Nebuly raises €19M Series A to give enterprise CFOs a number for AI

Nebuly (Turin, Italy) has raised €18.95 million (approximately $21 million) in a Series A led by Planven (Zürich), with Exor Ventures, Tenacity Capital, TGVG Capital, Founders Factory (backed by Fastweb and Vodafone), and CDP Venture Capital (AI Fund and Digital Transition Fund, backed by the EU NextGenerationEU programme) participating. The company builds an enterprise analytics platform that connects to AI agents — both customer-facing and employee-facing — to measure the business impact they actually deliver.

The tokenmaxxing problem

As enterprises deploy AI agents at scale, a question is arriving on the desks of CFOs that the standard metrics cannot answer: what did it actually change? Query volume, model calls, and session counts say nothing about whether revenue moved, whether time was freed for higher-value work, or whether the decisions taken with AI assistance were better than the ones taken without it.

Nebuly was founded in 2022 by Francesco Signorato and Diego Fiori — both in Turin — with the proposition that measuring AI by usage alone produces the same distortion that measuring software by lines of code once did: an incentive to maximise the metric rather than the outcome. The platform integrates with an organisation's deployed AI agents and surfaces the signal that usage counts obscure: revenue influenced by customer-facing agents, time saved and decisions supported by internal ones, AI adoption rate by team and function, and anomaly detection when agents start to drift.

Customers named in sources include Oura, Iveco Group, Fastweb+Vodafone, CNH, and Zeiss — a range that spans consumer wearables, industrial manufacturing, and precision optics, suggesting the platform is not sector-specific.

The €19M: US and Europe, 40 to 60 people

The round funds US and European go-to-market expansion — Nebuly already has an office in New York — and grows headcount from 40 to 60. The contracts involved are significant: sources suggest annual engagements typically start at $100,000 per year, positioning this as an enterprise motion rather than a self-service SaaS play.

Planven (Zürich), which led, is a Swiss multi-stage fund with a track record in deep-tech and enterprise software. Exor Ventures, the investment arm of the Agnelli family's holding company, adds an Italian anchor and a network that spans the industrial and automotive sectors where Nebuly has existing customers.

CDP and the NextGenerationEU signal

CDP Venture Capital's participation — via the AI Fund and Digital Transition Fund backed by EU NextGenerationEU programme money — is a structural data point: Italian public investment infrastructure is treating enterprise AI analytics as a priority category. The endorsement is less about the specific dollars than the signal that Nebuly is embedded in the Italian innovation stack, which matters for public-sector and regulated-industry procurement in ways that pure private-capital backing does not fully replicate.

The structural risk Nebuly faces is not whether the measurement problem is real — it is — but whether independent analytics can maintain a category position as the platforms being measured absorb the measurement capability internally. The independence argument is Nebuly's moat; the question is whether customers will pay to maintain it.