Neuron7.ai Secures $44 Million Series B to Help Enterprise Customers Resolve Complex Service Issues with AI
Smith Point Capital leads financing to accelerate the adoption of groundbreaking Service Resolution Intelligence AI solution in a growing roster of Fortune 1000 companies
SAN JOSE, Calif., Oct. 15, 2024 /PRNewswire/ -- Neuron7.ai, the pioneer in Service Resolution Intelligence, today announced it has raised $44 million in Series B funding led by Smith Point Capital, the firm founded by former Salesforce Co-CEO Keith Block. Existing investors Nexus Venture Partners and Battery Ventures joined the oversubscribed funding round, bringing the total capital raised to date to more than $63 million.
Neuron7 resolves issues in complex service environments. In the last 12 months, it has increased annual recurring revenue (ARR) by 300% while adding top-tier enterprise customers from the medical device, high-tech device, and industrial equipment industries.
The new funding will accelerate Neuron7's product innovation and enterprise-focused go-to-market growth initiatives. These will enable the delivery of sophisticated AI-powered use cases to resolve issues in complex service environments and support deeper integration into a host of 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 CEO and Co-Founder Niken Patel. "We are grateful for our investors' support and thrilled to welcome Smith Point and the expertise of enterprise software stalwarts like Keith Block to the Neuron7 business. Their extensive industry experience validates our approach and will help propel us forward as we continue to address the toughest challenges in service and support."
Charting a New Course with Service Resolution Intelligence
Neuron7 addresses the core challenge faced by complex service organizations: resolving customer issues is a struggle because knowledge is spread across vast data sources and in the minds of individuals. Compounding the issue, many service organizations are rapidly losing institutional knowledge as employees retire or change careers. The Service Council noted that workforce and talent shortages were the most significant external challenge impacting service, with more than 45% of front line agents stating that they did not plan to or were unsure about remaining in field service careers. These persistent challenges impede successful service delivery, increase costs, reduce uptime, and lead to lower overall customer satisfaction.
"Neuron7 represents the next great leap forward for the service industry," said Keith Block, CEO and Founder of Smith Point Capital. "We've had a front-row seat to the industry's evolution over the last few decades and were immediately drawn to Niken's vision to establish a service-focused, AI-driven intelligence layer. Neuron7 delivers industry-leading, domain-specific results to an impressive roster of customers and establishes impressive strategic partnerships with major cloud platforms – milestones rarely seen in a company at this stage. We are excited to partner with Neuron7 on its next chapter of growth."
Today's service organizations must support increasingly sophisticated technology – from wireless communications and point-of-sale systems to MRI machines and industrial machinery – for customers that cannot afford downtime when something goes wrong. Yet, the industry has seen little innovation, with many organizations still relying heavily on articles and manuals that are out of date and difficult to find and use effectively. Service Council research revealed that 86% of field service engineers noted their work requires greater technology knowledge, as a result of servicing more complex products, and 81% say they phone a friend when they're stuck. Neuron7 solves these challenges by providing accurate resolutions to help customers improve first-time fix rate, parts prediction, next likely error prediction, and onboarding times, while capturing knowledge.
"NCR Atleos is responsible for maintaining over 600,000 ATMs across 60 countries in multiple languages, with a critical commitment to keeping our customers' businesses running seamlessly," said Bill Girzone, Senior Vice President, Global Field Services of NCR Atleos. "Neuron7's solutions have been instrumental in transforming the quality of service we deliver to our global customers. With its AI-powered Service Resolution Intelligence deployed to more than 6,000 users worldwide, handling 1.4 million cases per year, we've been able to drive significant improvements in first-time resolve and resolution time."
According to Gartner®, global spending on AI software will grow to $297 billion by 2027, with customer service as one of the areas predicted to integrate AI tools. The goal of customer service is to resolve issues, cases, and incidents. Neuron7's use cases are at the heart of service, with AI solutions that are able to perform on industry-specific, deep-domain data to provide fast, accurate resolutions at scale.
Neuron7 is 21% to 38% more accurate than industry-standard large language models (LLMs) and reduces hallucinations by more than 50% compared to industry standards. This accuracy is the key to delivering Service Resolution Intelligence, which is in production at Fortune 1000 customers, providing accurate resolution paths with turn-by-turn guidance that improve with usage.
"Neuron7 solutions support our strategy to empower service technicians to diagnose and repair more efficiently by leveraging service data, expert knowledge, and smart-instrument telemetry data," said John Page, President of Global Services at Keysight. "By integrating the solutions into our service delivery platforms, we achieve daily efficiencies that enhance customer service, enabling our customers to innovate at speed and achieve sustained positive outcomes with Keysight products and solutions."
About Neuron7.ai
Neuron7 is the pioneer in Service Resolution Intelligence, helping customers achieve 90% plus resolution accuracy faster by bringing together knowledge from vast data sources, people, and interactions into a Smart Resolution Hub. Neuron7 seamlessly integrates into your CRM or chat in partnership with Salesforce, ServiceNow, Microsoft, and SAP to provide answers in seconds and turn-by-turn guidance to resolve issues faster, the first time. Neuron7 solutions are purpose-built for complex service environments, including medical devices, high-tech, and industrial equipment. Neuron7 is backed by Smith Point Capital, Nexus Venture Partners, Battery Ventures, and ServiceNow Ventures. Learn more at www.neuron7.ai.
About Smith Point Capital
Smith Point Capital is redefining growth equity by integrating deep investment expertise with extensive operational experience. The firm was founded in 2022 to focus exclusively on investing in the next generation of enterprise software companies driving digital transformation. Smith Point's operator-led approach combines hands-on operational support with strategic capital, empowering companies to accelerate growth and maximize market impact. Backed by a team with over 100 years of combined experience and more than 200 software transactions representing $10 billion in enterprise value, Smith Point partners with entrepreneurs to achieve exceptional financial and operational outcomes. For more information, visit www.smithpointcapital.com.
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