SoftBank Vision Fund 2 has led the $125 milllion Series C funding in Observe.AI, an United State-based intelligent workforce platform that transforms contact centers through artificial intelligence (AI).
Observe.AI said in a statement the round also saw the participation from Zoom Video Communications, Inc, Menlo Ventures, Nexus Ventures, Scale Ventures, Emergent Ventures, NGP Capital, Steadview Ventures, and Next47 Ventures.
This brings Observe.AI’s total funding to date to $213 million.
According to Observe.AI, this latest investment will fuel development of the next generation of Observe.AI’s product innovations, including expansion into harmonizing real-time with post-interaction agent coaching.
It will also scale the company’s go-to-market motion, drive continued geographical expansion into international markets, and accelerate its timeframe to initial public offering (IPO) readiness.
“We recently announced Zoom Contact Center, a category-redefining solution that sets new standards for customer service experiences. We’re excited to work with the team at Observe.AI and leverage their technology to help empower modern contact center agents to deliver the new standard of customer experiences we envision,” said said Priya Saiprasad, Partner at SoftBank Investment Advisers.
“Observe.AI has a transformative vision to deliver actionable and trustworthy AI that empowers digital-first businesses to create exceptional customer experiences. We believe the company has built an intelligent, flexible platform with endless use cases, from healthcare companies seeking to enhance patient experience through to financial institutions aiming to boost revenue. We are thrilled to partner with Swapnil and the team to help them accelerate a paradigm shift within the contact center industry,” he added.
Observe.AI is an Intelligent Workforce Platform that transforms contact centers by embedding AI into customer conversations, optimizing agent performance, and automating repeatable processes that drive revenue and retention. With Observe.AI, contact centers can surface intelligence across every interaction, giving employees highly accurate, actionable feedback using baked-in coaching and evaluation workflows, and improve key business metrics across every customer touchpoint.
“Observe.AI has risen to meet this crossroads for the contact center industry, in which the market is undergoing massive transformation. Investment in the right technologies will make or break business outcomes. This fresh funding is validation for Observe.AI’s leadership in product innovation and go-to-market traction as we shape a new category. We not only lead in tangible business metrics, but in our approach to actionable AI that drives value for contact centers,” said Swapnil Jain, Co-Founder and Chief Executive Officer of Observe.AI.
In September 2020, Observe.AI raised $54 million in a Series B Funding round led by Menlo Ventures, with participation from Next47 Ventures and NGP Capital. On the heels of announcing 300 percent year-over-year revenue growth, the company made its entry into the omnichannel market with its acquisition of Scope.AI in August 2021.
In March 2022, the firm announced continued record growth for its fiscal year, including nearly 150 percent increased accounting rate of return (ARR), increased customer base of $100,000 or more by 125 percent year-over-year, and increased enterprise customer base by 40 percent.
This propelled a substantial uptick in usage of the Observe.AI platform, including 3 times increase in volume of customer interactions analyzed with its AI engine, 426 percent increase in AI-powered agent evaluations, and 201 percent increase in AI-powered agent coaching sessions.
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