UK Sales Intelligence vendor Cognism closed on a $12.5 million funding round led by AXA Venture Partners and joined by Swisscom Ventures. Existing investors Investiere and VentureFounders also participated. Cognism will be deploying the funds to expand its presence in the UK and Europe, including additional functionality and solutions for the global market.
The firm is coming off a strong 2020, during which ARR rose 60% to $11 million. In January, MRR passed $1 million for the first time. Cognism supports over 1,000 customers spread across 30 countries.
“We continue to invest in making our data compliant in every one of the 30 countries in which we operate,” said CEO James Isilay. “Our patented AI technology solution makes the process of finding the right prospect faster, more accurate, and compliant, which is now a top priority for all businesses.”
Cognism attributed its success to the strong demand for compliant B2B prospecting data and “the company’s ongoing commitment to adhering to global regulations.”
“Sales intelligence is crucial for making sellers more productive, even more so when people are working from home. Cognism is well-positioned to become the leading company in Europe, and we are excited to be part of that journey.”
Stefan Kuentz, Partner at Swisscom Ventures
Isilay said that Cognism is “moving more upmarket towards enterprise” and hiring account executives and managers. “We’ve got a very strong revenue engine, and now we’re really planning out and getting our retention engine to the next level.”
Cognism, which completed acquired Mailtastic and Ricochet least year, has another in the works. “We really want to be that go-to-market intelligence leader in not just Europe, but the world, and I think we’re going in the right direction right now. Things are looking very positive at the moment.” London-based Cognism was founded in 2015 and grew its employment by 60% over the past year to 223 employees.
Highspot became the latest Seattle-area unicorn following a Series E that valued the firm at $2.3 billion. The Sales Enablement platform, which was launched nine years ago by three former Microsoft employees, closed on a $200 million round led by Tiger Global Management. Bain & Company, CONIQ Growth, Madrona Venture Group, OpenView, Salesforce Ventures, Sapphire Ventures, and Shasta Ventures also participated.
“Sales enablement is about more than sales. It connects everyone from marketing and sales to post-sales in delivering a unified buying experience that wins, retains and expands customer relationships,” said Robert Wahbe, CEO, Highspot. “Scaling your go-to-market strategy is a complex process with a large gap between strategy and action. We close this gap. Our single, unified platform improves sales performance by turning strategy into successful execution.”
Customers have deployed the Sales Enablement Platform for sales onboarding, ongoing training, content management, guided selling, rep coaching, engagement intelligence, and 360-degree analytics. They include DocuSign, General Motors, John Deere, Nestle, and Verizon Media,
The firm has over 500 employees in Seattle, London, and Munich. It plans to open an office in France and enter the APAC market in 2021. In May 2020, it opened up a Munich office to support its D-A-CH operations. Highspot doubled its EMEA revenue in 2020.
Highspot supports users in 125 countries.
Highspot does not disclose its revenue but told Bloomberg that ARR increased 900% over the past three years.
Last year, Highspot connected over three million salespeople, channel partners, services reps and customers in digital sales experiences, with usage double that of 2019. Highspot’s community of sales enablement professionals, Sales Enablement PRO, reached 13,000 members.
“Salesforce changed sales 20 years ago. Marketo changed marketing 10 years ago. Now, Highspot’s vision is to fundamentally change the way companies go to market,” said John Curtius, Partner, Tiger Global Management. “Highspot’s secret is an authentic commitment to people – their employees, customers and partners – that inspires a tremendously collaborative and resilient culture. We believe they’re capable of sustaining unmatched levels of innovation to achieve their vision.”
“There’s a famous Harvard Business Review article that 70% of strategic initiatives don’t work. Sometimes it’s not because the strategy isn’t right, it’s because they can’t translate it to the actions taken every day by their frontline sales team. We allow them to do that.”
Highspot CEO Robert Wahbe
The new funding will “accelerate platform development, including deeper insights into go-to-market strategy and execution offered through Highspot’s industry-only Scorecards.”
