Neuron7.ai secures $44 million in Series B led by Smith Point Capital
Source: Business Standard
 "Niken Patel")
Neuron7.ai CEO and co-founder Niken Patel
Neuron7.ai, the service resolution intelligence platform, said 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. The firm operates in Bengaluru and plans to scale operations in India, targeting 10x growth in 2024. The expansion will focus on recruiting talent across data science, search, natural language processing (NLP), infrastructure, engineering, and quality assurance (QA) to strengthen capabilities. The funding will also support a broader vision to make its Bengaluru office a global hub for AI engineering and business innovation.
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India’s engineering expansion will be led by Chetan Kalyan, director of engineering; Abinaya Govindan, founding engineer and machine learning architect; and Gyan Ranjan, founding engineer for NLP. These prominent leaders are building Neuron7’s innovative AI solutions. Neuron7 recruits talent from top institutions, including the Indian Statistical Institute, IITs, NITs, and IIMs. A 2024 campus hiring initiative will focus on internships and full-time roles, creating a pipeline of new graduates while fostering up-and-coming AI engineering talent. In the long term, Neuron7 aims to set up research labs at IIT Delhi, IIT Mumbai, and IISc to support students pursuing data science.
“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.
In the last 12 months, the firm has increased annual recurring revenue (ARR) by 300 per cent. It has added 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.
“Neuron7 represents the next great leap forward for the service industry,” said Keith Block, CEO and founder of Smith Point Capital.
Abhishek Sharma, managing director at Nexus Venture Partners, said, “Neuron7 is building an Enterprise AI company delivering high ROI for its customers.”
Today’s service organisations 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 organisations still relying on outdated articles and manuals that are difficult to find and use effectively. Neuron7 said it solves these challenges by providing accurate resolutions, including helping customers improve first-time fix rates, 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 of global field services at 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.”
First Published: Oct 15 2024 | 8:28 PM IST
