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RightBound, a startup offering a platform to automate sales processes, today announced that it raised $12 million in a funding round led by Innovation Endeavors. With the new capital, the company plans to double its headcount by 2022, hiring new positions at its offices in U.S., Israel, and elsewhere.
During the months of widespread work-from-home arrangements during the pandemic, sales development reps discovered that some practices for engaging prospects no longer apply. That’s likely why when McKinsey surveyed 1,500 executives across industries and regions in 2018, 66% said that addressing skills gaps related to automation and digitization was a “top 10” priority. Forrester predicts that 57% of business-to-business sales leaders will invest more heavily in tools with automation, and Salesforce anticipates the addressable market for customer intelligence will grow to $13.4 billion by 2025, up from several billion dollars in value today.
Founded in 2019 by Ran Oelgiesser and Rotem Dafni, Kirkland, Washington-based RightBound combines data and AI to optimize sales development processes end-to-end. RightBound does data collection and outreach on behalf of sales reps, involving them only when relevant leads are engaged.
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RightBound’s product gathers insights on sales development efforts and makes recommendations to update playbooks and sales processes. The company’s prospecting engine learns customer profiles, constantly adjusting target accounts, personas, and cadences. It’s able to access dozens of data sources including company infographics, tech stack employee stats, keywords, and intent as well as employee emails, phones, and past roles. RightBound also orchestrates initial outreach on behalf of sales teams with a blend of emails, surveys, follow-ups, gift cards, social outreach, and targeted ads.
Each touchpoint is selected and customized per prospect as RightBound learns from past engagements and sales interactions. Qualified leads are handed off for personalized follow-up so that timing, channels, and content remain optimized.
“The power of our solution comes from the breadth of our data and how we apply AI to the process,” a spokesperson told VentureBeat via email. “We don’t rely on data the customer already has, but connect to tens of sources independently. So when our machine attempts to source a prospect or find the best path to reach and engage the prospect, it does so from a much better position. We are able to get up to a 6% response rate and engage 30% of the target audience in different channels — which is far better than the industry standard.”
Emerging market opportunity
RightBound squares off against a number of rivals in a sales enablement market that’s anticipated to be worth $2.6 billion by 2024, according to Markets and Markets. Seismic has raised hundreds of millions of dollars to build out its automated sales and marketing enablement suite. Highspot nabbed $60 million in June 2019 for a sales enablement toolset that taps AI to power features like semantic search. In June 2019, Showpad secured $70 million for its cloud-based sales tools, and that April, Outreach raked in a cool $114 million to grow its semiautomated sales engagement software.
As for RightBound, it claims that revenue has increased 100% quarter-on-quarter in the past year. Every month, the company’s platform identifies thousands of contacts across thousands of targeted accounts and books tens of meetings.
“Sales development teams are a critical function within any B2B organization, but it’s time to adopt a different mindset and approach to this role, and stop using human capital where we (humans) are at a clear disadvantage,” CEO Oelgiesser said in a press release. “Leaders who are ready to adopt this change will build winning teams. I am proud of what our team was able to build and achieve for our customers over the last 12 months, and excited about the journey yet to come.”
Along with lead investor Innovation Endeavors, RightBound’s financing round included contributions from Operator Collective, IBI Tech Fund, and angel backers Zach Weinberg, Nat Turner, and Gil Shklarski.
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