Nebuly Raises $21M Series A to Help Enterprises Measure AI ROI and Justify AI Investments

Nebuly Secures $21M Series A Funding to Tackle Enterprise AI ROI Challenge

Nebuly, a Turin-based startup focused on helping enterprises measure AI ROI, has raised $21M in Series A funding led by Planven1

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. The round saw participation from Exor Ventures, Tenacity Capital, TGVG Capital, Fastweb, Vodafone, and CDP Venture Capital's AI and Digital Transition funds1

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. The funding arrives as companies worldwide struggle to justify their AI investments and quantify the return on investment from increasingly expensive AI initiatives.

Co-founder and CEO Francesco Signorato framed the challenge directly: "Every enterprise is about to face the same question from its board: what is AI actually worth to us? Nebuly exists to answer it"1

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. The platform addresses a gap that's becoming impossible for leadership teams to ignore as AI spending spirals and boards demand concrete business outcomes.

The Rising Cost of Unmeasured AI Investments

The financial consequences of failing to measure the ROI of enterprise AI are mounting rapidly. Uber reportedly exhausted its entire annual AI budget just four months into 2026, while an internal Amazon project ran 860% over budget for five months before the overspend was detected1

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. Enterprise AI bills have tripled even as the cost of individual tokens has fallen sharply, highlighting a disconnect between usage and actual value creation1

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A recent Gartner survey revealed that while 85% of business leaders plan to increase AI spending in the next year, only 22% have managed to scale the technology across multiple business units2

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. This gap between investment and deployment success underscores the need for better measurement tools.

Moving Beyond 'Tokenmaxxing' to Real Business Value

Most businesses still measure AI adoption through superficial metrics like the number of users, prompts, and responses generated. Signorato calls this approach "tokenmaxxing," where usage becomes a measure of success in itself, regardless of its effect on business outcomes1

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. "It doesn't tell you whether an employee got back an hour of work or if a customer got the answer they needed," Signorato explained2

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Companies are making critical hiring decisions based on assumed productivity gains from AI rather than evidence that those gains have materialized1

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. "Companies are making decisions about hiring and head counts based on assumptions about AI productivity, not evidence. Decisions of that weight need real data," Signorato stated2

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How Nebuly Measures AI Agent Productivity and Business Outcomes

Nebuly's platform connects directly to AI agents operating within customer IT environments, studying their behavior through a unified control plane2

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. The platform evaluates agentic productivity across two critical dimensions, tracking both internal employee-facing agents and external customer-facing assistants1

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For internal tools, the software measures operational efficiency metrics including time saved, additional capacity created, and new tasks employees can take on with AI1

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. It identifies which teams are getting the most value and where further training could improve results1

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. The platform also considers whether staff are applying AI to routine tasks or higher-level strategic work, helping companies understand where their agents deliver the most value2

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For customer-facing assistants, Nebuly tracks revenue impact, identifies customer churn risks, and spots opportunities to sell additional products and services1

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. Finance teams can inspect and adjust the assumptions behind the figures rather than accepting the platform's calculations at face value1

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Enterprise Adoption and Platform Integration

Nebuly connects to custom-built agents and assistants powered by Claude, ChatGPT, and Microsoft Copilot1

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. The platform integrates with tools from OpenAI, Anthropic, Microsoft, Google, and in-house developed systems, addressing the challenge of measuring AI's financial impact across a jumbled patchwork of AI models and applications2

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The platform can run on a company's own infrastructure or private cloud to keep sensitive business data secure1

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. Nebuly's customers include Oura, Iveco Group, Fastweb+Vodafone, CNH, and Carl Zeiss, with contracts worth multiple six-figure sums1

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. Almost all of Nebuly's customers generate annual revenue exceeding $100M, with about half surpassing $1B per year2

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Expansion Plans and Growing Market for Quantifying AI's Financial Impact

Francesco Signorato founded Nebuly in 2022 with Julien Roux and Diego Fiori1

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. The company initially focused on user analytics for large language models before expanding into measuring the business value of AI1

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. Nebuly plans to use the new capital to expand its sales and go-to-market teams in the US and Europe while continuing platform development1

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Other companies are pursuing the same market. In September, Ascerta raised $18M from Dell's venture arm to connect enterprise AI spending with business outcomes1

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. Software providers are also changing how they charge for AI, with Zendesk moving towards pay-per-result pricing1

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Planven's Giovanni Canetta Roeder expressed confidence in Nebuly's approach, stating he's backing the company because he's convinced that every large organization will need a way to measure AI's return on investment2

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. As companies move beyond experimenting with AI agents and start scrutinizing their costs, the ability to demonstrate what those systems contribute to the business is becoming increasingly critical1

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