People.ai Raises $60M Series C Led by ICONIQ Capital
Also Launches "The Wire," Delivering AI-Powered Insights to Guide the Best Next Action For Sales, Marketing, and Customer Success Teams
SAN FRANCISCO, May 21, 2019 /PRNewswire/ -- People.ai, creators of the only Revenue Intelligence System, today announced a $60M Series C funding round led by ICONIQ Capital with participation by Andreessen Horowitz, Lightspeed Venture Partners, GGV Capital and Y Combinator. Will Griffith, Partner at ICONIQ Capital, will join the People.ai board of directors. The company also announced its newest product "The Wire," a real-time feed of best next actions to provide customer-facing teams with AI-driven intelligence, task prioritization, and one-click execution.
People.ai's The Wire is an AI solution that provides a new way to deliver actionable insights to customer-facing teams. It is built on top of People.ai's Revenue Intelligence System, Intelligent Matching and PeopleGraph, simultaneously analyzing activity, contact and deal data from across the organization as well as the industry, to predict which sales, marketing and customer success behaviors will drive results. By applying intelligent news feed ranking and other AI technologies previously seen exclusively in consumer apps, The Wire provides sales, marketing, and customer success teams with a "to do list" of actionable insights in a real-time, easy-to-consume, fast-action feed to drive best next steps. More information on The Wire here.
"Today's announcement of our Series C funding represents a critical milestone in achieving our vision for the Future of Work," said Oleg Rogynskyy, People.ai Founder and CEO. "We've already enabled customers to, for the first time, capture all of an organization's critical business data, such as contacts and customer activity data, and deliver it directly to the CRM. This has significantly improved sales productivity and CRM data accuracy and liberated the enterprise from time-consuming manual data entry. Today, we're taking People.ai to the next level with AI-driven intelligence that provides customer-facing teams with a simple, personalized set of actions based on current, historical and industry data that will help accelerate revenue. When you use The Wire, you'll have your most productive day at work, every day."
Since its founding in 2016, People.ai's Revenue Intelligence System has trained its AI on 500 million sales activities, nearly 40 million contacts, $1 trillion in pipeline, and over $100 billion in closed/won deals. The company grew revenue 5X year-over-year in 2018 and now powers top-tier enterprises such as Red Hat, Lyft, Zoom, New Relic, Splunk, and more. With the funding announced today, the company will accelerate advancements in product innovation and continue its expansion to meet the needs of global enterprise customers, along with launching a partnership platform for top consulting firms and system integrators.
"We're thrilled to partner with People.ai as they execute their vision to unleash the potential of AI to drive enterprise revenue. People.ai is well positioned in a highly strategic enterprise market, leveraging automation and AI to fundamentally change the way people work. People.ai's product, powered by strong network effects, is delivering insights and productivity at the scale and quality we have not seen previously," said Will Griffith, Partner at ICONIQ Capital. "We see an incredible opportunity to accelerate People.ai's game-changing technology as they redefine the meaning of the Predictive Enterprise. People.ai is the Future of Work."
"People.ai's technology has already unlocked tremendous productivity in sales, marketing and customer success teams across multiple industries. Organizations are fundamentally changing the way they work, and they know the status quo of dirty CRM data and manual data entry is completely unacceptable," said Peter Levine, General Partner at Andreessen Horowitz. "Enterprises can use these productivity gains to create massive differentiation and efficiencies with the right valuable insights. We've already seen People.ai deliver incredible growth since announcing our partnership last year, and we're excited to expand it as they build what could be the final app for customer-facing teams."
"We've been impressed from day one by People.ai's massive vision and unique, powerful technologies to automate the capture of all business data and turn it into AI-powered insights. Since our partnership began in 2016, we've seen the company redefine the way enterprises think about using customer interaction and activity data to impact revenue," said Nakul Mandan, Partner at Lightspeed Venture Partners. "We genuinely look forward to continuing our partnership, as it's clear People.ai is creating a new category for enterprise revenue."
"With People.ai, my team is no longer spending their days manually entering data into the CRM and they're now able to focus on what they do best – driving revenue for our organization," said Greg Holmes, Head of Corporate Strategy at Zoom. "Since deploying People.ai, we've seen productivity and sales activity grow significantly. I am able to ramp reps faster and monitor the team's activities, identify at-risk deals, and better understand which actions actually drive results. I look forward to continuing to work with People.ai as they continue to unveil groundbreaking AI innovations that help grow my business."
ABOUT PEOPLE.AI
People.ai accelerates enterprise growth through the power of AI. With the industry's only Revenue Intelligence System, People.ai frees all customer-facing teams, including sales, marketing, and customer success, from manual data entry by automatically capturing all contact and customer activity data, dynamically updating CRM and other systems of record, and providing actionable intelligence across management tools to realize the full selling capacity of the enterprise. Some of the world's best brands are leveraging People.ai to transform their business, including Lyft, New Relic, Okta, Tanium, and Zoom.
Founded in 2016 and based in San Francisco, the company is backed by ICONIQ Capital, Andreessen Horowitz, Lightspeed Venture Partners, Y Combinator and others. In 2018, Gartner recognized People.ai as a Cool Vendor.
For a free assessment of your enterprise's sales, marketing, and customer success effectiveness and to learn how your team can benefit from day one with the People.ai platform, please contact [email protected] or call (888) 997-3675. We will respond to you in 24 hours or less.
ABOUT ICONIQ CAPITAL (lead in Series C)
ICONIQ Capital is a privately-held financial advisory and investment firm, and a partner of choice for exceptional entrepreneurs, leaders and institutions around the world. The firm invests in technology growth equity, middle market buyout and real estate asset classes and employs a distinctive ecosystem to build enduring businesses. ICONIQ is a trusted advisor fostering meaningful strategic relationships across industries to source powerful ideas, magnify global impact and support a new generation of entrepreneurs and companies.
ABOUT ANDREESSEN HOROWITZ (lead in Series B)
Andreessen Horowitz backs bold entrepreneurs who move fast, think big, and are committed to building the next major franchises in technology. Founded by Marc Andreessen and Ben Horowitz, the firm provides entrepreneurs with access to expertise and insights in innovation, executive and technical talent, market intelligence, business development, and marketing and brand-building. Find us in Menlo Park, Calif., and at www.a16z.com.
ABOUT LIGHTSPEED VENTURE PARTNERS (lead in Series A)
Lightspeed Venture Partners is an early stage venture capital firm focused on accelerating disruptive innovations and trends in the Enterprise and Consumer sectors. Over the past two decades, the Lightspeed team has backed hundreds of entrepreneurs and helped build more than 300 companies globally, including Snap, The Honest Company, GrubHub, Nest, Nutanix, AppDynamics, and MuleSoft. The firm currently manages over $6 billion of committed capital and invests in the U.S. and internationally, with investment professionals and advisors in Silicon Valley, Israel, India and China. www.lsvp.com.
Other Investors:
GGV Capital - www.ggvc.com
Index Ventures - www.indexventures.com
SV Angel - www.svangel.com
Shasta Ventures - www.shastaventures.com
Y Combinator - www.ycombinator.com
SOURCE People.ai
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