Nebuly raises $21M Series A to prove what enterprise AI is worth
Turin-founded Nebuly raised a $21M Series A led by Planven to sell its AI ROI platform to large enterprises, a round Dealroom ranks in the 97th percentile of Italian AI Series A deals.
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Founded 2022 · Turin, Italy
Nebuly, the Turin-founded ROI platform for enterprise AI, has raised a $21M Series A led by Zurich-based Planven, The Next Web reported on November 12, 2026, and will put the money into sales teams in New York, London and across Europe.
A $21M Series A led from Zurich
The Next Web published the round first, at 05:00 GMT on November 12, 2026, with Dealroom and Tech Funding News following that morning. At the xe.com rate of 1.10521 on November 12, 2026, the $21M is worth about €19.0M.
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Planven, a Zurich-based investor with over $300 million under management according to Tech Funding News, led the round. Exor Ventures, Tenacity Capital and TGVG Capital joined, along with Fastweb+Vodafone via Founders Factory and CDP Venture Capital SGR through its AI Fund and Digital Transition Fund. Returning investors and angels also took part.
The money pays for salespeople in New York, London and across Europe, and for continued development of the platform.
Reading AI agent conversations for Oura, Iveco and Zeiss
Large companies are about to be asked what their AI spend returns. The good news is that a team from Turin has built a business around that question, and investors just backed it at a size Italy rarely sees. Below, I look at the product, its market and what the cap table says about European enterprise AI.
Nebuly analyzes the conversations between employees or customers and AI agents, then shows adoption patterns, unmet needs and ROI, according to nebuly.com. Alongside its AI Experience module, AI ROI sets the value created against the cost by team, tool and use case, and AI Proficiency scores how well each team uses AI.
The platform connects to a company’s existing agents without changes, runs as SaaS or self-hosted, and removes personal data before analysis. Its site lists ISO 27001, ISO 42001 and SOC 2 among its credentials.
Founded in 2022, the company has 40 people, offices in Turin and New York, and plans to reach 60 within about two months, Tech Funding News reported. Francesco Signorato is co-founder and CEO, Diego Fiori co-founder and CTO, and Julien Roux co-founder and CRO.
Customers include Oura, Iveco Group, Fastweb+Vodafone, CNH and Zeiss. Most clients have revenue above $1B, the smallest well above $100M, and contracts typically start around $100,000 a year, according to Tech Funding News and Dealroom.
“Every enterprise is about to face the same question from its board: what is AI actually worth to us?” Signorato said. “Companies are now making decisions about hiring and headcount based on assumptions about AI productivity,” he also said. What happens to a hiring plan built on a productivity figure nobody has checked?
Measuring AI returns, a market forecast to reach $2.05 billion by 2030
IDC expects European AI spending to reach $290 billion in 2029, a 33.7% CAGR over 2025-2029 (IDC, April 3, 2026). The niche Nebuly sells into is much smaller. Mordor Intelligence estimates the market for agentic AI monitoring, analytics and observability tools at $0.55 billion in 2025 and forecasts $2.05 billion by 2030, a 30.10% CAGR. The report names EU AI Act pressure as a driver, and it is a rare week when a European regulation turns up on the growth side of a forecast.
Large enterprises held 74.8% of that market in 2024, per Mordor Intelligence. If you sell software to Europe’s biggest companies, you will recognize Nebuly’s buyer in that number. A market this small and growing this fast usually lets its first vendors with blue-chip references set the terms, and the competition is already raising. Rival Ascerta reportedly raised $18M in September, according to Dealroom, and Ares Intelligence closed a €2.6M seed on October 30, 2026, led by Creandum and Lakestar, to show firms where AI pays off.
Dealroom places Nebuly’s round in the 97th percentile of all-time AI Series A rounds in Italy (Dealroom, November 12, 2026). Read next to the other recent rounds in our fundraising data, the Italian outlier looks like the early shape of a European category.
Italian backers and a Swiss lead on one cap table
We tend to judge European AI by the models we train. This round points one layer up, to the software that tells a large company whether the models it already pays for are earning their keep. That layer suits us. Our large enterprises are regulated, cautious buyers, and a buyer facing the EU AI Act wants a measurement it can show an auditor.
The investor list maps that argument. A Zurich lead sits next to Italy’s CDP Venture Capital, investing through its AI and Digital Transition funds, and next to Fastweb+Vodafone, which appears on Nebuly’s customer list and, via Founders Factory, on its cap table. A customer that invests in the tool measuring its own AI spend is about as strong a reference as an enterprise vendor can collect.
“Measuring AI’s return will become a standard part of running any large organisation,” said Giovanni Canetta Roeder, managing partner at Planven. If that holds, ROI measurement joins the budget lines every large company keeps, next to security audits, and a Turin-founded team is already selling it to Zeiss and Iveco.
What to watch as Nebuly hires in New York and London
Going from 40 to 60 people in about two months (Tech Funding News) is the near-term test, and the New York and London sales desks will show whether a measurement tool built in Turin sells to American enterprises as readily as to European ones. The larger stake is who writes the standard for AI returns. For a continent better known for regulating AI than selling it, owning that standard would be a quiet reversal. Keep an eye on the customer list, and let’s build more companies that make AI answer to the people paying for it!
