US-based call centre technology developer Observe.AI received $54m in series B funding from investors including Next47 Ventures, the venture capital firm funded by industrial technology manufacturer Siemens, on Tuesday.
Menlo Ventures led the round, which also featured fellow venture capital firm NGP Capital. Steve Sloane, a partner at Menlo Ventures, will take a seat on Observe’s board of directors in conjunction with the round.
Observe provides artificial intelligence-equipped software that enables businesses to transcribe every phone call to their contact centres and coach their staff to provide better customer service.
The funding will support research and development work intended to help the company add real-time coaching and omnichannel support features to the platform together with improved interaction analytics.
Swapnil Jain, Observe’s co-founder and chief executive, said: “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.”
The round came after VC firm Scale Venture Partners led a $26m series A round for the company in December 2019, investing alongside Nexus Venture Partners, Steadview Capital, 01 Advisors and Emergent Ventures.
Observe had previously raised $8m in an August 2018 seed round led by Nexus Venture Partners and backed by Maschmeyer Group Ventures, Liquid 2 Ventures, Hack VC and existing investors Emergent Ventures and Y Combinator.
