The company that helps companies monitor sales calls through AI has so far raised $ 134 million. It is estimated that the latest borrowing was made at a valuation of about $ 750 million
Israeli Gong.io, which develops artificial intelligence systems to manage customers and improve the performance of executives and sales teams, announced on Tuesday, $ 65 million in round C funding. The current round was led by existing investors: Battery Ventures, Northwest Venture Partners, Shlomo Kramer, Wing Venture Capital, NextWorld Capital, and the Cisco Investment Fund. With that, the company has raised $ 134 million. The company did not specify which valuation was conducted, but it was estimated that the fundraising was done at a value of $ 750 million.
The AI that will help you analyze your sales calls
The system developed by Gong.io (Gong) analyzes and monitors conversations conducted by IT salespeople with various companies and organizations. After the call, the system presents the salesperson with a condensed report that is based on an analysis of more than 100 different parameters and includes the important parts of the conversation, such as questions asked by the customer, his objections, buying intentions, enthusiasm or disappointment and more.
Using Artificial Intelligence and Deep Learning, which identifies call patterns, Gong enables sales and marketing teams to identify strengths, areas of improvement and challenges that arise during the organization’s sales calls, to improve sales tactics and increase transactions. A handy platform will alert those in charge of the sales team that their help is needed, and when they should intervene in a call to make sure the deal doesn’t fall.
Gong was founded in 2015 by Amit Ben Dov, who is CEO, and Eilon Reshef, CTO, and has raised $ 133 million since. When the investment round is completed, Karl Eisenbach, a partner at Sequoia Fund, will join Gong’s board of directors. Talking to GeekTim Company CEO Amit Ben Dov said: “Although our product is sold well our vision is great and we are planning a series of new products.”
In less than a year, you raised more than $ 100 million in 2 rounds. why?
“Since all the money from the previous fundraiser is still at the box office, we didn’t need money now. But since Gong is one of the hottest companies in Silicon Valley, all the funds want to work with us so we had a lot of great suggestions to take investment now instead of another year or two. ”
There are quite a few competitors in this field, some also Israeli. What differentiates your product from that of Israeli Chorus.ai for example?
“Although we were not the first to enter the market, we do not have many competitors today. Gong is the only one that handles all types of communication (both written and spoken) and has the easiest product to use. As a result, our sales volume today is more than double that of all other companies connected together and the gap is growing. ”
Ben Dov referred further said that “Over the years since our technology came into use, we have seen how our customers have been able to increase sales and improve their customer experience. In many of the largest companies in the world, the opinion of sales and service calls is based on a personal opinion of the company’s employees, without analysis of real, accurate and useful data.
Edits and writes on every field except football. He has an obsessive relationship with business and technology trends, is sure to be the funniest to say sweet potato. Commercial content manager for TechAmbo.