HighSpot also plans to grow its partner ecosystem, expanding its sales methodology training partnerships, technology partners, and Sales Enablement PRO community.
To fuel its growth, Highspot is hiring across “every business function.”
“Over the past year, sales enablement has emerged as a strategic imperative,” said Mark Kovac, Head of Bain & Company’s Global B2B Commercial Excellence Practice. “Companies that have built world-class enablement teams and technology are managing change and uncertainty at scale, while others struggle with agility and inconsistent performance. We believe Highspot’s differentiated approach will become the foundation upon which modern businesses achieve consistent revenue growth and market share gains.”
Chatbot vendor Insent.AI closed on a $2 million seed round “to help mid-market B2B companies improve how they identify and communicate with potential buyers.” The firm, which competes against Intercom, Terminus Chat, and Drift, calls itself a “human-first chatbot.”
Insent said that it isn’t “just building a chatbot that generates leads, but a collaborative platform that is going to help marketers create, nurture qualified opportunities, and shorten sales cycles.”
The goal is to remove “digital walls” between buyers and sellers by replacing web forms and follow-ups “with instant live conversations on websites” that schedule meetings and deliver “personalized content recommendations based on engagement history.”
Insent describes itself as an “integration first platform,” with MAPs, CRMs, and ABM Platforms “to help sales teams talk to engaged prospects while they’re on the website.”
According to Insent Digital Marketer Aatharsha Jey, “integrations should be planned and carried out in a way that does not ask people to change their behaviors in order to adopt a new tool.”
“By guiding their buyers at the right time and proactively alerting your salespeople, Insent generates new revenue opportunities and accelerates existing ones,” said CEO Arjun Pillai.
Emergent Ventures led the round with participation from BAM Ventures, TechStars, Arka Venture Labs, Arali Ventures, and Bizable founder Aaron Bird. Funds will be deployed to expand its chatbot integrations and add engineering, sales, and marketing headcount. Another area of development is improving its visitor data intelligence to improve personalization.
“We believe the B2B sales process currently has unnecessary friction for both buyers and sellers,” said Anupam Rastogi, Partner at Emergent Ventures. “As an increasing proportion of sales is digitally intermediated and more leads are generated online, we believe Insent has a tremendous opportunity to help both buyers and sellers do their work more effectively and connect seamlessly.”
Initially, the pandemic slowed Instent’s growth as marketing teams reduced budgets and delayed decisions, but chatbots are high on the list of MarTech digital acquisition solutions. Since May, revenue has quadrupled.
Aaron Bird, former VP at Adobe and CEO of Bizable, remarked that marketing had undergone two major paradigm shifts over the past few years, the rise of ABM and a focus on the buyer experience at the heart of the sales process; however, “companies are yet to start adapting to this paradigm. Insent is a key piece of the puzzle to help them do so.”
Insent stress-tested various platforms before settling on MongoDB and AWS. Pillai contends that the platform gives them a five-year or six-year window before rearchitecting. The platform was designed with an account-based, versus lead-based, architecture that ties leads to accounts for account-based orchestration.
“So, the architecture is obviously manually decided. But as far as the scaling is concerned, it is all automated,” said Pillai. “There are enough database services that will enable us to run automated services of scaling up and scaling down … to make sure that when you are sleeping if a customer connects a 10 million [record] database, the system scales up.”
Insent is using 6Sense for visitor identification. “We go and task 6Sense through an API,” said Pillai. “We take that data, and we do further processing of that data. All of this happens in microseconds. Basically, the moment somebody lands on the website, boom, the API call comes back with the data based on that website, company visitor.”
Insent was founded in 2018 and has forty employees in the US, Canada, and India.
Customer Data Platform vendor Leadspace closed on a $46 million Series D led by Jerusalem Venture Partners (JVP). It has now raised $107 million since being founded in 2011. The firm also announced Alex Yoder as its new CEO as the firm ended a dispute with their former CEO Doug Bewsher.
