The investment will fuel further growth, innovation, and talent recruitment to advance product development, engineering, and R&D
MOUNTAIN VIEW, CA / ACCESSWIRE / July 23, 2024 / Level AI, an innovator in LLM-native customer experience intelligence and the service automation space, today announced the closing of a $39.4 million Series C funding round, bringing the company's total funding raised to date to $73.1 million. The round was led by Adams Street Partners, with additional investment from Cross Creek, Brightloop, many notable CX leaders; and participation from existing investors including Battery Ventures and Eniac Ventures. Level AI will continue to deliver excellent value to customers, and will use these funds to scale and increase that value going forward.
"We are super excited for the next phase of growth with our customers and partners," said Ashish Nagar, CEO of Level AI. "Securing this significant funding round is a testament to Level AI's potential to lead the market and its ongoing commitment to delivering exceptional value to its customers. This investment underscores the confidence of our investors in Level AI's ability to drive innovation and growth in the industry."
According to data from Accenture, U.S. businesses collectively lose $1.6 trillion each year because of poor customer service. On the flipside, customers are willing to pay a 16% price premium with companies that deliver great customer experiences, so smart organizations are doing everything they can to ensure that customers are happy every time they engage with their brands. Since contact centers are often the first line of defense in the realm of CX, there's perhaps nothing more important for an organization's bottom line than optimizing contact center operations and ensuring every interaction is a productive and positive one.
Level AI, previously recognized as one of Gartner's "Cool Vendors in Customer Service and Support Technology," is at the forefront of this transformation. The company is dedicated to advancing AI technology, specifically generative AI and contact center-specific LLMs, to enhance both contact centers and their customer interactions. Harnessing the power of unstructured conversational data, Level AI has built a series of AI Agents to automate quality assurance, serve as a CX Copilot, and systemize the voice of the customer through deep generative AI insights. Approximately 90% of all business data is unstructured, underscoring the critical role of solutions like those offered by Level AI.
"Level AI's innovative approach and impressive growth trajectory were key factors in our decision to lead this funding round," said Robin Murray, Partner at Adams Street Partners. "We believe in the company's vision and are confident in its ability to continue to transform the customer experience landscape."
The Series C investment will fuel Level AI's strategic growth and innovation initiatives in critical areas, including advancing product development, engineering enhancements, and rigorous research and development efforts. The company aims to recruit top-tier talent across all levels of the organization, enabling it to continue pioneering industry-leading technologies that surpass client expectations and meet dynamic market demands. To learn more about Level AI, please visit https://thelevel.ai/.
ABOUT LEVEL AI:
Level AI is a leading provider of advanced AI applications for the contact center. The company's mission is to help businesses build better customer relationships, and drive efficiency, productivity, scale, and excellence in sales and customer service. Level AI's products are used by leading brands, such as Affirm, Penske, Vista, Carta, and more. Learn more at https://thelevel.ai/.
MEDIA CONTACT:
Lauren Gill, MAG PR at E: lauren@mooringadvisorygroup.com; P: 978-473-1362
SOURCE: Level AI
View the original press release on accesswire.com
