Largest-ever Series C funding for Contact Center AI helps Observe.AI cement its leadership position and propel continued industry-leading growth
SAN FRANCISCO -- April 12, 2022 -- 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, Inc. This brings Observe.AI’s total funding to date to $213M.
Solving the Customer Experience Paradox for the $400 Billion Contact Center Market
This new funding highlights increased confidence in Observe.AI’s market position at a critical moment for the contact center industry, in which consumer expectations and technology investments are at an all-time high, yet brands struggle to improve customer experience and business outcomes. 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.
Observe.AI’s Intelligent Workforce Platform transforms how contact centers operate as AI-empowered systems of intelligence, with full conversation visibility, business-improving insights, and machine-driven workflows. By surfacing intelligence from every customer interaction, Observe.AI acts as a force multiplier, boosting performance of customer-facing teams and automating repeatable processes that exceed business goals. The net effect is stellar customer experiences, top performing teams, and unprecedented business results.
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 IPO readiness.
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.”
“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.”
Observe.AI’s Continuous Momentum Build, Growth Trajectory, and Milestones
The last two years have been packed with milestones and continued record growth for Observe.AI. 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 continued 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 propelled a substantial uptick in usage of the Observe.AI platform, including 3X increase in volume of customer interactions analyzed with its AI engine, 426% increase in AI-powered agent evaluations, and 201% increase in AI-powered agent coaching sessions.
Swapnil Jain, Co-Founder and CEO of Observe.AI, said:
“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.”
“Observe.AI has enabled accountability and transparency across the team through conversation intelligence and agent coaching, giving a clear line of sight into how to improve on our core business objectives.”
—Marvita Steward, Director of Quality and Control, Fortune 500 Company Group 1 Automotive
Investors of Observe.AI’s Series C funding include: Softbank Vision Fund 2, Zoom, Menlo Ventures, Nexus Ventures, Scale Ventures, Emergent Ventures, NGP Capital, Steadview Ventures, and Next47 Ventures. For more information about Observe.AI, please visit www.observe.ai
About Observe.AI
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 is trusted by hundreds of customers and partners, including Pearson, 23andMe, Accolade, Group 1 Automotive, Southeast Trans, and Public Storage. Backed by Softbank Vision Fund 2, Zoom, Menlo Ventures, Scale Ventures and Nexus Ventures, Observe.AI is headquartered in San Francisco with an office in Bangalore, India. For more information, visit www.observe.ai.
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