Leadspace features include company and professional profiles, data hygiene and enrichment, web forms, reports and analytics, TAM and ICP analysis, and account engagement. Leadspace also performs lead prioritization and identifies similar companies. Unlike many CDPs, Leadspace is a pure B2B platform.
The funds will be used for meeting growing demand, expanding its headcount, and resolving litigation. The firm currently has 100 employees in the US and Israel. The 40 employees in Israel are technology-focused, and the US contingent manages business leadership.
“A major part of our post-investment vision is to grow our team in Israel,” said CTO Amnon Mishor.
Leadspace also announced that Doug Bewsher was stepping down as CEO and being replaced by Alex Yoder. According to VentureBeat, there was a falling out between Bewsher, JVP, and the Leadspace board about the company’s direction. Bewsher was looking to sell the firm, while the Board and JVP wanted to continue growing it, resulting in a lawsuit between two JVP partners and Bewsher.
“I’m glad to say that the lawsuit is behind us. The former CEO agreed to leave. A situation arose in which the CEO and some of the investors, particularly Arrowroot Capital were interested in selling the company, while JVP, other board members, and I saw potential in our figures to build up a large company. We had made a technological leap and didn’t want to sell. There was a conflict among the board members and negotiations between the various investors over whether to sell or not, with the lawsuit being part of that. Eventually, everyone reached an understanding,” said Mishor.
Despite the leadership issues and a failed 2018 merger with Radius, Leadspace has grown its market presence. It doubled its customer base over the past two years and grew revenue 151% between 2016 and 2019, placing the firm at 2,681 on the 2020 Inc. 5000 list.
Yoder is bullish on Leadspace, forecasting 70% growth this year, double that of the market. Growth is being driven by the need to find and engage contacts at companies as the pandemic precludes face-to-face meetings.
Yoder has led several B2B and SaaS companies over the past two decades, including WebTrends, Ebiquity, and Trueffect. According to the press release, Yoder has “built strong teams and implemented transformational strategies, running businesses that spanned $20 million to $150 million in revenue.”
JVP Executive Chairman Erel Margalit was named the Board Chairman.
“We typically invest in early-stage companies, but we only double down in category leaders and companies that can reach $100 million in ARR,” said Margalit.
“We believe that Alex Yoder can take the business to the next level as Leadspace becomes the single source of truth for B2B data,” said Margalit. “Leadspace – through its revolutionary AI platform – is changing the way enterprises manage their internal and external customer data. In the coming years, enterprise CDP will be established as a new category, using AI to obtain the true identity, title, and roles of companies and individuals, creating true added value for clients.”
Competitors include D&B Lattice, 6Sense, Zylotech, and ABM Platforms. Yoder contends that Leadspace’s strength in in analyzing unstructured social and behavioral data.
“Creating a source of truth for B2B is a very complex problem. Companies are complex — sales cycles and engagement can be sporadic, involve multiple stakeholders, and can last months or even years,” said Mishor. “There are multiple data and intelligence point solutions that address small parts of the fundamental data issue. No other solution is taking the holistic approach of being the connective layer between raw data and engagement channels for B2B like Leadspace.”
Leadspace clients include Microsoft, Salesforce, American Express, Intel, HPE, and Zoom.
AI Lead Conversion start-up Exceed.AI closed on a $4 million seed round led by Glilot Capital and West Fountain Global Fund. Also participating were Alex Pinchev, former President of Red Hat, and Gur Shomron, the chairman of Israel’s WalkMe. Funds will be deployed to expand into new markets and onboard additional marketing clients.
Exceed.AI pulls lead information from Marketo, Eloqua, HubSpot, Pardot, Salesforce, and SugarCRM to assist with conversations. Features include an AI chatbot, SMS chatbot, email response bot, CRM synchronization, and an automated meeting scheduler. Exceed also offers rules-based lead qualification and the ability to respond to questions. Exception handling features include out-of-office follow up and no-show follow up.
