Gong.io Raises $20 Million in Series A1 Funding, Seeks to Transform Sales Conversations
Gong.Io Is A Pioneer In AI And Machine Learning Capabilities For Conversation Intelligence And Sales Performance
Gong.io, a leading Conversation Intelligence platform for sales teams, has announced a $ 20 Million Series A1 funding round, led by existing investors Norwest Venture Partners (NVP) and CheckPoint Co-Founder Shlomo Kramer. They were joined by new investors Wing Venture Capital and NextWorld Capital. Peter Wagner, Founding Partner at Wing Venture Capital, and Ben Fu, General Partner at NextWorld Capital, will join Going.io as Board Observers.
Gong.io’s Patented AI Technology Transforms Sales Conversations with Actionable Analytics
Serial entrepreneurs Amit Bendov and Eilon Reshef co-founded Gong.io in 2015. While managing some of the most successful start-ups, they realized that most companies don’t understand why their sales teams aren’t meeting their targets. Gong.io leverages artificial intelligence and machine learning to dramatically change the way salespeople make calls.
CEO Amit Bendov said, “Hardly a year since our first sale and it clearly feels like we’re on a rocket ship. Conversation Intelligence is the biggest shift in sales since CRM was introduced. We are humbled by the overwhelmingly positive customer feedback we’re receiving and are already working on a very ambitious product road map to continue the innovation. We will use the latest round of funding to hire dozens of developers and researchers to expand our product and to step up our sales, marketing, and support activities.”
Gong.io’s patented technology automatically records sales calls and video conferences, transcribes them, and then uses AI and machine learning to analyze hundreds of data parameters within each call. By analyzing sales call patterns and matching them to business outcomes, Gong.io provides actionable insights to salespeople and sales leaders so that they can improve their performance and win many more deals.
Funding will help to extend growth
The new funding will further fuel Gong.io’s impressive growth with revenue more than doubling for four consecutive quarters. The company was recently recognized by Gartner as a 2017 Cool Vendor in CRM Sales. Some of their customers include –
- Dynamic Yield
Dror Nahumi, General Partner at Norwest Venture Partners, said, “We have been very impressed with Gong.io’s rapid growth and stellar execution of their original vision and we are thrilled to increase our investment. Gong.io is taking a strong lead in a whitespace category that will grow.”
Peter Wagner, Founding Partner of Wing Venture Capital, said, “The conversations a company has with its customers are strategic data assets that have been untapped for far too long. For the first time, Gong.io turns these customer conversations into productive intelligence resources with profound implications across the enterprise.”
Ben Fu, General Partner at NextWorld Capital, said, “Gong.io is the perfect convergence of next generation SaaS, Big Data, AI and Machine Learning—applied to conversations that directly impact sales, the lifeblood of any company. We see Conversation Intelligence as the future of AI-powered sales and we’re excited to help Gong.io dominate this new enterprise category around the globe.”
AI-assisted Sales Technology enables Accurate Deal Closure
The AI-assisted conversation intelligence and account analytics platforms take guessing out of the equation, for the B2B sales and marketing teams. CEO Amit Bendov had mentioned that businesses lose 80% of their leads after the first few phone calls with sales people despite investing trillions of dollars into reaching, nurturing, and contacting leads. With the new funding coming in, Gong is focussed on improving conversation intelligence and solving sales conversion problems by “pioneering a new category of solutions.”
From presenting actionable insights on a single window to offering accurate reports and analytics, AI-assisted sales performance technologies enhance the ROI of CRM and automation capabilities.