Nebuly, a Turin-based company that helps businesses measure the financial return from their AI agents, has raised $21m in a Series A round led by Planven.
Exor Ventures, Tenacity Capital, TGVG Capital and Fastweb+Vodafone also participated, alongside CDP Venture Capital's AI and Digital Transition funds.
Nebuly is addressing a question that more companies are starting to face: how much value are they actually getting from their investment in AI?
“Every enterprise is about to face the same question from its board: what is AI actually worth to us? Nebuly exists to answer it,” said co-founder and CEO Francesco Signorato.
Many businesses still measure AI adoption through the number of users, prompts and responses generated. Signorato calls this approach “tokenmaxxing”, where usage becomes a measure of success in itself, regardless of its effect on the business.
He argues that companies are also making hiring decisions based on assumed productivity gains from AI rather than evidence that those gains have materialised.
The financial consequences of getting this wrong are becoming harder to overlook. Uber reportedly exhausted its annual AI budget just four months into 2026, the Financial Times reported, while an internal Amazon project ran 860% over budget for five months before the overspend was detected.
Enterprise AI bills have also tripled, even as the cost of individual tokens has fallen sharply.
Nebuly's platform looks at what AI agents actually do across an organisation, covering both tools used by employees and assistants interacting with customers. It brings the data together in one place and links AI activity to business results.
For internal tools, the software measures time saved, additional capacity created and new tasks employees can take on with AI. It also identifies which teams are getting the most value and where further training could improve results.
For customer-facing assistants, it tracks the revenue influenced by AI and looks for signs of potential customer churn or opportunities to sell additional products and services.
Finance teams can inspect and adjust the assumptions behind the figures rather than having to accept the platform's calculations at face value.
Nebuly connects to custom-built agents and assistants powered by Claude, ChatGPT and Microsoft Copilot. It can also run on a company's own infrastructure or private cloud. Its customers include Oura, Iveco Group, Fastweb+Vodafone, CNH and Zeiss, with contracts worth multiple six-figure sums.
Francesco Signorato founded the company in 2022 with Julien Roux and Diego Fiori. Nebuly initially focused on user analytics for large language models before expanding into measuring the business value of AI.
Other companies are pursuing the same market. In September, Ascerta raised $18m from Dell's venture arm to connect enterprise AI spending with business outcomes. Software providers are also changing how they charge for AI, with Zendesk moving towards pay-per-result pricing.
Nebuly plans to use the new capital to expand its sales and go-to-market teams in the US and Europe, while continuing to develop its platform.
As companies move beyond experimenting with AI agents and start scrutinising their costs, the ability to show what those systems contribute to the business is becoming a more pressing concern.