Gong.io Raises $40 Million to Transform Sales With AI
SAN FRANCISCO & TEL AVIV, Israel--(BUSINESS WIRE)--Feb 7, 2019--Gong.io, the #1 rated Conversation Intelligence platform that leverages artificial intelligence to go beyond CRM and transform sales teams, today announced it has raised $40 million in Series B funding, bringing the company’s total funding to $68 million.
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The latest round was led by global investment firm 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.
“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-backed companies Panaya and SiSense, 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 mission-critical 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.
The Gong platform helps sales leaders at companies ranging from enterprise to fast-growing like LinkedIn, GE, Drift, and ZipRecruiter achieve success by providing a realistic look at what their best people are doing—from the specific terms they use in sales pitches, to how they structure their calls—so that those tactics and strategies can be replicated. The platform alerts sales leaders exactly when their help is needed and when they should step in to save a deal. Tens of thousands of salespeople across hundreds of sales teams currently rely on Gong.
“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percent of what happens in sales conversations today gets lost, and the other five percent of information is biased or no longer applicable.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.”
“We are very excited to assist Gong in bringing digital transformation to sales teams, and are very impressed with Gong’s fast growth, market traction, and enthused customer base,” added Itzik Parnafes, Battery General Partner.
To learn more about Gong and how it can help your sales team, please visit www.gong.io.
Gong.io is the #1 Conversation Intelligence platform for sales. It helps sales teams generate more revenue by having better sales conversations. Gong automatically records, transcribes, and analyzes every sales conversation so you can replicate successful sales conversations, coach your reps, and ramp new hires faster. Visit Gong.io for more information.
About Battery Ventures
Battery strives to invest in cutting-edge, category-defining businesses in markets including software and services, Web infrastructure, consumer Internet, mobile and industrial technologies. Founded in 1983, the firm backs companies at stages ranging from seed to private equity and invests globally from offices in Boston, the San Francisco Bay Area, London, New York and Israel. Follow the firm on Twitter @BatteryVentures, visit our website at www.battery.com and find a full list of Battery’s portfolio companies here.
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PUB: 02/07/2019 08:19 AM/DISC: 02/07/2019 08:19 AM