Nebuly raises $21M to help companies measure AI return on investment

The shift from usage to value

Nebuly is addressing a growing dilemma for large corporations that have invested heavily in artificial intelligence. While many companies currently measure success by how many prompts are sent or how many tokens are used, the Turin-based startup argues this is an incomplete metric. CEO Francesco Signorato refers to this trend as "tokenmaxxing," where high usage becomes the goal regardless of whether it actually helps the company's bottom line.

The company's goal is to provide a way for boards to see the real worth of these investments. Many businesses are currently making hiring and spending decisions based on the assumption that AI will increase productivity, but they often lack the evidence to prove those gains have actually happened. Nebuly aims to bridge this gap by providing concrete data on the financial consequences of AI adoption.

The need for such measurement is becoming more urgent as enterprise AI bills have tripled recently. Even as the cost of individual tokens has dropped, the total spend remains high. The startup intends to help companies move away from guessing at the value of their software and toward a clear understanding of its impact on the organization.

Tracking internal and external impact

The Nebuly platform functions by aggregating data from across an entire organization to link AI activity to specific business results. For internal tools, the software focuses on operational efficiency. It measures how much time is saved by employees, the additional capacity created by automated tasks, and what new work staff can take on because of AI assistance.

For customer-facing assistants, the platform looks at different metrics entirely. It tracks the revenue influenced by AI interactions and monitors for signs of customer churn. It also looks for opportunities to sell additional products or services to existing customers. This allows the software to provide a comprehensive view of how AI affects both the workforce and the customer base.

A key feature of the platform is its transparency for finance teams. Rather than having to accept the software's calculations as final, finance departments can inspect and adjust the underlying assumptions. This level of control ensures that the data aligns with the specific goals and accounting methods of the individual business.

Integration and infrastructure

Nebuly is designed to work with the most common AI models currently used in the enterprise space. It connects to custom-built agents and assistants powered by major providers like Claude, ChatGPT, and Microsoft Copilot. This allows companies to monitor a variety of different tools from a single centralized location.

The platform is also built with security and privacy in mind for large-scale corporate use. It can be deployed on a company's own infrastructure or within a private cloud environment. This flexibility is important for organizations that have strict requirements about where their data can be processed and stored.

The company has already secured contracts worth multiple six-figure sums with a variety of clients. These include notable names such as Oura, Iveco Group, Fastweb+Vodafone, CNH, and Zeiss. These partnerships suggest that large-scale industrial and consumer brands are already looking for ways to quantify their AI spending.

Market trends and expansion

Nebuly is entering a competitive market where other players are also trying to connect AI spending with business outcomes. For instance, Ascerta recently raised $18M from Dell's venture arm to tackle a similar problem. Additionally, software providers are beginning to change their own pricing models, with companies like Zendesk moving toward pay-per-result pricing structures.

The startup plans to use its new capital to grow its sales and go-to-market teams across both Europe and the United States. This expansion will coincide with continued development of its core platform to meet the needs of a growing number of enterprise customers. The company was founded in 2022 by Francesco Signorato, Julien Roux, and Diego Fiori.

As the initial phase of AI experimentation ends, the focus is shifting toward scrutiny of costs and actual contributions. Nebuly's growth reflects a broader trend where the ability to show what a system contributes to the bottom line is becoming a pressing concern for every enterprise. The company's success will depend on its ability to provide these insights as AI becomes a standard part of the corporate tech stack.