Sales automation platform Revenue Grid nabs $20M

Revenue Grid, a sales platform that offers firms with AI-driven deal guidance, today announced that it closed a $20 million series A financing round led by W3 Capital, with participation from ICU Ventures. CEO Vlad Voskresensky says that the funding will be predominantly used to scale Revenue Grid’s development in the Ukraine and U.S., as properly as to “drive more innovations to the platform” such as AI-powered features.

Automation is becoming a core element of sales processes as businesses look to to increase efficiency and scale their promoting efforts. A study carried out by Harvard Business Review and Salesforce revealed that businesses employing AI for sales elevated their leads by more than 50% and decreased charges by 40% to 60%. That’s probably why more than 30% of all small business-to-small business businesses adopted AI to increase at least one of their key sales workflows as of last year, according to Forrester.

Founded as Invisible and rebranded in 2020, Revenue Grid provides signals developed to provide sales and income operations teams with AI-powered capabilities. The platform permits teams to act on outreach, chance dangers, and engagement by automating routines and fixing gaps in processes when measuring the effect that adjustments have driven.

Voskresensky and a group of fellow engineers — Anatoly Gaverdovsky, Konstantin Vaganov, and Anton Zubenko — founded Mountain View, California-based Revenue Grid in 2005. According to Voskresensky, the notion was to create computer software that integrates into sales workflows and caters to consumer demands “in the most efficient way.”

“[Revenue Grid] succeeded in securing multiple OEM partnerships with tech giants like SAP, Oracle, and Microsoft, designed to automate tedious and repetitive tasks in order to help sales people be more productive. Over the years, we’ve moved from being an invisible customer relationship management solution to a guided selling platform by adding a sophisticated intelligence layer designed to fully gear modern sales teams towards actionable revenue intelligence and consistent selling,” Voskresensky told VentureBeat by way of e-mail.

Sales automation

Revenue intelligence is a speedy-increasing category of sales activities. According to Gartner, 75% of the highest-development businesses in the world will deploy a income operations model by 2025, underlining the demand for out-of-the-box options from vendors like Outreach, SalesLoft, Gong, RingDNA, and Clari.

Revenue Grid differentiates itself by automatically capturing information associated to offers, prospects, and engagements, employing AI to uncover patterns and correlations involving activity and achievement prices. For instance, the enterprise can detect unsaved contacts in calendars and inboxes employing contacts’ custom domain fields, linking the contacts to the suitable accounts and automatically producing new accounts enriched with information from external sources.

To train its AI, Revenue Grid indexed more than 1 billion “communication items” such as emails, meetings, and calls, which it digitized and categorized by market and sales approach sort. This enables the platform to classify market- and group-particular sales flows and track sentiment (e.g., “polite,” “gentle”) in correspondences like e-mail, plus produce summaries of ongoing sales possibilities.

“Revenue Grid can track objections and suggest the right mitigation on different levels of the sales funnel — from lead outreach to late opportunity stages,” Voskresensky explained. “[It can] understand a communication type like ’email ping pong,’ ‘on hold,’ ‘no authority or power,’ and commitments tracking like whether email needs replying or whether a specific date for follow up or commitment was mentioned.”

The pandemic has been a boon for Revenue Grid, expanding its consumer portfolio by 30% and just about doubling its earnings. The enterprise now functions with 800,000 sales across 1,200 brands such as Hilton, Western Union, Moody’s, TripAdvisor, and Red Cross, in addition to 20,000 consumers via OEM white-label partnerships with other vendors.

“[This] whole round is an equity investment. It’s actually our first round, prior to which we were bootstrapped and profitable,” Voskresensky stated. “Honestly, when the pandemic hit, we didn’t know what it would mean to our business, but it was actually a period of growth. Our products became invaluable for sales reps as they all moved to working remotely, and it helped them stay focused, organized, and efficient.”

Revenue Grid has 150 staff and expects to employ 50 by 2022.

Originally appeared on: TheSpuzz