Platform captures and analyzes conversation with AI and NLP to improve sales rep performance and help companies understand why 80 percent of deals don’t close
February 7, 2017 – SAN FRANCISCO and TEL AVIV – Chorus.ai, a San Francisco- and Tel-Aviv-based startup that uses artificial intelligence (AI) to analyze sales conversation and learn how sales organizations can increase win rates, today announced it has raised $16 million in Series A financing led by Redpoint Ventures with participation from original seed investor Emergence Capital. The investment brings the company’s total funding since its inception just two years ago to over $20M, underscoring the industry’s confidence in Chorus.ai and in the burgeoning market opportunity for AI and natural language processing (NLP) to help organizations have better conversations that close more deals.
“We spent a year researching the market and it’s clear to us that Chorus.ai is the leader. Their unique technology enables them to provide real-time feedback to account executives, accelerating training, tuning performance and empowering those teams to win more business every day,” said Tomasz Tunguz, Partner, Redpoint Ventures.
While major players have recently made huge investments in AI for sales, and billions are spent annually on developing enterprise solutions to optimize and manage sales, none are focused on the sales conversations themselves. Chorus.ai addresses that need with the only pure SaaS offering that employs in-house developed speech recognition, NLP and AI to transcribe, analyze and deliver real-time feedback on sales conversations. With an average sales force spending 10,000 hours a quarter in meetings with customers and prospects, conversations are a sales force’s most valuable and — until now — most underutilized asset.
“Studies show that win rates increase by 33 percent with a proper coaching program in place, yet most managers don’t have the time to sit in on calls, and no one has the capacity to learn from the thousands of meetings that take place each quarter. Chorus.ai lets companies immediately discover moments that impact selling outcomes and that can be used for real-time sales coaching, for collaboration, and for replicating what works,” said Roy Raanani, CEO and Co-Founder, Chorus.ai.
“We’re tripling the size of our team this year. Chorus.ai helps me scale coaching and learning opportunities amongst my team and increase conversions. My reps also love it for team collaboration. They’ve made a Slack channel called ‘Chorus’ where they post their call recordings to share calls they converted,” said Nicolette Mullenix, Global Sales, Dynamic Signal.
About the Chorus.ai Platform:
Chorus.ai is a Conversation Intelligence platform for sales teams that uses NLP, ML and AI to transcribe, analyze and deliver real-time feedback on sales conversations, allowing sales teams to identify what works to close more deals.
“Building the next generation of real-time AI that elevates and improves the way sales professionals have conversations is not only a wonderful challenge, but a calling that impacts a sales person’s professional success as well as the customer experience,” said Micha Breakstone, Chorus.ai Co-Founder and Head of R&D.
With Chorus.ai, organizations can better understand their sales calls, finding the most important moments, and learning what teams could do differently to achieve better outcomes. Chorus.ai’s technology scales a sales manager’s ability to help reps qualify opportunities and improve their selling skills. The platform integrates with Salesforce and all of the most common online meeting platforms, and automatically captures meetings in WebEx, GoToMeeting, Zoom, Join.Me, UberConference, BlueJeans and ClearSlide.
Founded by Roy Raanani, CEO, and Micha Breakstone, Head of R&D, Chorus.ai is based in San Francisco and Tel Aviv. The two-year-old company received its seed funding from Emergence Capital. Its team is comprised of world-class scientists, engineers and product designers, 20 percent of whom holds PhDs across areas including Natural Language Processing, Machine Learning, and Math. Its customers, that include Qualtrics, Marketo and Dynamic Signal have used the Chorus.ai platform during the last year alone to analyze more than 500,000 sales conversations. The company was just recognized in the prestigious 2017 AI 100, a ranking of the 100 most promising private artificial intelligence companies globally.