Chorus.ai, a service that listens to sales calls in real time and then transcribes and analyzes them to provide helpful advice to the seller, has raised $ 33 million to double the current demand for more AI-powered tools in the enterprise.
Series B is led by Georgian Partners, also involving Redpoint Ventures and Emergence Capital, former investors who backed Chorus.ai on its $ 16 million Series A two years ago.
In the gap between then and now, the startup has seen strong growth, listening to about 5 million calls and performing hundreds of thousands of hours of transcriptions for about 200 clients, including Adobe, Zoom, and Outreach (among others, who they will do it). Nameless).
Micha Breakstone, the co-founder (who has a fairly long history in conversational artificial intelligence, spearheaded research and development at Ginger Software and then Intel after she acquired the startup – and before that, the technology that eventually became Summly. and was acquired by Yahoo, among other roles), says that while the platform provides information and updates to sellers in real time, much of the current focus is providing information to users after the conversation, based on both audio calls as video.
One of its great areas is “smart topics”: patterns and rules that Chorus has learned through all those calls. For example, you’ve identified what kind of language the most successful marketers use and, in turn, ask those who are less successful to use it more. Two general tips Breakstone told me about: use more collaborative terms like us and us; and give more background to customers, although there will be more specific topics and approaches based on specific Chorus customers and products.
“I would say we are super in tune with our customers and what they need and want,” said Breakstone. Which makes sense given the whole premise of the chorus.
It also creates smart “playlists” for managers who almost certainly will never have time to review hundreds of hours of calls, but may want to hear instructional moments or “red alert” moments when a more advanced person must intervene to save or close a deal.
Today, there are dozens of startups and large companies that are currently seizing the opportunity to provide “conversational intelligence” to sales teams, using advancements in natural language processing, speech recognition, machine learning, and big data to help. to turn every salesperson into a Jerry Maguire (yes, I know he’s an agent, but still, he needs to close deals and he’s a salesperson). They include TalkIQ (which has now been acquired by Dialpad), People.AI, Gong, Voicera, VoiceOps, and I’m pulling from a long list.
“We were among the first to start this, nobody knew what conversational intelligence was before us,” says Breakstone. He describes most of what was on the market at the time as “nineties technology” and adds that “our technology is superior because we built it the right way from the ground up, with nothing sent to a third party.”
He says this is one of the reasons the company has negative turnover: It essentially gains customers and hasn’t lost any. And having the technology in its entirety not only means the platform is smarter and more accurate, it also helps to comply with regulations like GDPR, which has also boosted its business. It also scores well on metrics in terms of reps better reaching goals with its tools (the company claims its products lead to a 50 percent share increase and “ramp time” increases by 30 percent for new sellers using it)
“Chorus.ai has helped us become a smarter sales organization as we have scaled. We have visibility into our sales conversations and what is working across our offices,” said Greg Holmes, Director of Sales for Zoom Video Communications, it’s a statement. “We have seen a drastic reduction in new hire ramp times and increased sales productivity, even with more reps reaching quota.” Chorus.ai is a game changer. “
Chorus has raised $ 55 million to date and Breakstone said it would not disclose its valuation, despite my best attempts to use some of that sales advice to take the information away from it. But I understand that it is “significantly higher” than in its last round, and definitely in the hundreds of millions.
As a point of reference, after its Series A two years ago, it was only valued at around $ 33 million of post-money according to PitchBook.
“Maintaining high-quality sales conversations when scaling a sales organization is difficult for many companies, but is key to generating predictable revenue growth. Chorus.ai Conversation Intelligence platform solves that challenge with a market-leading solution that is easy to use and offers best-in-class results, “said Simon Chong, Managing Partner of Georgian Partners, in a statement. Chong joins the council in this round.) “Chorus.ai works with some of the best sales teams in the world and they love the product. We are very excited to partner with Chorus.ai in their next phase of growth as they help world-class sales teams achieve higher quota and efficiency gains. “