "Today's customer service agents have a unique ability to emotionally connect with customers and are often a brand's only frontline representatives. This investment will fuel our mission to elevate agent performance through AI-based coaching and insights."
Many support teams monitor just 1-2 percent of calls and use three or more systems to access conversational insights and enable agents. Observe.AI uses the latest speech, natural language processing, and deep learning technologies to analyze 100 percent of customer conversations and provide adaptive coaching, including completely automating some parts of the quality assurance and compliance tracking processes. The platform becomes smarter with each call analysis.
"Observe.AI is already disrupting the $300 billion voice customer service market by rethinking how agents are coached and the way top brands provide personalized customer experiences," said Andy Vitus, Partner at Scale Venture Partners.
Observe.AI also announced that it has been accepted into the Microsoft for Startups program. With this relationship, Microsoft customers can leverage Observe.AI's platform through its Azure marketplace.
"At Microsoft, we're thrilled to see one of our Microsoft for Start-Up members excel as one of the fastest-growing startups in the Bay Area. Observe.AI continues to define how AI can transform the customer experience, impacting enterprise support teams to improve quality of service, agent performance, and productivity," said Shaloo Garg, Managing Director, Microsoft for Start-Ups.
In the past 12 months, Observe.AI has signed 100 customers and formed partnerships with leading organizations like Microsoft, Talkdesk, ERCBPO, and itelBPO. Some of the world's largest enterprises and emerging brands use Observe.AI, including TripAdvisor, Concentrix, ClearMe, and Root Insurance. Thousands of global agents are coached with Observe.AI, which provides a detailed look at how top agents successfully structure calls so those tactics can be replicated.
"We expect to see a 4X increase in annual recurring revenue in 2020," said Sharath Keshava Narayana, CRO of Observe.AI. "With plans to significantly expand our sales, marketing, and customer success teams over the next few months, we're both eager and grateful to build on the momentum."
"Observe.AI is set to transform voice customer service for the AI era. We are delighted to have partnered with them from the early days of their journey," said Jishnu Bhattacharjee, Nexus Managing Director and Observe.AI board member.
Observe.AI, the leader in AI-powered agent enablement for voice customer service, brings coaching and conversational insights to the world's top brands to improve the customer experience. With its Voice AI Platform, which leverages the latest Speech and Natural Language Processing technologies, organizations quality check 100% of calls, ensure compliance, and turn agents into top performers. Observe.AI is trusted by more than 100 customers and partners, including, TripAdvisor, Microsoft, ERCBPO, Talkdesk, and more. Backed by Scale Venture Partners, Nexus Venture Partners, Y Combinator, and Emergent Ventures, Observe.AI's headquarters is located in San Francisco with an office in Bangalore. For more information, visit www.observe.ai.
About Scale Venture Partners
Scale Venture Partners (@scalevp) invests in software companies that are building the Intelligent Connected World. Investments include: Bill.com, Box (BOX), Cloudhealth, Pantheon, Demandbase, DocuSign (DOCU), ExactTarget (ET), HubSpot (HUBS), JFrog, Lever, and WalkMe. Scale partners with entrepreneurs to support accelerated growth from the first customer to market leadership. Founded in 2000, Scale has over $1 billion under management and is located in Silicon Valley. For more information, visit www.scalevp.com.
About Nexus Venture Partners
Nexus Venture Partners is a venture capital firm in US and India, focused on partnering with early-stage companies. With decades of experience in building and funding globally leading companies, Nexus manages more than USD 1.5 billion across funds. Nexus invests in companies across sectors spanning enterprise technology, consumer internet, and technology-enabled business services. Nexus backed companies include Druva, Postman, H2O.ai, Headspin, Delhivery, Kaltura, Unacademy, Snapdeal, and many other startups across US and India.