The funding will help Observe.ai expand internationally. Here are the top-line bullets you need to know.
Observe.ai, an AI-powered contact center software platform, has raised $125M in a Series C. The round drew participation from Zoom, Menlo Ventures, Nexus Venture Partners, and SoftBank Group, among others.
HOW’S THE COMPANY PERFORMING?
- California-based Observe.ai automates customer interactions using deep learning and natural language processing (NLP) technologies.
- The platform has 150+ customers and reportedly saw more than 125% growth in FY’22.
- In FY’22, the company recorded almost 150% growth in ARR. It also achieved 300% year-over-year growth in revenue.
- Observe.ai maintains offices in San Francisco and Bangalore, with a team of 250 people.
Source: Observe.ai
WHY DOES THE MARKET MATTER?
- The global contact center software market is expected to reach a value of $141B by 2030, growing at a CAGR of 19%, according to Verified Market Research.
- The proliferation of social media platforms, advancements in AI, and the reduction of development costs have contributed to the growth of the industry.
- Covid-19 has increased the influx of customer inquiries, leading companies to deploy smart and automated AI solutions to tackle the surge in queries and increase the bandwidth of their contact centers.
Want to see more research? Join a demo of the CB Insights platform.
If you’re already a customer, log in here.
