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.
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.
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