“Some of our clients have seen up to a 39.5% increase in qualified leads for the same marketing efforts they already undertake without additional headcount,” said CEO Ilan Kasan. “Our strength lies in our multi-channel approach. We reach audiences where crucial conversations occur when marketing teams are qualifying their leads.”
Exceed research found that out of office follow up results in a fifty percent lift in lead qualification. They recommend a “short, cheery” welcome back email two days after the lead returns to the office before resuming the previous drip campaign.
“In a perfect world, every lead gets engaged by a human, but human follow-up isn’t scalable, and sales reps give up on leads too quickly,” said the firm. “So the majority of your leads are left untouched and sales opportunities are missed.”
Exceed noted that 44% of reps give up after one or two touches, leaving many leads to go fallow. Bots will continue the touches, waiting for engagement.
“Robots are very good at speed, working at scale, they never get tired, they never complain, they’re persistent and they can process huge amounts of information,” Kasan explained to Entrepreneur. “Humans are good at relationships, feeling empathy. They’re very good at understanding nuance in complex situations. Everything the robots are good at, humans hate doing and actually are not that good at doing. And everything that humans know to do, robots don’t know to do. This in essence is a partnership whereby the robot will automate all the manual repetitive tasks so the humans can focus on doing what they know to do best, which is closing deals, having conversations and having relationships.”
Sales reps should focus on tasks that require “critical thinking and evaluation,” blogged Head of Marketing, Billy Attar. Conversely, “all tasks that can be handled by automation should be automated.”
“As a Sales Manager, you need to maximize the time your reps spend on tasks that require real human insight – the insight only they are qualified to give, ultimately representing the value they bring to the company. Those human insights include researching prospects and evaluating each leads’ needs, interests and objections, answering their asked and unstated questions… all the things that Sales Reps and SDRs are supposed to do.”
Exceed.AI Head of Marketing Billy Attar
Exceed.AI lists Demandbase, SugarCRM, Hearst, The YMCA, and Universal Robots as clients. Exceed.AI is located in Israel and Sunnyvale, CA.
Monthly pricing starts at $1,500 for 20,000 leads and unlimited use cases (campaigns).
Technology Intelligence vendor HG Insights closed on an equity round with Riverwood Capital. Neither the size nor the valuation was disclosed.
HG Insights employs natural language processing and machine learning to develop account intelligence concerning technology installations, IT budgets, and contract information for eleven million global companies across 14,000 products.
“Our customers have come to rely on HG Insights as an indispensable input into their most strategic decisions such as market sizing, whitespace analysis, and territory planning as well as for fundamental activities including opportunity prioritization and account-based marketing intelligence. Our rapid growth over the last two years is fueled by the depth and breadth of benefits we provide to B2B technology companies, globally. Riverwood’s investment is a vote of confidence in our future. It gives us flexibility and access to resources to help accelerate our growth and capitalize on the exciting opportunity before us.”
HG Insights CEO Elizabeth Cholawsky
Riverwood is a Technology-focused growth-equity firm with $3.5 billion in assets under management. Riverwood says that it offers “a unique combination of operational, strategic, technological, and financial insight to portfolio companies that need both growth capital and expertise in order to scale.”
Riverwood Capital Managing Partner Jeff Parks said, “HG Insights represents a golden opportunity for Riverwood to continue to use our capital and expertise to accelerate the growth of innovative technology companies addressing demonstrated but unmet market needs. Elizabeth and her team have built an organization poised to disrupt the traditional go-to-market process for companies of virtually any size, and we’re very excited about the potential of this partnership.”
HG Insights just closed on a successful year, reaching its highest annual recurring revenue and profitability. Employment rose 30% last year, and revenue grew over 35%. While HG Insights continues to license its firmographics to other vendors, its growth has been focused on direct sales of technographics and analytics to customers.
