Predictive sales startup, People.ai, announced that it has raised another $60 Million in funding. These funds will be used to continue growing the business and building partnerships with new channels, such as system integrators to target bigger enterprises.
While the company has not disclosed its current valuation, reports suggest that it is valued at about $500 Million. People.ai has had massive growth – It has already invested 350 million sales activities, 40 million contacts, a sales pipeline of $300 Billion and deals worth $100 Billion. Their revenues have also been growing 5X year-over-year, with customers squarely so far in the tech camp that surrounds the San Francisco-based startup. Their clientele includes Red Hat, Lyft, Zoom, New Relic and Splunk. The company also currently has more than 65 patents (secured and in progress) on intelligent matching.
This latest fundraising round was led by Iconiq – the VC firm that also funded the family office of Marc and Priscilla Zuckerberg. The round also witnessed participation from previous investors Andreessen Horowitz, Lightspeed Venture Partners, GGV Capital, and Y Combinator.
Apart from this, the company also announced the launch of its new offering, dubbed “The Wire”. The Wire is a feed of insights that sales teams can access to find leads, pick up tips on how to approach them and ultimately to sell to them.
“Some people say it’s what LinkedIn should have been,” Oleg Rogynskyy, People.ai’s Founder and CEO, said in an interview. It helps, he said with a little laugh, that People.ai had managed to recruit David Flink to lead up project management at the startup. Flink joined earlier this year, having worked for nearly three years at LinkedIn on areas like search and discovery.
People.ai’s approach, says Rogynskyy, is not to replace salespeople but to “supercharge” the teams by using AI to ingest “high-value, low-volume activity.” “This model is applicable to any area where you are building external, complex relationships at scale.”