In a world where we are increasingly receiving regular — often unwanted — calls from company’s contact centers, it has become imperative to make them much more efficient to deliver maximum value. There are times when you are puzzled as to why a particular agent is calling you repeatedly, despite a definite denial for their offered service from your side, just hours back. Well, Observe.Ai’s workforce intelligence platform could have a solution to that, and it has clocked in $125Mn in a Series C round, from marquee investors.
The round was led by none other than SoftBank Vision Fund 2 with participation from popular video conferencing platform, Zoom. Participation also came in from Observe.AI’s existing investors such as Menlo Ventures, Scale Venture Partners, and Nexus Venture Partners, bringing the company’s total fundraise to date to $213M.
The call center agent that you rebuffed a while back, isn’t entirely at fault. The $400Bn industry, which continues to thrive despite the onset of social media advertising and what not, hasn’t really become intelligent enough. You can find large size contact centers, still relying on older systems and processes to get work done. Some would even use stuff as rudimentary as Excel sheets, to call potential consumers. Observe.AI aims to change that scenery, in its entirety.
Observe.AI’s Intelligent Workforce Platform transforms how contact centers operate as AI-empowered systems of intelligence, with full conversation visibility, business-improving insights, and machine-driven workflows. By surfacing intelligence from every customer interaction, Observe.AI acts as a force multiplier, boosting performance of customer-facing teams and automating repeatable processes that exceed business goals.
Swapnil Jain, co founder and CEO at Observe.AI says, “This fresh round of funding is further validation that Observe.AI is uniquely positioned with our industry-leading product innovations and offerings, robust services expertise and partner ecosystem, and intimate understanding of and execution on the evolving needs at the intersection of AI and CX.”
While $24 billion has been poured into technology investments, contact centers remain woefully in the dark when it comes to customer conversations. At most, typical contact centers have just 3% visibility into these interactions, leaving their customer-facing teams with no option but to work reactively and inconsistently – and leading to an estimated $75 billion per year in lost revenue.
Observe.AI has shown solid growth numbers, building up to its Series C round. On the heels of claiming a 300% year-over-year revenue growth, Observe.AI made its entry into the omnichannel market with its acquisition of Scope.AI in August 2021.
In March 2022, Observe.AI announced continued record growth for its fiscal year, claiming an impressive 150% increased ARR and increased customer base of $100K or more by 125% year-over-year. This propelled a substantial uptick in usage of the Observe.AI platform, including 3X increase in 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.