“Customers continue to reaffirm that HG Insights’ data’s breadth, depth, and coverage accuracy has become an indispensable asset for critical decision making at every level of a technology company,” commented Riverwood Principal Ramesh Venugopal. “HG Insights provides unique, data-driven knowledge giving decision-makers confidence that they are making the right choices.” Jeff Parks and Ramesh Venugopal have joined HG Insight’s Board of Directors
Sales Engagement Platform vendor SalesLoft became the latest SalesTech unicorn, following a $100 million equity investment led by Owl Rock Capital. Insight Partners, HarbourVest, and Emergence also joined the round. The Series E funding raised SalesLoft’s valuation to $1.1 billion, nearly doubling its April 2019 Series D valuation of $600 million.
The funds will be dedicated towards “transforming the sales industry and helping the world’s companies sell more successfully.” SalesLoft will invest in “new vertical markets, AI / ML-driven insights and product innovation, and further international expansion.”
SalesLoft had a successful 2020, setting up the firm for the valuation raise. While they were doing well before the pandemic, it provided a “tailwind” that accelerated the need for Sales Engagement solutions.
“The effects of Covid have been a tailwind due to the effects of digital selling,” Porter told TechCrunch. “All sellers immediately became remote. But now the genie is out of the bottle and not going back in. It’s meant that inside sales are now all sales. Whether the opportunities are mid-funnel or upgrades or renewals, we are establishing ourselves as the engagement platform of record because it’s all becoming digital and all sellers are finding more success.”
SalesLoft, which had focused on the mid-market, is enjoying significant success selling to enterprise clients, including Google, LinkedIn (also a strategic partner), Cisco, Dell and IBM. Other clients include Cargill, 3M, and Standard & Poor’s.
Last year, SalesLoft doubled recurring revenue and expanded the breadth of its offering. When SalesLoft went fully work from home last year, it forced them to rely more fully on their platform. “It was an opportunity to immerse ourselves in our own best practices,” blogged Porter. “And since then, our sales cycles have shortened by 40% and we’ve exceeded our growth plans. Many of our customers are experiencing similar results.”
SalesLoft was also named a leader in Sales Engagement in “The Forrester Wave™: Sales Engagement, Q3 2020.”
“Our goal is and always will be to help our customers win. This year has accelerated the need for revenue teams across all industries to transform through a digital selling strategy. SalesLoft is a crucial technology for sales teams to perform at their highest potential.”
SalesLoft CEO Kyle Porter
SalesLoft claims to be the only SEP supporting “the three most critical products in digital selling – Cadence for managing customer communications, Conversations for recording calls and meetings, and Deals for managing opportunities.” SalesLoft helps customers build pipeline, manage active deals, and engage customers across the buyers’ journey.
SalesLoft gave a sneak peek at their 2021 roadmap in December, unveiling two new features: Deal Engagement Scores and Pre-Built Cadence Frameworks.
Deal Engagements Scores employ machine learning to calculate “deal health based on 30+ factors including activity and deal progression data.” They will assist with prioritizing deals in need of attention and improve forecast accuracy “by identifying mismatches between forecast category and deal score.
Pre-built Cadence Frameworks will improve SalesLoft’s time to value by providing a set of templates and cadences across the full lifecycle and various roles (e.g., SDR, AE, CSM). Inbound frameworks are also supported. Cadences include a preview with a visual display of the cadence, description, objective, function, and implementation complexity level. Pre-built cadences offer best practices from SalesLoft and SalesLoft’s partners.
SalesLoft’s product vision is focused on performance across both efficiency and effectiveness and looks to answer three questions:
What is our performance versus plan? Forecasting for revenue execs
Why are we above or below plan? Outcome-driven reporting for frontline managers
How can we improve and take action? Coaching, Workflow, and an AI/ML Recommendation Engine for sellers and frontline managers.
“We know which sales activities lead to the best revenue outcomes,” stated Porter. “Our data science team is bringing insights and best practices into the platform to tee up next best actions and benefit our customers.”
Forecasting and outcome-driven reporting are part of the SalesLoft vision. Coaching and the Recommendation Engine are areas of continuing development. SalesLoft is already delivering an “integrated, efficient workflow.”
SalesLoft is moving to quarterly releases. The next release pack is scheduled for March 15, 2021.
