Gong.io, which provides AI solutions for improving sales and service calls, has raised $40 million in Series B funding, bringing the company’s total funding to $68 million.
The latest round was led by Battery Ventures and Battery general partner Dharmesh Thakker. Thakker will join Gong’s board of directors. Existing investors Norwest Venture Partners, Shlomo Kramer, Wing Venture Capital, NextWorld Capital, and Cisco Investments also participated in the round.
Gong.io is based in Herzliya and San Francisco. It was selected among "Globes" most promising startups of 2018.
“We believe Gong’s technology is the most significant development for sales since the invention of CRM in the previous century,” said Amit Bendov, Gong CEO and co-founder. “Before Gong, companies were blind to customer realities and were managing with no real data.” Bendov, who previously served in senior roles with Battery, added: “We have achieved success because we’re able to add much-needed intelligence missing from existing CRM systems. We will use the funding to invest heavily in engineering to fulfill our long-term product vision as well as expand support, sales, and marketing.”
Gong uses AI to turn phone, video, and text conversations into information that companies use to coach customer-facing teams, increase win rates, and improve strategic decision-making. The platform becomes smarter as it analyzes more data, ensuring learnings are refined deal after deal.
“Ninety-five percent of what happens in sales conversations today gets lost, and the other five percent of information is biased or no longer applicable. Deals today require data science to win,” said Battery General Partner Dharmesh Thakker. “By leveraging voice-enabled technology- just like Alexa for business-- Gong completely transforms CRM through AI and machine learning. It takes a complete view of information and makes it relevant, personalized, and actionable, as a slew of Fortune 1000 customers can already attest.”
Published by Globes, Israel business news - en.globes.co.il - on February 7, 2019
© Copyright of Globes Publisher Itonut (1983) Ltd. 2019