News: AI platform Observe.AI raises $125 mn in funding round led by SoftBank

Funding & Investment

AI platform Observe.AI raises $125 mn in funding round led by SoftBank

The Series C funding, which included Zoom, the videoconferencing giant, would be used to develop new products and drive expansion.
AI platform Observe.AI raises $125 mn in funding round led by SoftBank

Observe.AI, an Intelligent Workforce Platform that transforms contact centers through AI, today announced it has raised $125M in Series C funding led by SoftBank Vision Fund 2 with participation from Zoom Video Communications. This brings Observe.AI’s total funding to date to $213M.

This fresh investment will help Observe.AI build the next generation of product improvements, such as integrating real-time and post-interaction agent coaching. It will also expedite the company's time to IPO preparedness by scaling its go-to-market strategy, driving continuous geographical expansion into foreign markets, and scaling its go-to-market strategy.

While an estimated $24 billion has been poured into technology investments, contact centers remain woefully in the dark when it comes to customer conversations. “At most, typical contact centers have just 3% visibility into these interactions, leaving their customer-facing teams with no option but to work reactively and inconsistently – and leading to an estimated $75 billion per year in lost revenue, a release from the company stated.

Observe.AI’s Workforce Platform “transforms how contact centers operate” as AI-empowered systems of intelligence with full conversation visibility. By surfacing intelligence from every customer interaction, Observe. AI boosts the performance of customer-facing teams and automates repeatable operations that help companies achieve their objectives.

Oded Gal, Chief Product Officer at Zoom, said: "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.”

Priya Saiprasad, Partner at SoftBank Investment Advisers, said: “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.”

In September 2020, the company raised $54M in a Series B funding round led by Menlo Ventures, with participation from Next47 Ventures and NGP Capital. On the heels of announcing 300% year-over-year revenue growth, Observe.AI made its entry into the omnichannel market with its acquisition of Scope.AI in August 2021.

In March 2022, Observe.AI announced record growth for its fiscal year, including nearly 150% increased ARR, an increased customer base of $100K or more by 125% year-over-year, and an increased enterprise customer base by 40%.  

"This fresh funding is validation for Observe.AI's leadership in product innovation and go-to-market traction as we shape a new category," said Swapnil Jain, Co-Founder and CEO of Observe.AI.

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Topics: Funding & Investment, Technology

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