Nebuly raises €18.95m to expand AI value tracking in Europe and US

Nebuly secures €18.95m Series A led by Planven

Nebuly has raised €18.95 million ($21 million) in Series A funding to build its business measuring the financial contribution of enterprise AI agents, EU-Startups reports. The startup, based in Turin and New York, is targeting organisations that need evidence of what their AI spending delivers rather than simply how often employees or customers use the technology.

Planven led the investment, with Exor Ventures, Tenacity Capital and TGVG Capital also participating. Fastweb+Vodafone invested through Founders Factory, while other existing investors and angel backers joined the round, according to EU-Startups.

CDP Venture Capital SGR contributed through its Artificial Intelligence Fund and Digital Transition Fund, which are supported by the European Union’s NextGenerationEU programme. The round therefore brings together private venture investors, a telecommunications group and EU-backed investment vehicles.

The financing follows several six-figure customer contracts in sectors including automotive, telecommunications, industrial manufacturing, luxury, healthcare and technology. EU-Startups names Oura, Iveco Group, Fastweb+Vodafone, CNH and Zeiss among Nebuly’s customers. Fastweb+Vodafone consequently appears on both the company’s customer list and the roster of investors in this round.

Enterprise AI spending creates a measurement gap

Francesco Signorato, Julien Roux and Diego Fiori founded Nebuly in 2022. Its platform examines the work performed by AI agents in employee applications and customer services, bringing the findings together so businesses can assess results across different deployments.

For internal applications, Nebuly measures productivity effects such as working hours saved and staff capacity released. It also identifies additional tasks that teams could undertake with that capacity. This gives managers a way to examine changes in the work their teams can handle, rather than treating adoption alone as a productivity measure.

For customer-facing applications, the platform tracks revenue influenced by AI agents and identifies indications of potential customer losses or opportunities to sell additional services. Those measures address commercial outcomes beyond the cost of operating an automated assistant; revenue influenced by an agent is not necessarily revenue generated by that agent alone.

The wider market has been building since ChatGPT launched in November 2022, with enterprises committing resources to AI development and deployment. A Gartner survey cited by EU-Startups found that 85% of functional leaders intended to raise AI expenditure in the survey year, while only 22% of organisations had scaled the technology across several business units. The figures describe a gap between spending intentions and broad deployment, rather than establishing the returns those investments produce.

Founders and investors put evidence ahead of usage

Signorato, Nebuly’s co-founder and chief executive, expects boards to demand a clearer account of AI’s financial worth, according to comments reported by EU-Startups. He argues that counts of users, prompts and responses can encourage organisations to pursue consumption as an objective in itself, without showing whether the technology has helped someone complete useful work.

Signorato also warns that businesses are making hiring and staffing decisions on the basis of assumed AI productivity improvements. His position is that decisions affecting headcount require evidence of actual outcomes, including whether employees recover working time and whether customers receive the help they need.

Giovanni Canetta Roeder, managing partner at Planven, sees measuring AI returns becoming a routine management requirement for large organisations. In comments carried by EU-Startups, he pointed to Nebuly’s ability to connect agent activity with business outcomes, together with its progress among major enterprise customers, as reasons for backing the company.

Funding will support US and European commercial growth

Nebuly intends to use the proceeds to expand its go-to-market teams in the United States and Europe and continue developing its platform, EU-Startups reports. Its stated ambition is to establish the company as the standard provider for measuring AI’s business contribution. The reported expansion plan identifies two broad regions, rather than a country-by-country rollout or a separate UK launch.

The platform connects with agents that enterprises already operate, including those built using Claude, ChatGPT and Microsoft Copilot. For companies expanding across European markets, that compatibility could allow them to assess existing AI deployments without first moving all their agents to a single underlying tool.

Customers can deploy Nebuly on their own premises or in a private cloud. That choice gives enterprise buyers another factor to consider alongside measurement capabilities when deciding how the software fits their infrastructure. It also places deployment control within the purchasing discussion, a topic relevant to Europe’s wider debate over AI infrastructure dependencies; neither hosting option alone establishes compliance with European regulatory requirements.