Gong Series D

Revenue Intelligence vendor Gong closed on a $200 million Series D, raising its valuation to $2.2 billion.  The firm indicated that it didn’t need the funds as it is still operating with its Series B funds from February 2019 ($40 million).  The $65 million Series C from December is also available, providing the firm with over $265 million in cash for growth and potential acquisitions.  Total funding reached $334 million.

“We weren’t looking to raise another round, but a lot of funds were eager to invest in us,” said Gong CEO Amit Bendov, contending that it is better to raise funds when they are available than when they are needed.

“It gives us the ability to buy companies, make strategic investment, accelerate plans, and it also, especially since we cater to large enterprise customers, gives them confidence that this company is here to stay,” he said.

The additional funds will help the firm “fulfill strong market demand for its Revenue Intelligence Platform, reinforce its market leadership, and invest in its product, engineering, and go-to-market teams.”

While an IPO is in the plans, Bendov sees it two to three years out when revenue hits a few hundred million dollars.  

Potential areas of acquisition include analytics, AI, communications, and other customer-facing technologies.

“Gong is building something that is bigger than CRM. Rather than rely on people to type in information, Gong automatically captures text, Zoom calls, etc., and improves sales forecasting, product, and market strategy, with zero effort.  Ultimately, we are creating a big system.  The product is successful today, but still, more is needed.”

Gong CEO Amit Bendov

In 2021, Gong plans to expand globally.  It has 350 employees with plans to add “hundreds” more over the next year and at least 100 before the end of 2020.  They are looking to expand across finance, human resources, sales, marketing, and IT.  Most of their positions are in the Bay Area, with offices in Atlanta, New York, and Denver.

“A lot of our San Francisco employees wanted to move to Atlanta after we opened our hub there [in March], said Bendov.  “It’s difficult to work from home in San Francisco, where you have five roommates, and you need to do a Zoom call.”

Coatue led the Series D round, with participation from Index Ventures, Thrive Capital, and Salesforce Ventures.  Previous investors NextWorld Capital, Battery Ventures, Norwest Venture Partners, Sequoia Capital, and Wing Venture Capital also participated.


Part II of this blog delves further into Gong’s product offering and how they and competitor Chorus have navigated COVID.

People.ai Round C

San Francisco-based Revenue Intelligence vendor People.ai announced Round C funding of $60 million along with the launch of its new The Wire next-best-action (NBA) service.  The round was led by ICONIQ Capital with participation by Andreessen Horowitz, Lightspeed Venture Partners, GGV Capital, and Y Combinator.  Will Griffith, Partner at ICONIQ Capital, has joined the People.ai Board of Directors.

People.ai has received $97 million in funding to date.  Its valuation was not provided, but TechCrunch placed the valuation at “mid-nine-figures.”

“Today’s announcement of our Series C funding represents a critical milestone in achieving our vision for the Future of Work,” said People.ai CEO Oleg Rogynskyy.  “We’ve already enabled customers to, for the first time, capture all of an organization’s critical business data, such as contacts and customer activity data, and deliver it directly to the CRM.  This has significantly improved sales productivity and CRM data accuracy and liberated the enterprise from time-consuming manual data entry.  Today, we’re taking People.ai to the next level with AI-driven intelligence that provides customer-facing teams with a simple, personalized set of actions based on current, historical and industry data that will help accelerate revenue.  When you use The Wire, you’ll have your most productive day at work, every day.”

People.ai was founded in 2016 and already supports Red Hat, Lyft, Zoom, New Relic, and Splunk.  The firm describes itself as a Revenue Intelligence System:

“People.ai offers the industry’s only Revenue Intelligence System (RIS) that automates the capture of all contact and customer activity data, dynamically updates CRM and provides actionable intelligence across CRM, collaboration, business intelligence, and other management tools for sales, marketing, customer success and services teams – exponentially accelerating growth and delivering actionable insights for strategic business decision making.”

People.ai Website

People.ai fills out buying committees for active opportunities, maps contacts and interactions to accounts and opportunities, and suggests next best actions.  Applying natural language processing and machine learning to buying committee discovery and NBA are the latest advancement in sales and marketing intelligence.

People.ai also supports contact updates derived from email signatures and pulls “critical information” such as product or competitor mentions, sentiment, and buyer intent.

People.ai’s recently launched Campaign360 service supports marketing attribution by tracking opportunities influenced or generated by marketing activities.  Campaign360 is the “industry’s only AI-based solution that equips Marketers with the real-time, full funnel campaign visibility they need at their fingertips,” said the firm.

“We’re thrilled to partner with People.ai as they execute their vision to unleash the potential of AI to drive enterprise revenue,” said Griffith.  “People.ai is well positioned in a highly strategic enterprise market, leveraging automation and AI to fundamentally change the way people work.  People.ai’s product, powered by strong network effects, is delivering insights and productivity at the scale and quality we have not seen previously.  We see an incredible opportunity to accelerate People.ai’s game-changing technology as they redefine the meaning of the Predictive Enterprise.  People.ai is the Future of Work.”

Partners include Salesforce, Slack, Outreach, SalesLoft, Exchange, and G Suite.


On Monday, I will be covering The Wire, People.AI’s new Next Best Action service.