- Revenue intelligence platform Gong announced it has raised $65 million in Series C funding led by Sequoia Capital
Gong, a revenue intelligence platform leveraging artificial intelligence to go beyond traditional CRM and transform revenue teams, announced it has raised $65 million in Series C funding led by Sequoia Capital with participation from existing investors Battery Ventures, Norwest Venture Partners, Shlomo Kramer, Wing Venture Capital, NextWorld Capital, and Cisco Investments. Including this round of funding, Gong has raised a total of $134 million since it was founded.
With this round of funding, Gong is going to continue to fulfill the strong market demand for its Revenue Intelligence Platform, investing in the company’s product, engineering, and go-to-market teams. And revenue intelligence brings the power of customer reality to revenue organizations rather than relying on biased opinions of salespeople manually entering information into their CRM system.
Gong captures all customer interactions thus utilizing the latest artificial intelligence technology to understand these interactions and then delivering actionable insights to revenue leaders in order to improve sales professionals’ skills, win more deals and roll out strategic sales motions.
“Revenue intelligence is a perfect example of how advancements in AI are making a huge impact. If AI can interpret X-ray images better than doctors and AI can drive better than most of us, isn’t it time that AI captures and understands customer interactions better than salespeople?” asked Gong CEO and co-founder Amit Bendov.
The company also announced that Sequoia partner Carl Eschenbach has joined its Board of Directors. Eschenbach had served as President and COO of VMWare for over 14 years and currently serves on the boards of leading enterprise technology companies, including Workday, Zoom, Palo Alto Networks, and Snowflake Computing.
“Gong has unlocked a world of potential with their AI-based approach to increasing revenue teams’ effectiveness,” added Eschenbach. “Its hypergrowth of customer acquisition and retention demonstrates the widespread need for a revenue intelligence platform to address the gaps of relying on traditional CRM for understanding customer reality. The company’s Revenue Intelligence Platform may well be the next big evolution after CRM.”
Gong has been growing at a rapid pace. And since the company raised its Series B round of funding announced in February 2019, the company saw 5X revenue growth in 2018 and 3X growth in 2019 year to date. And the company expanded its customer base across all market segments to well over 700 companies, including leading companies like Autodesk, GE, Hubspot, and LinkedIn.
Plus Gong tripled the number of sales professionals using the platform to 45,000 and doubled its number of team members from 100 to well over 200.
Gong launched four years ago by co-founders Bendov (CEO) and Eilon Reshef (CTO). In October, Gong added three people to its C-Suite, including Sandi Kochhar and Tim Riitters joined the company as Chief People Officer and Chief Financial Officer, respectively. And former VP of Marketing Udi Ledergor was promoted to Chief Marketing Officer.
