Gong scores $200M in Series D funding at $2.2 billion valuation for its AI-powered sales conversation intelligence platform
With global sales teams switching to remote work and field sales teams grounded for the foreseeable future, more companies are leveraging innovative technologies to remotely boost their sales and navigate the ever challenging business environment. Enter Gong, a San Francisco-based tech startup and one of the leading SaaS company in the fast-growing category of Conversation Intelligence for sales teams.
Gong helps businesses by providing sales team a new way to win more sales. It also provides revenue intelligence platform for remote sales team and enables them to gain critical insights into what’s happening with their remote sales team.
Today, Gong announced it has raised $200 million in a Series D funding to fulfill strong market demand for its Revenue Intelligence Platform, reinforce its market leadership, and invest in its product, engineering and go-to-market teams. The round, which brings the company’s valuation to $2.2 billion, was led by Coatue and joined by Index Ventures, Salesforce Ventures and Thrive Capital, with participation from existing investors Battery Ventures, NextWorld Capital, Norwest Venture Partners, Sequoia Capital and Wing Venture Capital. Gong’s total funding raised is now $334 million.
The investment comes on the heels of 2.5X revenue growth year-to-date in 2020 and reflects strong demand for Gong’s Revenue Intelligence Platform due to working from home and the heightened importance of remote selling. Gong’s innovation mindset has powered the company’s rapid growth, enabling it to quickly surpass competitors and take a commanding lead of the revenue intelligence market. The new investment follows Gong’s $65 million Series C funding announced in December 2019.
Founded in 2015 by Amit Bendov and Eilon Reshef, Gong provides a sales conversation intelligence platform created to improve calls and demos for sales teams. Its sales platform is cloud-based and utilizes artificial intelligence automatically to record, transcribe, and analyzes every sales conversation and calls and also analyze conversations from audio sources and web-conferencing platforms such as Cisco WebEx, GoToMeeting, and Zoom, and then links the results to CRM systems, enabling organizations to save time, increase win rates, improve strategic decision-making, and increase revenue.
Gong’s software helps companies make better decisions that are based on reality, not opinions. It automatically captures the full range of a company’s interactions with customers – via emails, web conference calls, phone calls, and more – reducing the risk of incomplete or data. Gong then uses patented AI technology to understand what exactly is being said in these customer interactions. It helps companies uncover patterns and trends in the data, leading to insights that can help increase sales, reduce churn, and increase market share. With a customer base five times larger than its nearest competitor, Gong’s underlying AI has a commanding advantage to learn and adapt to rapidly changing trends and provide more thoughtful recommendations that drive superior business outcomes.
“Revenue intelligence is an exciting category in sales technology,” said Alex Kayyal, Partner at Salesforce Ventures. “We were impressed with Gong’s strong market traction and the resounding enthusiasm expressed by their customers.”
“We made a bold prediction in 2016 that Gong’s technology would become the most significant innovation for sales since the invention of CRM,” said Gong CEO and Co-founder, Amit Bendov. “The market has proven that prediction was correct. With global sales teams switching to remote work and field sales teams grounded for the foreseeable future, we are seeing substantial demand for Gong’s solution even in a challenging business environment. There is a new way to win in sales and the best sales teams are turning to Gong’s Revenue Intelligence Platform to guide them down that path.”