Voice AI platform Observe.AI announced that it has raised $54 MN in Series B round led by Menlo Ventures. This brings the company’s total funding till date to $80 Mn.
The funding round was led by Menlo Ventures with participation from MGV, Liquid 2 Ventures and Hack VC. Existing investors Emergent Ventures and Y Combinator also took part — Observe.AI was part of the YC’s winter 2018 batch.
Observe.ai was founded in 2017 by Akash Singh, Sharath Keshava Narayana, and Jain which uses natural language processing (NLP) to analyze conversations between human agents and customers. It then automatically transcribes each call and carries out sentiment analysis to determine customer satisfaction while drawing correlations between the words and actions of the support agent and the customer’s happiness level.
Steve Sloane, partner at Menlo Ventures, will also be joining Observe.AI’s board. Prior to this Series B funding round, Observe AI had secured $26 Mn from Nexus Venture Partners in December 2019.
Observe.AI, Shaloo Garg, Managing Director, Microsoft for Start-Ups said, ‘As top brands continue to demand AI-powered solutions to support their frontline agents, automate workflows, and unlock customer intelligence from calls, we are pleased to see Observe.AI continue to gain traction and the confidence of financial markets.”
The company’s first product is an AI that assists call center workers by automating a range of tasks, from auto-completing forms for customers, to guiding them on next steps in-call and helping find information quickly.
Observe.ai CEO and Cofounder Swapnil Jain said, “We can automatically surface a list of agents who did not follow the proper compliance protocols, for example, which are critical in health care, and retrain them, Or we can identify agents with the most efficient ‘handle time’ or the fewest ‘supervisor escalations’ and learn what they’re doing well and replicate their best practices.”