Nebuly Raises $21M Series A to Measure What Enterprise AI Is Actually Worth

Nebuly has raised a $21 million Series A to solve a problem most enterprises won't admit they have: nobody can prove their AI agents pay for themselves. Planven led the round, announced November 12, 2026, with backing aimed at scaling the company's platform for measuring the economic value of enterprise AI agents.

The money arrives with real commercial traction already attached. Nebuly reports multiple six-figure contracts with enterprises across telecommunications, automotive, industrial manufacturing, luxury, healthcare and technology. Named customers include Oura, Iveco Group, Fastweb+Vodafone, CNH and Zeiss.

Joining Planven in the round were Exor Ventures, Tenacity Capital, TGVG Capital and Fastweb+Vodafone, participating through Founders Factory, alongside returning investors and angels. CDP Venture Capital SGR also supported the deal through its Artificial Intelligence Fund and Digital Transition Fund, with funding from the European Union's NextGenerationEU programme.

The company, headquartered in Turin and New York, plans to spend the capital in two directions: scaling its go-to-market team across the United States and Europe, and further developing the platform.

How does Nebuly actually measure AI value?

The platform analyzes what AI agents do across internal employee tools and customer-facing assistants, then consolidates the results into a single view. For employee-facing AI, it measures hours saved and capacity freed — plus new tasks teams couldn't previously undertake. It separates high-value work from routine tasks, compares results across teams and identifies where targeted upskilling could improve returns.

For customer-facing assistants, the math shifts to revenue. Nebuly tracks revenue influenced by AI and surfaces churn-risk and upsell signals.

One design choice stands out for finance teams: the assumptions behind reported figures stay visible and adjustable. Leadership can examine the numbers rather than accept them on trust — a direct pitch at CFOs tired of black-box dashboards.

The platform also connects to custom-built tools and assistants based on Claude, ChatGPT and Microsoft Copilot. Nebuly said its purpose-built models can run on-premises or in a customer's private cloud, which means enterprise data never has to travel to external model APIs. The cross-provider design targets enterprises running agents from several providers alongside their own tools — an environment no single vendor can see across.

What's wrong with how companies measure AI today?

Chief executive and co-founder Francesco Signorato has a name for the problem: "tokenmaxxing." Measuring AI by counting users, prompts and responses, he argued, turns usage itself into the goal, while hiring and headcount decisions still rest on assumptions about AI productivity rather than evidence.

"None of that tells you whether an employee got an hour of work back or a customer got the answer they needed," Signorato said.

The critique lands at a moment when the numbers back him up.

What does the Gartner survey reveal?

A Gartner survey released September 1, 2026 found that 85% of functional leaders planned to increase AI spending in 2026, after allocating an average of 12% of their functional budgets to AI in 2025. Yet only 22% of organizations had successfully scaled AI across multiple business units or adopted an AI-first approach. Roughly 11% were entirely unaware of what their function spent on AI in 2025.

The survey covered 1,303 respondents from January through April 2026, all at organizations with enterprisewide annual revenue of at least $50 million in fiscal year 2025.

The performance split is stark. Gartner reported positive returns in 81% of AI initiatives among high performers — organizations that continually track AI ROI, treat AI as a portfolio of value, regularly assess projects and reallocate or discontinue underperforming initiatives. Low performers didn't know the rate of return for 29% of their initiatives.

Read together, the survey describes exactly the commercial opening Nebuly is chasing: budgets rise while scaling stalls and visibility into spending stays thin.

The company's inspectable, cross-provider measurement layer is built for that gap. The test ahead is whether it can convert raw agent activity into financial evidence solid enough to steer decisions about which AI projects deserve more money.