We are excited to bring Transform 2022 back in-person July 19 and virtually July 20 - 28. Join AI and data leaders for insightful talks and exciting networking opportunities. Register today!
Revenue Grid, a sales platform that provides businesses with AI-driven deal guidance, today announced that it closed a $20 million series A financing round led by W3 Capital, with participation from ICU Ventures. CEO Vlad Voskresensky says that the funding will be predominantly used to scale Revenue Grid’s growth in the Ukraine and U.S., as well as to “drive more innovations to the platform” including AI-powered features.
Automation is becoming a core part of sales processes as companies look to to improve efficiency and scale their marketing efforts. A study conducted by Harvard Business Review and Salesforce revealed that companies using AI for sales increased their leads by over 50% and reduced costs by 40% to 60%. That’s perhaps why over 30% of all business-to-business companies adopted AI to improve at least one of their main sales workflows as of last year, according to Forrester.
Founded as Invisible and rebranded in 2020, Revenue Grid offers signals designed to provide sales and revenue operations teams with AI-powered capabilities. The platform allows teams to act on outreach, opportunity risks, and engagement by automating routines and fixing gaps in processes while measuring the impact that changes have driven.
Voskresensky and a group of fellow engineers — Anatoly Gaverdovsky, Konstantin Vaganov, and Anton Zubenko — founded Mountain View, California-based Revenue Grid in 2005. According to Voskresensky, the idea was to build software that integrates into sales workflows and caters to customer needs “in the most efficient way.”
“[Revenue Grid] succeeded in securing multiple OEM partnerships with tech giants like SAP, Oracle, and Microsoft, designed to automate tedious and repetitive tasks in order to help sales people be more productive. Over the years, we’ve moved from being an invisible customer relationship management solution to a guided selling platform by adding a sophisticated intelligence layer designed to fully gear modern sales teams towards actionable revenue intelligence and consistent selling,” Voskresensky told VentureBeat via email.
Revenue intelligence is a fast-growing category of sales activities. According to Gartner, 75% of the highest-growth companies in the world will deploy a revenue operations model by 2025, underlining the demand for out-of-the-box solutions from vendors like Outreach, SalesLoft, Gong, RingDNA, and Clari.
Revenue Grid differentiates itself by automatically capturing data related to deals, prospects, and engagements, using AI to find patterns and correlations between activity and success rates. For example, the company can detect unsaved contacts in calendars and inboxes using contacts’ custom domain fields, linking the contacts to the right accounts and automatically creating new accounts enriched with data from external sources.
To train its AI, Revenue Grid indexed over 1 billion “communication items” including emails, meetings, and calls, which it digitized and categorized by industry and sales process type. This enables the platform to classify industry- and team-specific sales flows and track sentiment (e.g., “polite,” “gentle”) in correspondences like email, plus generate summaries of ongoing sales opportunities.
“Revenue Grid can track objections and suggest the right mitigation on different levels of the sales funnel — from lead outreach to late opportunity stages,” Voskresensky explained. “[It can] understand a communication type like ’email ping pong,’ ‘on hold,’ ‘no authority or power,’ and commitments tracking like whether email needs replying or whether a specific date for follow up or commitment was mentioned.”
The pandemic has been a boon for Revenue Grid, expanding its customer portfolio by 30% and almost doubling its income. The company now works with 800,000 sales across 1,200 brands including Hilton, Western Union, Moody’s, TripAdvisor, and Red Cross, in addition to 20,000 customers through OEM white-label partnerships with other vendors.
“[This] whole round is an equity investment. It’s actually our first round, prior to which we were bootstrapped and profitable,” Voskresensky said. “Honestly, when the pandemic hit, we didn’t know what it would mean to our business, but it was actually a period of growth. Our products became invaluable for sales reps as they all moved to working remotely, and it helped them stay focused, organized, and efficient.”
Revenue Grid has 150 employees and expects to hire 50 by 2022.
VentureBeat's mission is to be a digital town square for technical decision-makers to gain knowledge about transformative enterprise technology and transact. Learn more about membership.