Conversation Intelligence Platform Chorus.ai Closes $45 Million

By Annie Baker ● July 29, 2020
  • Conversation Intelligence Platform Chorus.ai announced that it has raised $45 million in a Series C round of funding led by Georgian Partners

Conversation Intelligence Platform Chorus.ai announced that it has raised $45 million in a Series C round of funding led by Georgian Partners. And there was additional participation from Emergence Capital, Redpoint Ventures and new investor Sozo Ventures. This round of funding comes on the heels of the company doubling employee size and revenue tripling in 2019. Along with the funding, Chorus also announced an addition to its board: Greg Holmes, former Head of Sales and Corporate Strategy at Zoom.

So far, Chorus has raised $85.2 million to transform how businesses understand the substantial conversations occurring daily along with effectiveness and outcomes. This is made possible through the power of AI-driven coaching networks and a connected CI — which weaves into an organization’s systems and workflows to provide powerful data and insights both in the platform and directly to other applications where sales reps and leaders already work. The machine learning layer is able to handle the analysis needed to help drive team performance, build stronger relationships, provide revenue intelligence, and acquire unbiased market intelligence.

Proprietary Chorus data — presented on The Weekly Briefing (a weekly report based on anonymized data from hundreds of B2B Revenue teams) — shows how much of a change sales teams are facing like more buying-side CFOs than ever — a 91% increase since January, joining calls.

Plus there is also a 77% increase in director-level professionals joining calls. And, the day is getting longer in general: an increase of 25% in meetings prior to 9 AM as well as a 121% increase in meetings after 4 PM. And topics like payment terms and deal packaging have increased thus fueling the need to train reps on how to navigate questions with empathy and professionalism.

This much change at once is difficult for reps of any skill level, but by augmenting the profession with artificial intelligence, relationships take priority. And sales reps are able to better understand what customers actually care about, their own unique challenges, and the engaging moments that should be pursued in order to close a deal.

Chorus.ai’s customers like Zoom, Mavenlink, Qualtrics, Adobe, and GitLab are ramping new hires to productivity 30-50% faster and see an increase in quota attainment from 20-to-100%.

KEY QUOTES:

“Conversation Intelligence is the fastest growing category in Sales Tech with more than 1,500 companies adopting the technology and greater than $220M invested. It has rapidly become the most critical addition to the Revenue Team’s tech stack. Chorus’ momentum has been fueled by developing the most advanced AI-powered solution on the market, backed by 12 granted patents and counting. Customers at many of the fastest growing enterprise companies in the world like Gitlab, MongoDB, Qualtrics, and Procore are flocking to Chorus because we help them bring their best to every interaction and the voice of the customer to every decision, which in turn creates strong, smart relationships. They choose Chorus because our capabilities, like our first-to-market native integration with Zoom, are unmatched in the industry.”

— Jim Benton, CEO of Chorus.ai

“The challenges businesses are facing in 2020 have created a renewed urgency to strengthen customer relationships, streamline sales handoffs, and enhance collaboration within teams. Chorus’ vision of a connected CI that can enrich any CRM with AI-driven intelligence captured from customer conversations at scale is why we invested early. Those rich AI-driven insights, integrated directly into the CRM and sales workflow, are already helping some of the world’s most respected and fast-growing companies win more deals.”

— Simon Chong, Managing Partner at Georgian Partners

“At Zoom, we first used Chorus to onboard our n=west reps quickly. The sales department immediately saw value, scaling our best practices and increasing sales in a key offering by 20%. Seeing this type of success as a customer made joining the board and personally investing in Chorus an easy decision. Chorus provides the data needed to help teams execute the right strategies, and achieve desired outcomes.”

— Greg Holmes, former Head of Sales and Corporate Strategy at Zoom and new Chorus.ai board member