Zoom helps Observe.ai raise $125 million
Contact centers look set to change.
Why You Should Care
Observe.ai has made an impression with its customer service AI tool.
Learn what value Zoom sees in the platform.
Customer experience and employee learning have both become important topics over the pandemic. Customers want their needs met in a stressful environment, while many workers aren’t satisfied with a job that gives no room for growth.
Observe.ai addresses both these issues with its tool that tracks language and voice. It then gives coaching on future customer-employee-based discussions in the future. The data collected from the employee can also ensure compliance by reporting on engagements and anomalies.
Discussing the need for this technology in the current market, Swapnil Jain, CEO and co-founder of Observe.ai, wrote in a blog post: “The business need is clearer than ever—despite $24 billion being poured into contact center technology investments, contact centers remain woefully in the dark when it comes to customer conversations.
“Brands continue to struggle to improve customer experience and business outcomes, all the while customer expectations continue to surge.”
Now the company has closed a Series C round. The company raised $125 million with SoftBank Vision Fund leading the round. Notably, additional funding was provided by Zoom, as well as Menlo Ventures, and Scale Venture Partners.
Zoom’s interest may have spawned from its failed attempt to acquire another company in the contact center space, Five9. In that incident, the $15 billion deal fell through after Five9 failed to get sufficient shareholder support for the merger. Another reason for interest could be connected to the fact that Zoom launched a new contact center solution in February 2022.
Observe.ai has now raised a total of $213 million since its inception in 2017. Although the company’s value has not been publicly stated it was worth $304 million in July 2020.
Observe.ai’s future
Looking ahead in a blog post about the investment, the company is committed to “accelerating the expansion of our Intelligent Workforce Platform, harmonizing during and post-interaction evaluation and coaching workflows to drive better business outcomes.”
Observe.ai will also invest in research and development to help grow its presence in its field and further its artificial intelligence (AI) that is designed specifically for the contact center.
Finally, the company wants to make more hires in its go-to-market team and help it continue to grow.
Priya Saiprasad, a partner at SoftBank Investment Advisers, discussed the investor’s hopes for the company: “Observe.AI has a transformative vision to deliver actionable and trustworthy AI that empowers digital-first businesses to create exceptional customer experiences.
“The company has built an intelligent, flexible platform with endless use cases, from healthcare companies seeking to enhance the patient experience through to financial institutions aiming to boost revenue.
“We are thrilled to partner with Swapnil and the team to help them accelerate a paradigm shift within the contact center industry.”
It looks like contact center training and management are about to change.
Sign up to the UNLEASH Newsletter
Get the Editor’s picks of the week delivered straight to your inbox!
Senior Journalist
Dan combines his first-hand experience alongside the latest news and opinions in the HR Technology space.
Contact Us
"*" indicates required fields
Partner with UNLEASH
"*" indicates required fields