Gong.io, the US-Israeli company that uses AI to analyze customer data for sales teams, has announced it has raised its third round in 18 months, securing $200 million at a whopping $2.2 billion valuation in a Series D funding round.
The funding round was led by Coatue Management, Index Ventures and Salesforce Ventures and joined by earlier investors like Sequoia Capital and Battery Ventures.
Gong said it will use the new 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 company said it has raised a total of $334 million to date. This includes a $65 million Series C funding round in December 2019 and a $40 million Series B investment in February 2019.
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, the company said in a statement.
Founded in 2015 by Amit Bendov, CEO, and Eilon Reshef, chief product officer, Gong developed a platform that uses natural language processing and machine learning to improve sales and customer service.
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.
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Gong said its 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.
Gong has 350 employees across its offices in the San Francisco Bay Area, Atlanta, and Israel.
The company developed the Gong Revenue Intelligence Platform™ which it says “captures and understands every customer interaction,” then delivers insights at scale and empowers revenue teams to make decisions based on data instead of opinions. Gong says its client list includes Pinterest, LinkedIn, GE, and Hubspot, among 700 companies that use its services.
“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.”
Gong was named as one of the 2020 Best Workplaces in the Bay Area. The ranking by Fortune magazine considered more than 33,000 employee surveys from companies across the area. Gong took the 23rd spot on the list.