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HomeTechObserve.ai raises $125 million from SoftBank Vision Fund, Zoom, others as it...

Observe.ai raises $125 million from SoftBank Vision Fund, Zoom, others as it prepares for IPO

Bengaluru: Artificial intelligence startup Observe.ai has raised $125 million in a new round of funding round led by Softbank Vision Fund 2 with participation from video conferencing platform Zoom. The round also saw participation from its existing investors Menlo Ventures, Scale Venture Partners, and Nexus Venture Partners, bringing the company’s total funding to date to $213 million. Observe.ai is headquartered in San Francisco with an office in Bengaluru.

Founded in May 2017 by Akash Singh, Sharath Keshava, and Swapnil Jain, Observe.aI is a workforce platform that helps contact centres with AI for better customer conversations, optimises agent performance, and automates processes that drive revenue and retention. Some of its top customers globally include Group 1 Automotive, Pearson, ResMed and Accolade.

The funds will be deployed towards scaling the company’s go-to-market motion and driving geographical expansion into international markets as well as accelerating its timeframe to IPO readiness, the company said in a prepared statement.

“ We are positioned with our product innovations and offerings, robust services expertise and partner ecosystem, and intimate understanding of and execution of the evolving needs at the intersection of AI and CX (customer experience),” said Jain, cofounder of Observe.ai.

In September 2020, Observe.ai raised $ 54 million in a Series B round led by Menlo Ventures.

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The company was reporting 300% year-over-year revenue growth post raising the series B round and made its entry into the omnichannel market with its acquisition of Scope.AI in August 2021.

In March 2022, Observe.aI announced growth for its fiscal year at nearly 150% increased annualised ARR ( average revenue run-rate) and increased the customer base of $100, 000 or more by 125% year-on-year.

“This propelled a substantial uptick in usage of the Observe.AI platform, including 3 times increase in the 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,” the company said in a prepared statement.

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