Observe.ai, San Francisco-based company that is developing transcription and analytics software for voice calls to support call centers has secured $54 million as part of Series B financing. The latest investment comes from California-based Menlo Ventures.
The financing also saw involvement of Next47 Ventures, and NGP Capital. Steve Sloane, the partner at Menlo Ventures is set to join the board of Observe.ai. Before this round, Observe.ai had raised $26 million in December last year. Scale Venture Partners led the previous round.
Akash Singh, Sharath Keshava Narayana, and Swapnil Jain had founded the firm in 2017. The firm offers machine learning and big data powered analytics tools that leverage speech and natural language processing technologies. The firm claims to have 150 staff who are providing the services for over 150 customers across the globe. It includes clients like Tripadvisor, Root Insurance, Alcon Laboratories and Pearson.
Swapnil Jain, the CEO of the firm speaking about the firm said that “Today’s contact centre is mired with inefficient workflows and lack of data-driven training for frontline agents who represent the voice of the company. By leveraging AI to analyse customer interactions, businesses will turn their contact centres into growth centres. This latest round of funding is a direct result of the trust we’ve built with customers and investors, and the dedication of our team.”
Steve Sloane, the partner of Menlo Ventures commenting on the financing said, “Observe.AI is uniquely using AI to automate tedious customer service workflows and deliver actionable intelligence. We’re thrilled to be leading this investment round and are looking forward to supporting the company’s continued growth and innovation.”
It will be interesting to see how the firm utilizes the freshly raised funds to grow during these COVID-19 times.
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