USD 26 million to power startup Observe.ai expansion
Observe.ai, one of recent crop of start-ups riding the rising tide of Artificial Intelligence-led (AI) solutions, has announced that it has raised $26 million from a clutch of investors. The AI-enabled customer engagement firm will use the funds raised in its Series A round to expand its teams in the United States and India, while also accelerating product development.
The investors who participated in the round include Scale Venture Partners, Nexus Venture Partners, Steadview Capital, 01 Advisors, and Emergent Ventures. As part of the deal, Andy Vitus, Partner at Scale Ventures, will join the board of Observe.ai.
“Legacy speech analytics systems are simply not meeting the needs of the world’s top brands. 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,” said Swapnil Jain, CEO and co-founder of Observe.ai.
Founded in May 2017 by Akash Singh, Sharath Keshava and Jain, Observe.ai offers its business clients customer engagement tools and analysis. Its voice AI platform works by providing call centre agents with real-time feedback on customer sentiment and guides them on the next best course of action during a customer service call. The platform AI listens to the call in real-time, uses deep learning and natural language processing to understand the context and generates suggestions and guidance for the agent.
According to Observe.ai, it analyses 100 per cent of customer conversations and provides adaptive coaching, including completely automating some parts of the quality assurance and compliance tracking processes, to customer service operatives. While it is headquartered in California, US, the firm has a large office and team in Bengaluru too.
The start-up was one of the highly sought after accelerator Y Combinator’s picks, and after graduating out of the incubator, Observe-ai first raised seed funding of around $1 million and $120,000 from Emergent Ventures and Y-Combinator respectively.
“Observe.ai is already disrupting the $300 billion voice customer service market by rethinking how agents are coached and the way top brands provide personalised customer experiences,” Vitus said.