Artificial intelligence-backed customer and field service platform Neuron7.ai said on Tuesday it has raised $44 million in a Series B funding, led by Smith Point Capital, a firm founded by former Salesforce co-CEO Keith Block.
The round also saw participation from existing investors Nexus Venture Partners and Battery Ventures. Neuron7 said that the funding round was oversubscribed and that it brought the total capital raised to date to more than $63 million.
The company had previously raised $10 million in its Series A funding round co-led by Nexus Venture Partners and Battery Ventures in June 2022.
Founded in 2020, Neuron7 resolves issues in complex service environments. It helps enterprises make accurate service decisions at scale.
“Neuron7 delivers domain-specific results to its customers and establishes impressive strategic partnerships with major cloud platforms – milestones rarely seen in a company at this stage,” said Keith Block, chief executive officer and founder of Smith Point Capital.
The company plans to use the new funding to accelerate Neuron7’s product innovation and enterprise-focused go-to-market growth initiatives.
The funding will also help the company to enable the delivery of service industry-specific, deep-domain AI solutions and support deeper integration into CRM applications, chat, and other service workflows.
“Neuron7 is redefining service with AI that delivers fast, accurate resolutions at Fortune 1000 companies. Our Smart Resolution Hub is the future of service, bringing together knowledge from data and people to power better decisions and faster resolutions at every point of the service continuum,” said Neuron7.ai's chief executive officer and co-founder Niken Patel.
The company claims that in the last 12 months, it has increased annual recurring revenue (ARR) by 300% while adding enterprise customers from the medical device, high-tech device and industrial equipment industries.
“As early investors, we believed in Niken and the team’s strategic vision to create a new category of Service Resolution Intelligence…Neuron7 is building an Enterprise AI company delivering high ROI for its customers,” said Abhishek Sharma, managing director at Nexus Venture Partners.
