Chorus.ai, a startup that uses AI (artificial intelligence) to analyze sales calls, announced today that it has raised $16 million. The round was led by Redpoint Ventures.
The San Francisco- and Tel Aviv-based startup provides a software-as-a-service (SaaS) offering that uses in-house developed speech recognition, natural language processing (NLP), and AI to transcribe, analyze, and deliver real-time feedback on sales conversations. The aim is to improve sales rep performance and help companies understand why some deals don’t close.
“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 cofounder 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 Chorus software integrates with Salesforce and automatically captures meetings in WebEx, GoToMeeting, Zoom, Join.Me, UberConference, BlueJeans, and ClearSlide. Customers, which include Qualtrics, Marketo, and Dynamic Signal, have used Chorus to analyze more than 500,000 sales conversations over the past year, according to a statement.
Original seed investor Emergence Capital also participated in this round, bringing the total amount of funding raised to $20 million. The startup was founded in 2015 and currently has 26 employees.