Nebuly raises USD 21m to show enterprises what their AI agents are really worth
The Italian startup tracks what AI agents actually do inside large companies and links it to hours saved and revenue. Customers include Iveco Group, CNH, Zeiss and Oura.
Nebuly, a startup based in Turin and New York that measures the return companies get from their AI agents, has raised USD 21 million (about EUR 18.95 million) in a Series A round led by Planven, EU-Startups and The Next Web reported on Thursday 12 November.
Exor Ventures, Tenacity Capital, TGVG Capital and Fastweb+Vodafone (via Founders Factory) took part, alongside CDP Venture Capital through its Artificial Intelligence Fund and Digital Transition Fund, which is backed by the EU's NextGenerationEU programme. Returning investors and angels also joined. The valuation was not disclosed.
What Nebuly does
Nebuly analyses what AI agents do inside an organisation, covering both tools used by employees and assistants that talk to customers, and brings the data into one view. For internal tools, it measures hours saved, capacity freed up and new tasks teams can take on, and shows which teams get the most value and where more training could help. For customer facing assistants, it tracks revenue influenced by AI and flags signals such as churn risk and upsell opportunities, according to the two reports.
The platform connects to agents built on Claude, ChatGPT and Microsoft Copilot, and can run on premises or in a customer's private cloud. Finance teams can inspect and adjust the assumptions behind the figures rather than accept them as given, The Next Web reported.
Francesco Signorato founded the company in 2022 with Julien Roux and Diego Fiori. Nebuly started with user analytics for large language models before moving into measuring the business value of AI.
Customers and plans
Nebuly counts Oura, Iveco Group, Fastweb+Vodafone, CNH and Zeiss among its customers, with multiple six figure contracts across telecoms, automotive, industrial manufacturing, luxury, healthcare and technology, EU-Startups reported. The company plans to use the new money to expand its sales and go to market teams in the United States and Europe and to keep developing the platform.
"Every enterprise is about to face the same question from its board: what is AI actually worth to us? Nebuly exists to answer it," Signorato said. He argued that counting users, prompts and responses has fuelled "tokenmaxxing", where usage becomes the goal in itself, and that companies are making hiring and headcount decisions "based on assumptions about AI productivity, not evidence".
Giovanni Canetta Roeder, managing partner at Planven, said measuring AI's return "will become a standard part of running any large organisation" and pointed to the traction Nebuly has built with large enterprises.
Why the timing matters
Enterprises have spent heavily on AI since ChatGPT launched in November 2022, but many still cannot show what they got for it. EU-Startups cited a Gartner survey in which 85% of functional leaders plan to raise AI spending this year, while only 22% of organisations have scaled the technology across several business units. The Next Web noted that enterprise AI bills have risen even as the price of individual tokens has fallen.
Nebuly is not alone in this market. In September, Ascerta raised USD 18 million from Dell's venture arm to link enterprise AI spending with business outcomes, The Next Web reported, and software providers such as Zendesk are moving towards pricing based on results.
What it means for European founders and investors
The round shows investors backing the layer that sits on top of AI adoption: tools that help buyers decide which agents to keep, expand or switch off. As boards ask harder questions about AI budgets, products that turn usage data into financial evidence can become part of the buying process for other AI tools.
The round also adds to Italy's enterprise AI scene. The investor list combines lead investor Planven, Exor Ventures, a telecoms operator and the state backed CDP Venture Capital, a mix of financial and strategic backers for a company that is now expanding in the United States. For other European startups selling AI to finance and operations teams, see our reports on Sumary and Kabilio.
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