Observe.ai has raised $125 million in a Series C funding round bringing total funding for the firm to $213 million. The round was led by SoftBank Vision Fund 2 with participation from Zoom Video Communications. Other investors included Menlo Ventures, Nexus Ventures, Scale Ventures, Emergent Ventures, NGP Capital, Steadview Ventures, and Next47 Ventures. The company said the new money will accelerate its timeframe to IPO readiness.
Observe.AI is described as an “Intelligent Workforce Platform” that aims to improve contact centers through AI. Observe.ai says they are solving the customer experience paradox.
The company said that an estimated $24 billion has been poured into technology investments but contact centers remain woefully in the dark. The company added that typical contact centers have just 3% visibility into interactions, leaving their customer-facing teams with no option but to work reactively and inconsistently.
This latest investment will fuel the 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 IPO readiness.
Oded Gal, Chief Product Officer at Zoom, said they are excited to work with the Observe.ai team while leveraging their experience.
“Observe.AI has a transformative vision to deliver actionable and trustworthy AI that empowers digital-first businesses to create exceptional customer experiences,” said Priya Saiprasad, Partner at SoftBank Investment Advisers. “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.
This past March, Observe.AI said it had continued record growth for its fiscal year, including a nearly 150% increased ARR, increased customer base of $100K or more by 125% year-over-year.
Swapnil Jain, co-founder and CEO of Observe.AI, said the funding is validation for his company.
“We not only lead in tangible business metrics, but in our approach to actionable AI that drives value for contact centers.”