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Today, Intelligent Workforce Platform Observe.AI announced it has raised $125 million as part of a series C funding round led by SoftBank with participation from Zoom.
Observe.AI’s solution uses artificial intelligence (AI) to process customer interactions with contact center agents to generate business intelligence (BI) and develop more sophisticated insights into how to improve customer experience.
The company’s approach enables enterprises and technical decision makers to surface intelligence from customer support interactions, so they can share the insights with customer-facing teams within the organization and make strategy changes to provide a better customer experience.
The mandate for customer experience excellence
Observe.AI’s funding announcement comes as consumer demand for seamless customer experiences has increased with research reporting that 76% of customers expect consistent interactions across departments, yet 54% saying that it feels like sales, service and marketing teams don’t share information.
As these expectations have risen, many contact centers have struggled to keep up with them and provide a seamless experience.
Observe.AI aims to address this challenge by enabling customer-facing teams to gather more complete data into customer needs so they can find a way to meet them.
“The contact center lies at the core of today’s customer experience. Yet most businesses are left in the dark on their critical customer interactions. They have no idea how well team members are handling them and whether they’re achieving the desired end result. Money is left on the table and customer experience is left to chance,” said cofounder and CEO of Observe.AI, Swapnil Jain.
“Observe.AI’s best-in-class AI engine coupled with purpose-built workflows minimizes manual tasks, reduce headcount needs and help contact center agents achieve exceptional levels of performance,” Jain said.
Observe.AI is positioned within the global workforce management software market, which researchers valued at $7.03 billion in 2020 and expect to reach $9.93 billion by 2026 as organizations look for solutions to manage their workforce more effectively.
However, the organization isn’t the only one that’s looking to support customer service teams with more comprehensive insights.
One solution provider taking a similar approach is CallMiner, which provides a solution that can automatically analyze call centers conversations with AI and machine learning (ML)-driven and provide insights into the customer journey, which has raised total funding of $160 million after raising $75 million in 2019.
A competitor taking a similar approach is automated call intelligence provider Cogito, which monitors voice calls and enables customer-service teams to assess customer experience in real-time through a dashboard view, which most recently raised $25 million as part of a funding round in 2020.
At this stage, Observe.AI’s is aiming to differentiate itself from other providers through the quality of its AI solution and accuracy during transcription.
“Unlike other companies in this space, we purposely built Observe.AI’s proprietary SpeechNLP technology for the contact center, training it on more than 50 accents. Our platform achieves industry-leading transcription accuracy, sentiment analysis, insight formulation and security,” Jain said.
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