AI & machine learning-based sales intelligence platform startup Gong.io receives funding extension from Cisco Investments to fuel growth
With billions of potential consumers now on the Internet, conversation intelligence is now more than ever critical to the success of sales team in understanding potential customer’s needs. The Tel Aviv, Israel-based Gong.io is the #1 Conversation Intelligence platform for sales. The startups 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. Gong is the pioneers new category of artificial intelligence (AI) and machine learning to improve sales performance; optimizes over $1 billion of revenue for thousands of salespeople.
The company announced today that it has received an investment from Cisco Investments in an extension of its A1 funding round. Gong.io will used the funding to fuel growth in collaboration and communication markets. Back in July 2017, Gong.io, raised $20 million Series A1 round. The investment round was led by existing investors Norwest Venture Partners 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 as Board Observers.
Founded in 2015 by Amit Bendov and Eilon Reshef, the startup’s software helps sales teams by using AI to record, transcribe, and analyze sales conversations. One of the biggest challenges facing B2B sales’ leaders is that, too many of the opportunities that come into their pipeline fail to make their way through the sales process and into closed business. Gong’s conversation intelligence platform helps these leaders by ensuring more of the deals that enter their pipeline actually come out as closed revenue by shining the light on your sales conversations. It records, transcribes, and analyzes all of your sales calls so you can drive sales effectiveness at scale, figure out what’s working and what’s not, and ramp new hires faster by helping them replicate your top performers. Gong currently serves customers in different veticals, including:B2B Tech, Consumer Services,Healthcare, Information Technology, SaaS, Security, Sharing Economy and
“We’re thrilled to have Cisco Investments join Gong as an investor,” explained Amit Bendov, Gong.io CEO. “Cisco Investments’ involvement will help fuel our continued growth and expedite our penetration into the collaboration and communication markets. We can’t wait to utilize immediate opportunities this investment creates and we’re confident even more exciting future opportunities lie ahead of us.”
“Cisco Invests in companies that capture major market transitions,” said Rob Salvagno, vice president of Corporate Development and Cisco Investments. “Gong’s introduction of contextual and action-driven artificial intelligence specifically tailored for sales conversations represents a major overhaul in the way companies engage with customers, and augments collaboration tools to make them more valuable to businesses.” Gong.io also plans make its debut appearance at the Cisco Live conference starting June 10th in Orlando, FL.