Neuron7.ai Secures USD 44 Mn in Series B Led by Former Salesforce Co-CEO's Firm, Smith Point Capital The new funding will drive product innovation and enterprise growth, enhancing service-specific AI solutions while deepening integration into CRM, chat, and service workflows for improved efficiency.
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Neuron7.ai, a cloud-based service intelligence platform, has secured USD 44 million in a Series B funding round led by Smith Point Capital, the investment firm founded by former Salesforce co-CEO Keith Block. The round also saw participation from existing investors Nexus Venture Partners and Battery Ventures, bringing Neuron7.ai's total funding to over USD 63 million.
The new funding will accelerate Neuron7's product innovation and enterprise-focused go-to-market growth initiatives, enabling the delivery of service industry-specific, deep-domain AI solutions and supporting deeper integration into CRM applications, chat, and other service workflows.
Niken Patel, CEO and Co-founder of Neuron7.ai, said, "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."
Neuron7.ai specialises in Service Resolution Intelligence (SRI), enabling organisations to achieve over 90% resolution accuracy by consolidating data from various sources, interactions, and personnel into a unified Smart Resolution Hub.
Seamlessly integrating with platforms like Salesforce, ServiceNow, Microsoft, and SAP, Neuron7 offers rapid issue resolution, guiding service teams with accurate and efficient turn-by-turn instructions. These capabilities are tailored for complex environments where fast and accurate problem-solving is critical.
Headquartered in San Jose, California, Neuron7 has made significant strides in recent years. Over the last 12 months, the company increased its annual recurring revenue (ARR) by 300% and expanded its customer base to include top-tier enterprises from the medical device, high-tech, and industrial equipment sectors.
According to Patel, "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."
Keith Block, CEO and Founder of Smith Point Capital, commented, "Neuron7 represents the next great leap forward for the service industry. We 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 strategic partnerships with major cloud platforms—milestones rarely seen in a company at this stage."
Neuron7 operates a major hub in Bangalore and plans to scale its operations significantly in 2024, targeting 10x growth. This expansion will involve recruiting talent in data science, natural language processing (NLP), infrastructure, engineering, and quality assurance, strengthening Neuron7's capacity to deliver innovative AI solutions globally.
India's expansion efforts will be led by Chetan Kalyan, Director of Engineering, Abinaya Govindan, Founding Engineer and ML Architect, and Gyan Ranjan, Founding Engineer specialising in NLP.
To build a robust talent pipeline, Neuron7 plans to recruit graduates from premier institutions like IITs, NITs, and the Indian Statistical Institute through campus hiring initiatives. Additionally, the company aims to establish research labs at IIT Delhi, IIT Mumbai, and IISc, providing a platform for students to explore data science.
