Gong.io, a startup offering an “intelligence platform” for enterprise gross sales groups, right now nabbed $200 million in funding at a $2.2 billion valuation, up from a $750 million valuation in December 2019 when the corporate raised $65 million. Gong CEO and cofounder Amit Bendov says the brand new capital can be put towards fulfilling demand for Gong’s merchandise and reinforcing the agency’s management because it invests in product, engineering, and go-to-market groups.
A whopping 46% of business-to-business (B2B) gross sales reps checklist lead amount and high quality as their high problem. That’s unsurprising provided that solely 44% of corporations use lead scoring methods (in response to a 2013 report by Decision Tree and Lattice) and solely 5% of salespeople say leads they obtain from advertising and marketing are “very high quality.” Suboptimal and delayed leads can have catastrophic results — Harvard Business Review found that there’s a 10 instances drop in lead qualification when reps wait longer than 5 minutes to reply and a 400% lower once they reply inside 10 minutes versus 5 minutes.
Gong’s answer is designed to uncover patterns in gross sales knowledge, resulting in insights that ostensibly assist improve gross sales, scale back churn, and improve market share. It captures buyer interactions over the cellphone, video, e-mail, and face-to-face and integrates this with buyer relationship administration knowledge, mining messaging for probably related matters of dialog and information on the competitors. Using Gong, reps and managers can audit the info analytics pipeline, customizing departmental dashboards for heightened confidence in forecasts that help different groups’ productiveness.
Gong reveals how gross sales reps are acting on a person foundation, together with the types of questions they ask, how they talk about pricing, and their “talk-to-listen” ratio. It juxtaposes this towards the remainder of the corporate’s (and business’s) benchmarks and gives customized suggestions, whereas on the identical time capturing and indexing each phrase from conversations to make them simpler to search out. Users, who the platform routinely units up with the suitable knowledge permissions, can program alerts for any time a specific key phrase comes up in offers.
Gong presents out-of-the-box integration with all workplace suites and video name methods and with most cloud telephony methods, in addition to an extensible API that permits it for use with any on-premises or legacy system. The course of begins with a G Suite or Outlook 365 calendar integration that scans gross sales reps’ calendars for upcoming gross sales conferences, calls, or demos. A bot joins every scheduled name as a digital assembly attendee to file the session’s audio and video, which it encrypts and uploads to Amazon Web Services (AWS) servers. Each name is transcribed from speech to textual content routinely (with 85% to 90% accuracy), and as soon as a name is completed, Gong employs machine studying to carry out evaluation on the particular person and combination degree.
According to Bendov, Gong has over 1,300 clients, together with manufacturers like Autodesk, Hubspot, LinkedIn, MuleSoft, Outreach, PayPal, Shopify, Slack, Twilio, Zillow, and Zoominfo, reflecting 2.5 instances income development year-to-date in 2020. (In 2018 and 2019, Gong reported 5 instances and three instances year-over-year income development, respectively.) In a testomony to the corporate’s scale, it helps over 64,000 gross sales reps (up from 45,000 final December), billions of buyer interactions, and trillions of name minutes.
Coatue led the sequence D funding in San Francisco-based Gong, which brings the startup’s whole raised to $334 million. The spherical noticed participation from Index Ventures, Salesforce Ventures, Thrive Capital, Battery Ventures, NextWorld Capital, Norwest Venture Partners, Sequoia Capital, and Wing Venture Capital. Last yr, Gong doubled its workforce, and the corporate intends so as to add 150 extra jobs in 2020, together with 100 jobs in AI, engineering, knowledge science, and different fields at its Israeli R&D heart, which not too long ago relocated from Herzliya to Ramat Gan.