Observe.AI Raises $26 Million to Digitally Transform the $300 Billion Voice Customer Service Market with Artificial Intelligence
Company Also Announces a Relationship with Microsoft to Bring AI-Powered Coaching and Conversational Insights to Joint Customers
Observe.AI, the leader in AI-powered agent enablement for voice customer service, 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 Observe.AI 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 Observe.AI 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.