Our Series D funding will help us extend our lead as the industry’s premiere innovator and sole platform provider. And our promise to our customers still can’t be matched.
A little more than five years ago, companies such as DataDog and AppDynamics inspired me to ask a simple question: if these firms have cracked the code on using activity data to optimize machine performance, why can’t we use similar types of data (email, calendar, zoom, etc.) to optimize the performance of people and teams?
That question was the genesis of People.ai – and in turn, prompted the advent of the now burgeoning marketplace for revenue operations and intelligence solutions. Today’s announcement of our Series D funding round – co-led by Mike Dinsdale of Akkadian Ventures and Abdulla AlBanna of Mubadala Capital – represents a major milestone in our journey. You can read the funding details in our official release. Here, I wanted to share my personal perspective about our journey thus far and what’s next for People.ai as we lead one of the most exciting and transformational movements in the world of business today – harnessing the power of business activity data to unlock human productivity.
We’re living in a unique moment when a number of trends are converging and underscoring the need to rethink the way we work. COVID has moved us out of the office, in the process upending the way we make decisions and do our work. Fortunately, the digital transformation of the past decade has provided us with a range of new tools and datasets which allow us to meet some of the challenges ushered in by the pandemic. That’s why, for example, we were able to move so quickly into virtual conferencing mode when the office doors shut.
But this shift in behavior thus far only scratches the surface. I believe that an even bigger transformation lies ahead. By systematically capturing all of the business activity teams generate when they work and collaborate, and using AI to transform that data into targeted recommendations, we can radically improve what every person achieves. This kind of data-driven approach has worked for Olympic coaches training elite athletes, so why can’t it work for sales managers, for example? What if a sales manager had instant access to an analysis of how each of her reps spends their time, detailed benchmarks for top performers, and personalized suggestions on how to improve each rep’s quota attainment? That would be a game changer.
To make this vision a reality, the world needs a new generation of solutions. That’s where People.ai comes in. Five years into our journey, we have built the industry’s most comprehensive, accurate and secure SmartData platform for sales and marketing. It interfaces directly with systems like email, calendar and conferencing to capture business activity, and then uses AI to translate that data into insights that make people more productive. Initially, we decided to tackle two critical use cases with our platform – sales account and opportunity management – because virtually every B2B company is looking to improve in these areas and it’s easy to measure the impact we deliver.
The results speak for themselves and validate the potential of what People.ai delivers. Zoom capitalized on People.ai to generate a 42% increase in rep bookings. Gainsight leveraged People.ai to increase sales productivity by 15%. Hexagon saw their customer meetings increase by 30% while net-new business meetings increased by 25%. These aren’t unusual results. In fact, they are typical. We routinely see our customers achieve a massive lift in revenue within two quarters of implementation.
People.ai’s SmartData platform is unique in the industry. While the companies that followed us built point solutions addressing various one-off sales processes, we focused on building the world’s first end-to-end, enterprise-grade platform. It’s been awarded 49 patents by the USPTO with 40+ more pending. Although, to date, we’ve applied it primarily to sales use cases, what excites me most about our platform is the potential to deliver the same levels of value to almost every organization in a company.
So, $100M in Series D funding and a $1B+ valuation is a big day for People.ai because it allows us to take another step towards achieving our vision to unlock human productivity with the help of data and AI. With this new round of investment, we will further enrich our SmartData platform to offer an increasing array of productivity-enhancing insights. We will extend our huge lead in the use of AI with investments that empower not only sales reps, but also customer success professionals, sales engineers, marketers, and service teams. And we will expand geographically, making our solutions available to customers outside of North America.
We’ve never been in a better position to help companies accelerate growth by realizing massive gains in sales productivity. I’m confident, the best is yet to come. We will continue to lead on innovation, on ease-of-use and on business impact as we work to unlock the potential of every revenue-related function for the world’s largest enterprises.