Voice AI platform Observe.AI raises $26 mn in funding round led by Scale

Observe.AI, an artificial intelligence (AI)-powered agent enablement for voice customer service, on Tuesday said it has raised $26 million (about Rs 184 crore) in a funding round-led by Scale Venture Partners.

The series A financing round also saw participation from Nexus Venture Partners, Steadview Capital, 01 Advisors, and Emergent Ventures, a statement said.

This brings the company's total funding to $34 million, it added.

The latest funding will allow Observe.AI to expand its US-India team globally and accelerate product development.

In conjunction with the funding, Andy Vitus, partner at Scale, will be joining Observe.AI's board.

"Legacy speech analytics systems are simply not meeting the needs of the world's top brands. Today's customer service agents have a unique ability to emotionally connect with customers and are often a brand's only frontline representatives," Observe.AI CEO and co-founder Swapnil Jain said.

The investment will fuel the company's mission to elevate agent performance through AI-based coaching and insights, he added.

Some of Observe.AI's users include TripAdvisor, Concentrix, ClearMe, and Root Insurance.

"We expect to see a 4X increase in annual recurring revenue in 2020. With plans to significantly expand our sales, marketing, and customer success teams over the next few months, we're both eager and grateful to build on the momentum," Sharath Keshava Narayana, CRO, Observe.AI said.