Logik.io – a company that is consumerizing B2B buying experiences through its intelligently guided product discovery, configuration, and recommendation engine – announced recently that it raised $16 million in Series A funding. This funding round was led by Emergence Capital. ServiceNow Ventures also contributed to the round, and Salesforce Ventures returned as an investor in Logik.io. In connection with the funding, Santi Subotovsky, General Partner at Emergence Capital will join the Logik.io Board of Directors.
There is currently a gap in B2B selling between the high-touch complex sales processes most B2B businesses force buyers into, and their buyer’s demands for faster, simpler, consumer-like experiences. From manufacturers selling complex equipment with thousands of variations to enterprise SaaS companies with complicated and nuanced deal structures to services businesses with sophisticated multi-year recurring relationships, nearly every business struggles with making their products as simple to buy and sell as their customers expect.
Through the company’s Commerce Logic Engine technology, Logik.io’s mission is to eliminate high-touch sales by empowering all businesses to connect buyers to perfect-fit solutions faster with smarter product discovery, configuration, and recommendation experiences across all your marketing, selling, commerce, and service channels.
Most current Logik.io customers utilize Logik.io to augment CPQ, e-commerce, and online product configuration experiences. And with this investment, Logik.io plans to expand on its mission to connect B2B customers with products faster by applying its commerce logic engine technology to enable smarter:
1.) Marketing & Lead Generation – Use Logik.io to generate qualified leads online by allowing buyers to find and configure perfect-fit solutions, and submit a request for a quote.
2.) E-Commerce – Use Logik.io to discover, configure, price, and transact on even your most complex or high-priced offerings, without talking to sales.
3.) Sales – Use Logik.io to empower internal sellers, dealers, and distributors with an enhanced CPQ (Configure, Price, Quote) experience that lets them configure and quote complex products easier.
4.) Service – Use Logik.io for service configuration, quote estimates, attach assets, and more.
Logik.io was founded by the pioneers of the CPQ (Configure, Price, Quote) industry, including Christopher Shutts (Logik.io CEO, former founder of BigMachines) and Godard Abel (Logik.io Executive Chairman & CEO of G2, also founder of BigMachines), to transform the B2B selling model from one that is complex, convoluted, and expensive, to one that is consumerized, low-touch, and efficient.
Over half of Logik.io’s customers are publicly traded and have an average market capitalization of more than $25 billion. Brands like Keysight Technologies, CORT, Fike, Club Car, Lamons, and Palo Alto Networks are using Logik.io to power eCommerce or omnichannel product configuration and guided selling.
KEY QUOTES:
“Many B2B companies struggle to deliver the low-touch consumerized experiences customers demand today. But the businesses who are leading their industries understand that no matter how complex your products are, buyers seek out businesses who make it simple to find, configure, and augment purchases across any channel. Logik.io exists because most businesses have been held back by the limitations of their legacy selling tools which aren’t built to support selling highly-tailored solutions with many variations and complexities. We’re here to solve that.”
— Logik.io Co-founder and CEO Christopher Shutts
“We’re focused on doing whatever it takes to give our customers the best buying experience possible. Previously we found ourselves limited by the sales and commerce tools that were available to us. But now with Logik.io’s Commerce Logic Engine, we’re able to unblock those limitations, and provide a truly unified omni-channel experience that puts the power in the hands of the customer, helps us sell more, and do it more efficiently.”
— Dan Krantz, CIO of Keysight Technologies
“We prioritize making it easy for our customers across all channels to discover, configure, and buy the best-fit options for their needs. We’re excited about partnering with Logik.io to fulfill on this promise, and to make a meaningful impact on both our customer experience and go-to-market efficiency.”
— Craig Drenthe, VP of IT at Club Car
“At Emergence, we only invest in people and companies who change the way the world works. Logik.io is one of those businesses, and has already made massive transformations in the way B2B sales works. We cannot be more excited to partner with them on this next phase of growth.”
— Santi Subotovsky, General Partner at Emergence Capital
“Logik.io is a key solution in the enterprise tech ecosystem helping bring seamless, consumer-grade experiences to the enterprise buying and service process. We look forward to supporting the company’s growth as they continue to develop innovative solutions that simplify and speed up the buying and selling process to meet customers’ needs.”
— Vishal Gupta, VP of Corporate Business Development at ServiceNow
