Israeli startup Chorus.ai, a conversation intelligence platform for sales teams, has raised a $45 million Series C round, the company announced on Tuesday.
US growth equity firm Georgian Partners led the round, with participation from Emergence Capital, Redpoint Ventures, and new investor Sozo Ventures.
Founded in 2015, Chorus.ai developed a conversation intelligence platform for high-growth sales teams that aims to transform conversations into data and insights. Chorus.ai’s technology transcribes and analyzes business conversations in real time, with proprietary algorithms detecting key, high-value moments during sales calls. These insights serve as the foundation of a coaching strategy for sales and customer-oriented teams.
The platform is designed to improve both the salesperson’s selling skills and the manager’s ability to lead, based on insights and data showing the specific factors that have the greatest impact on the outcome of sales conversations.
The company says this round is “another indicator of the company’s rapid growth, having doubled employee size and tripled revenue in 2019.” Chorus.ai also said that among its over 200 customers, there has been a “substantial” increase in calls about payment terms and packaging, underlining the need to train reps to navigate critical questions, according to VentureBeat.
Chorus.ai has raised $85.2 million to date.
“Chorus’ momentum has been fueled by developing the most advanced AI-powered solution on the market, backed by 12 granted patents and counting,” said Jim Benton, CEO of Chorus.ai. “Customers at many of the fastest-growing enterprise companies in the world like Gitlab, MongoDB, Qualtrics, and Procore are flocking to Chorus because we help them bring their best to every interaction and the voice of the customer to every decision, which in turn creates strong, smart relationships. They choose Chorus because our capabilities, like our first-to-market native integration with Zoom, are unmatched in the industry.”
Grego Holmes, former head of sales and corporate strategy at Zoom, joined the Chorus.ai board.
“At Zoom, we first used Chorus to onboard our newest reps quickly. The sales department immediately saw value, scaling our best practices and increasing sales in a key offering by 20 percent. Seeing this type of success as a customer made joining the board and personally investing in Chorus an easy decision,” said Holmes. “Chorus provides the data needed to help teams execute the right strategies, and achieve desired outcomes.”
Simon Chong, managing partner at Georgian Partners, said the challenges businesses are facing in 2020 “have created a renewed urgency to strengthen customer relationships, streamline sales handoffs, and enhance collaboration within teams.“
“Chorus’ vision of a connected CI that can enrich any CRM with AI-driven intelligence captured from customer conversations at scale is why we invested early. Those rich AI-driven insights, integrated directly into the CRM and sales workflow, are already helping some of the world’s most respected and fast-growing companies win more deals,” he added.