Warm leads startup Warmly, (yes, with a comma as when signing a letter), raised a $2.1 million seed round led by NFX. Y Combinator, Matchstick Ventures, Scribble Ventures, Mike Vernal of Sequoia, and Harry Stebbings’s 20VC also joined.
The new funds will be used to build out their sales team and hire additional engineers to embed machine-learning capabilities into their software.
“We want to end cold outreach altogether because we should be able to show you the shortest-path warm intro into any company you want to sell to, and the number of hops [it] takes to get there,” said Warmly CEO Max Greenwald
Warmly tracks job changes and tracks champions that have decamped to other companies. They leverage a firm’s CRM to identify relationship strength and identify former users of a firm’s products and services. Alerts are sent to sales reps when a former user or advocate resurfaces at other organizations. Warmly also notifies the customer success team when a user or advocate has left.
“We’re going to make customer success teams more powerful than sales teams in generating revenue. Now that 84% of all b2b sales come from a referral, traditional methods of customer acquisition like outbound sales & marketing are less effective. Warmly is building the first ever customer network graph, a novel way to leverage customers to drive new sales.”
Warmly was founded in early 2020 by three former Googlers (Greenwald, CTO Carina Boo, and Chief Product Officer Val Yermakova) and VP of Engineering Alan Zhao.
“They’ve got this wide-open market. It’s this fantastic fertile soil [that] they’ve put themselves in,” says NFX managing partner and Warmly board member James Currier. Currier also emphasized that customer success software is in its early stage of development.
ABM Platform vendor 6Sense announced that it is on target for its third consecutive year of at least 100% growth. The firm has also rapidly grown its customer base with a 204% growth in customers since January 2019, and 54% growth since January. Its net customer retention rate is 109%, indicating a strong ability to renew and upsell its platform.
LinkedIn employment figures also indicate strong growth, but at a rate slower than customers and revenue, an indication of increased revenue per employee. LinkedIn employment grew 72% over the past year and 192% over the past two.
“6Sense was founded upon the vision of transforming B2B sales and marketing with a next-generation platform that engages target buyers at exactly the right time,” said 6Sense CTO Viral Bajaria. “Our patented AI-powered capabilities, including 6sense’s time-based predictions and industry-leading account identification capabilities, continue to be differentiators in the market — and deliver real business value to our customers.”
6Sense continues to invest in platform development with the rollout of new ABM capabilities in 2020:
Native Retargeting, which programmatically serves display ads to all website visitors or visitors from target accounts
A LinkedIn advertising integration for account targeting across all ad types
AI-based Next Best Actions, a set of prioritized actions recommendations for BDRs across the buying committee.
Model Metrics, which provide customers with self-service analytics which assess the impact of 6sense’s predictions on pipeline and revenue
CMO Latané Conant cited a series of benefits enjoyed by 6Sense clients, including a 75% higher conversion rate, 40% higher win rates, and a 50% increase in contract values.
Inc. recently named 6Sense the 5th Best Place to Work in the small and medium business category.
“6sense believes that culture is based on trust, open communication, dedicated leadership, and a fun space where employees can take risks. We take everyone’s opinion into account, from the very top to the bottom. Employees take chances, put more responsibility on their shoulders, and work hard for one another. We are a team-first, people-centric organization that prioritizes teamwork above all else. Our weekly all-hands meetings give everyone an opportunity to have their voice heard.”
6Sense Inc. Submission
6Sense closed a $40 million Series C round in January led by growth equity firm Insight Partners, raising its total funding to $105 million.
Gong, which closed on a $200 million Series D round earlier this month, is in one of the SalesTech segments that has benefited from remote working. Demand for conversational AI tools from vendors like Gong and Chorus that record, transcribe, and analyze meetings and calls accelerated with the pandemic.
“With global sales teams switching to remote work and field sales teams grounded for the foreseeable future, we are seeing substantial demand for Gong’s solution even in a challenging business environment,” said Gong CEO Amit Bendov.
