Chorus.ai, a newbie AI providing solutions for sales intelligence, has managed to acquire $16 million in Series A funding from venture capital firm Redpoint and Emergence Capital Partners, the official sponsor of SaaStr 2017. The Tel Aviv-based company serves leading martech companies, including Salesforce, Marketo, Qualtrics, and Dynamic Signal. The latest funding is expected to boost its innovation capability in AI further, targeting customers in North America and Asia-Pacific.
Chorus.ai uses AI technology to enable sales professionals close deals effectively based on personalized conversations. The company provides a flexible SaaS platform for sales enablement based on speech recognition, natural language processing (NLP) and machine learning to mine, process and track sales conversations automatically. The Conversation Intelligence from the sales enablement platform tracks the entire sales journey, identifying the agenda, pain points and the competitors moving in the sales deal. The AI-based SaaS for sales removes the need to rely on a manager or a sales enabler to close deals. From recording and tracking phone calls to revealing why sales conversations don’t materialize, the AI for sales platform improves quota attainment in a matter of minutes.
“Studies show that win rates increase by 33 percent with a proper coaching program in place, yet most managers don’t have the time to sit in on calls, and no one has the capacity to learn from the thousands of meetings that take place each quarter,” said Roy Raanani, CEO and co-founder of Chorus.ai, in a statement. “Chorus.ai lets companies immediately discover moments that impact selling outcomes and that can be used for real-time sales coaching, for collaboration, and for replicating what works.”
The AI tech newbie integrates with all leading online meetings and video conferencing tools, including WebEx, GoToMeeting, Zoom, Join.Me, UberConference, BlueJeans, and ClearSlide.
How Does the Chorus.ai Conversation Intelligence Tool work?
AI-based SaaS records every relevant sales team call, transcribes recordings and then tracks the important ‘paint points’ and milestones of the call. Managers can refine the call based on pricing, deal issues, competitor mentions and customer experience with automated voice recognition feature.
Chorus.ai, founded in 2015, has so far raised $22.3 million in two rounds of funding. Like most Israeli startup companies providing AI solutions, Chorus.ai too has an in-house product innovation and development center. However, the AI tech firm is a pioneer in sales intelligence ecosystem, providing AI technology for automated transcription, semantic analysis and emotion tracking. Talking of its intelligence, AI-based SaaS provides a clear picture of how effective a sales team is! It can distinguish a smart sales pro from an average one based on the type of questions asked.