Workplace Observe.AI platform raises $125 million in SoftBank-led funding round
Observe.AI, a smart work platform, raised $125 million in a Series C funding round led by SoftBank Vision Fund 2, with participation from video conferencing company Zoom and various other investors.
However, the San Francisco-based company did not disclose the valuation at which the funds were raised. The four-year-old startup, which has its office in Bengaluru, has also onboarded SoftBank partner Priya Saiprasad as a member of its board.
“This cycle is a testament to our mission to make every contact center empowered with world-class AI and flawless execution of that mission over the past 4 years. Extremely grateful to the over 250 Observians who have worked so hard to make this mission a reality, to the 200+ companies who have trusted us on their AI transformation journey, and to existing investors who continue to support Observe.AI with extreme enthusiasm! Swapnil Jain, Co-Founder and CEO of Observe.AI, said in a series of tweets.
Welcoming Saiprasad, Jain said she had a deep understanding of the market and a long-term perspective to build very large, sustainable businesses.
In a blog post, Jain said the company intends to use the funding for the expansion of the smart workforce platform to drive better business outcomes for its customers in terms of customer experience and revenue generation.
“We are also investing in our world-class R&D function to strengthen our leadership position in actionable, trusted, purpose-built AI for the contact center. Scale our go-to-market team, including our direct and channel-based moves, to further accelerate our growth,” added Jain.
The company was able to make inroads into the untapped AI contact center market and thereby improve business efficiency.
“Our Series C funding follows tremendous momentum. Over the past year, we have generated 150% growth in ARR. The volume of customer interactions analyzed through Observe.AI increased 3x. We also grew our enterprise customer base by 40% and saw a 40% increase in revenue after implementation. And we innovated our platform while expanding our global team,” added Jain.