“Gong’s Web site is like a direct view into the subconscious of those hyper-enthusiastic salespeople who make the rest of us nuts but get the job done. The actual product is AI technology that captures video, phone, email, and face-to-face interactions and extracts insights about people, deals, and market events. It must work: they just raised a $200 million Series D, bringing total funding to $334 million. Did I mention their chatbot is a bulldog?”
David Raab, CDP Institute
Carl Eschenbach, a partner at Sequoia Capital, argued that firms benefiting from COVID fall into two classes, those that are enjoying a temporary lift and those that will enjoy long-term benefits due to social and technological shifts.
“There will be less [SIC] field sales reps than ever before. Said Eschenbach. “People will be working remotely and selling over digital mechanisms like we’re using Zoom.”
While Gong did not disclose their revenue, they said it has trebled over the past year. Forbes lists their 2019 revenue at $30 million so 2020 revenue should clock in around $90 million.
Gong has over 1,300 customers, including Autodesk, HubSpot, LinkedIn, MuleSoft, Outreach, PayPal, Shopify, Slack, Twilio, Zillow, GE, and Zoominfo.
Over 64,000 sales and support professionals use the Gong platform, up from 45,000 in December.
They recently launched a Deal intelligence module which provides deal pipeline visibility and “deal at risk” alerts to sales reps (see the image at the top of this blog).
Gong Partners include
Conference: Microsoft Teams, Zoom, Skype, BlueJeans, WebEx, GoToMeeting, JoinMe
“We made a bold prediction in 2016 that Gong’s technology would become the most significant innovation for sales since the invention of CRM,” said Bendov. “The market has proven that prediction was correct. With global sales teams switching to remote work and field sales teams grounded for the foreseeable future, we are seeing substantial demand for Gong’s solution even in a challenging business environment. There is a new way to win in sales, and the best sales teams are turning to Gong’s Revenue Intelligence Platform to guide them down that path.”
Last month, Gong competitor Chorus closed on a $45 million Series C. The round was led by Georgian Partners, with participation from Emergence Capital, Redpoint Ventures, and Sozo Ventures. Five-year-old Chorus has raised $85.2 million to date. Georgian also led the $33 million Series B in December 2018.
The new funds will be deployed for product innovation and expanding its go-to-market team. CEO Jim Benton said that they would continue to develop their interaction signal capture capabilities, particularly those tied to relationships and driving deals to close.
“The insights provided by conversation intelligence can be a lifeline, identifying risks as well as what is working so that they can replicate best practices across the revenue team,” said Benton. “Sales floors in the office may be empty, but through the use of conversation intelligence, managers can still walk the floor virtually and offer coaching and a helping hand when needed.”
Chorus records, transcribes, and analyzes business calls. Transcripts include time-stamped notes and a call summary with risk factors and upsell opportunities. The Chorus platform helps reps capture and analyze interactions from calls, meetings, and emails. Chorus looks for keywords and topics such as pricing, competitors, and next steps.
“We want to make sure each person says, ‘I was just watching the call, and here is where we left off,’ or ‘I noticed this theme in your conversation, so let’s get started there.’ We are putting the ‘R’ in customer relationship management. There is a lot with the ‘customer’ and ‘management’ aspects, but in terms of ‘relationship,’ that does not always make it back into the CRM, and we think it should.”
Chorus.AI CEO Jim Benton
“We are continuing to make sure we are understanding these interactions for teams and leadership to see what works, so they bring their best,” continued Benton. “You want to make sure you represent the best of your team, give feedback, coaching, have the right messaging and which interactions drive the best close rates–all the science behind what success looks like.”
The firm doubled its headcount to 100 and trebled its revenue in 2019. Chorus has over 200 customers, including GitLab, Zoom, Adobe, MongoDB, and Qualtrics. It is headquartered in San Francisco with offices in Boston and Tel Aviv.
Correction: I originally transposed the digits on Chorus’ Total Funding. The correct value is $85.2 million.