Conversation Intelligence Leader Chorus.ai Secures $45 Million to Put the “R” in CRM
With $85.2M total investment and recognized as one of the top 100 Global Software Companies and one of the 50 Fastest Growing Products by G2, Chorus leads fastest-growing Sales Tech category
Chorus.ai, the No. 1 Conversation Intelligence Platform for high growth Revenue teams, announces it has closed a $45 million Series C round. Georgian Partners led with renewed participation from Emergence Capital, Redpoint Ventures and new investor Sozo Ventures. The round is yet another indicator of the company’s rapid growth, having doubled employee size and tripled revenue in 2019.
“Conversation Intelligence is the fastest growing category in Sales Tech with more than 1,500 companies adopting the technology and greater than $220M invested. It has rapidly become the most critical addition to the Revenue Team’s tech stack. Chorus’ momentum has been fueled by developing the most advanced AI-powered solution on the market, backed by 12 granted patents and counting,” said Jim Benton, CEO of Chorus.ai. “Customers at many of the fastest growing enterprise companies in the world like Gitlab, MongoDB, Qualtrics, and Procore are flocking to Chorus because we help them bring their best to every interaction and the voice of the customer to every decision, which in turn creates strong, smart relationships. They choose Chorus because our capabilities, like our first-to-market native integration with Zoom, are unmatched in the industry.”
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To date, Chorus has raised $85.2 million to transform how businesses understand the countless conversations occurring daily, their effectiveness, and their outcomes. This is possible through the power of AI-driven coaching networks and a connected CI, which weaves into an organization’s systems and workflows to provide powerful data and insights both in the platform and directly to other applications where sales reps and leaders already work. The machine learning layer handles the analysis needed to help drive team performance, build stronger relationships, provide revenue intelligence, and acquire unbiased market intelligence.
“The challenges businesses are facing in 2020 have created a renewed urgency to strengthen customer relationships, streamline sales handoffs, and enhance collaboration within teams,” said Simon Chong, Managing Partner at Georgian Partners. “Chorus’ vision of a connected CI that can enrich any CRM with AI-driven intelligence captured from customer conversations at scale is why we invested early. Those rich AI-driven insights, integrated directly into the CRM and sales workflow, are already helping some of the world’s most respected and fast-growing companies win more deals.”
In addition to the funding, Chorus announces the addition of Greg Holmes, former Head of Sales and Corporate Strategy at Zoom, to the board.
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“At Zoom, we first used Chorus to onboard our newest reps quickly. The sales department immediately saw value, scaling our best practices and increasing sales in a key offering by 20%. Seeing this type of success as a customer made joining the board and personally investing in Chorus an easy decision,” said Holmes. “Chorus provides the data needed to help teams execute the right strategies, and achieve desired outcomes.”
Proprietary Chorus data, presented on The Weekly Briefing, a weekly report based on anonymized data from hundreds of B2B Revenue teams, shows how much of a change sales teams are facing, such as more buying-side CFOs than ever, a 91% increase since January, joining calls. There is also a 77% increase in director-level professionals joining calls; and, in general, the day is getting longer: an increase of 25% in meetings prior to 9 a.m., as well as a 121% increase in meetings after 4 p.m. Additionally, topics like payment terms and deal packaging have increased, fueling the need to train reps on how to navigate questions with empathy and professionalism.
So much change at once is difficult for reps of any skill level, but by augmenting the profession with AI, relationships take priority. Sales reps are able to better understand what customers actually care about, their own unique challenges, and the engaging moments that should be pursued in order to close a deal.