Venture Capital

Level AI Reels In $20 Million

MOUNTAIN VIEWLevel AI, a provider of AI-driven technology that is modernizing customer service and experience, announced new product features amid increased demand for its platform. New features include much-requested agent screen monitoring and recording, which are powered by Level AI’s state-of-the-art artificial intelligence technology. This product release comes as Level AI has experienced a significant surge in sales of its software, adding customers like OpenTable, Toast, and Carta as the adoption of hybrid and remote work models push many enterprise customer contact centers into the cloud. In the last six months, headcount at the company has tripled and annual recurring revenue increased multiple times over as Level AI scales to meet demand.

Additionally, Level AI closed a $20 million Series B financing round, led by Neeraj Agrawal at Battery Ventures, who also led the company’s Series A round. Previous investors ENIAC and Village Global also participated. The latest funding represents a four-fold increase in valuation from the company’s Series A, which closed just six months ago. To date, the company has raised $35 million.

“When we launched our platform in late 2020, amid COVID-19, we knew there would be demand for smarter, more nimble technology that would leverage conversational artificial intelligence to help enterprises more quickly and efficiently solve customer issues in the cloud and improve the overall customer experience,” said Ashish Nagar, Level AI’s chief executive and a former Amazon Alexa product manager. “But we could not have predicted how fundamental this technology would become for enterprises and the response we would get from customers who are hungry for innovation in this space after being sold to by legacy companies who have not innovated for decades.”

Level AI’s proprietary technology is well-suited to today’s customer contact industry and its roughly 4 million workers, as many of these representatives are continuing to work from home and require a more modern software platform to serve customers. Level AI integrates with the entire customer service stack, including cloud telephony providers like Five9 and Twilio; CRMs like Salesforce, Zendesk and Kustomer; and ticketing and chat providers like Helpshift and Zendesk. The move to the cloud in the customer service space is significant but still represents less than 20% of contact center technology in use today, creating a huge, untapped market for Level AI and its customer intelligence platform.

Level AI’s platform gives contact centers new powers, through data, to unearth valuable customer insights that weren’t previously captured to drive analytics, automation and quality assurance use cases.

“We continue to be unbelievably impressed with the Level AI team’s ability to develop groundbreaking new technology to help large brands serve customers better,” said Neeraj Agrawal, general partner at Battery Ventures and Level AI board member. “The company’s continued innovation and significant traction in the market are a testament to the depth of the team’s expertise. They are transforming this space in a very exciting way.”