Israeli startup Chorus.ai, which provides a sales-team oriented conversational intelligence platform, that analyzes sales calls to optimize the sales process, announces a $45 million Series C round led by Georgian Partners with participation from Redpoint Ventures, Emergence Capital, and Sozo Ventures - a newcomer to the investment team.
Despite a CEO change, the company’s fundraising game stays on high
Chorus.ai’s system records and transcribes every sales call, then after a quick analysis produces insight that helps improve efficiency for both the sales team and management. Using this approach, companies can use the insight to better teach and prepare sales representatives for the variety of challenging situations they may find themselves in, like learning how to control a call with pushback or if the other side starts negotiating. Essentially, the AI-powered system uses past successful interactions to better determine the optimal approach to the next sales call, while also creating a better communication channel from the “wants” of management.
The system autonomously picks out and pushes important keywords and references from previous sales calls, providing a sort of ultimate sales “script” based on conversational intelligence insight. In addition, management can search for specific keywords or choose from different topics like ‘pricing’, ‘problem’, ‘concern’, ‘competitors’, and ‘close deal’. However, even if management is not on the task, then the system’s automation kicks in associating keywords to relevant topics by utilizing NLP and machine learning techniques.
With a click of a button, management can view all the different questions that were asked by or to the sales representatives, check the answers and provide insight on the success or fail of a certain sales approach. To make this process simple and easy, Chorus.ai takes dozens of hours of sales calls and cuts them down to about 3 minutes of the key highlights, allowing management a fast utilitarian tool for improving sales quality and saving time. Instead of management sifting through the endless hours of sales calls picking out relevant insight, Chorus.ai unleashes the power of AI to do the task for them.
Additionally, the company developed technology that identifies and analyzes the voices of the speakers, enabling even deeper insight. By utilizing these technologies, companies can improve sales training programs by cutting out a lot of the micromanaging labor needed beforehand. Now, sales teams can actually harness top salespeople’s techniques and help implement them as standard practice.
The company was founded in 2015 by Roy Raanani, who stepped down as CEO in March and took up the President chair instead, Micha Breakstone, and CTO Russell Levy. Among the company’s current clients Qualtrics, Marketo, and Adobe. To date, Chorus.ai has raised $100 million and intends to use capital from this recent round to accelerate the Go-To-Market efforts and further developing the prime product, according to CEO Jim Benton, who added, that the company is witnessing an increase in the need for phone sales reps as we have transitioned to a more ‘work from home’ style day-to-day, due to the ongoing COVID-19 pandemic. This is yet another example that further accentuates the need for an optimizing sales tool as improvement is hard to accomplish when you’re alone at home.