Workplace platform Observe.AI raises $125 mn in funding round led by SoftBank

Observe.AI,  an intelligent workplace platform, has raised $125 million in a Series C funding round led by SoftBank Vision Fund 2, with participation of video conferencing firm Zoom and various other investors.

However, the San Francisco headquartered firm did not disclose the valuation at which the funds were raised. The four-year-old start-up, which has its office in Bengaluru, also onboarded SoftBank Partner Priya Saiprasad as its board member.

“This round is a testament to our mission to make every contact centre AI empowered and the world class flawless execution of that mission over the last 4 years. Extremely grateful to the 250+ Observians who have worked very hard to make this mission a reality, 200+ enterprises who trusted us in their AI transformation journey and existing investors who continue to support Observe.AI with extreme enthusiasm!” Swapnil Jain, the co-founder and CEO of Observe.AI said in a series of tweets.

Welcoming Saiprasad, Jain said she has a deep understanding of the market and a long term outlook to building very large and long lasting companies

In a blogpost, Jain said that the company intends to utilise the funding for the expansion of Intelligent Workforce Platform to drive better business outcomes for its customers in customer experience and revenue generation.

“We are also investing in our world-class R&D function to increase our leadership position in actionable, reliable, and purpose-built AI for the contact center. Scaling our go-to-market team, including our direct and channel-based motions, to further accelerate our growth,” Jain added.

The company has been able to make inroads in the untapped AI contact centre market and thereby improve efficiencies of the businesses.

“Our Series C funding comes on the heels of immense momentum. In the last year, we drove 150 per cent ARR growth. The volume of analyzed customer interactions through Observe.AI increased 3x. We also grew our enterprise customer base by 40 per cent and saw a 40 per cent increase in revenue post-implementation. And we innovated our platform while expanding our global team,” Jain added.