Gong Secures Funding of $250 Million at a Valuation of $7.2 Billion2 min read
Gong is a well-known revenue intelligence company founded and based in the State of Israel. The main function of the corporation is to leverage Artificial Intelligence (AI) to ensure that sales teams are completely transformed. On Thursday, it announced that the company has successfully secured total funds of $250 million in a funding round of Series E.
The lead participant in the financing round was Franklin Templeton, a multinational holding company from the US. Existing investors of Gong also participated enthusiastically, which included Salesforce Ventures, Thrive Capital, Tiger Global, Coatue, and Sequoia.
After the round, it was concluded that the revenue intelligence company has raised a sum of $584 million up until now. This round followed the company’s last Series D funding, which took place in August of 2020. As per the company, another financing round just a year later is an indicator of the growing demand of the solutions and products offered by it.
Gong was founded in the year 2015 by the current CEO, Amit Bendov, and Chief Product Officer, Eilon Reshef. It came up with a platform that makes use of machine learning and natural language processing to bring about an improvement in customer service and sales.
It is the software of the Israeli revenue intelligence company that allows firms to make better decisions based on reality, instead of opinions. It is responsible for automatically capturing a full range of data on the interactions of the company with customers. This includes data collected through web conference calls, emails, phone calls, and much more. Thus, it reduces the risk of information is incomplete.
Consequently, Gong utilizes patented AI technology in order to achieve a better understanding of the content matter contained in these interactions with customers. It assists companies with identifying trends and patterns in the data collected, which leads to the extraction of valuable insights. With these insights in its arsenal, the software helps reduce churn, and increase market share and sales.
The company further released a statement adding that the software used by the company also helps them assess information regarding the market and skills of the employees. It also recommends the steps that should be taken next in the progress of any deals being made by the client to win markets and ensure success with the customer. Thus, professionals are able to take proactive decisions based on the unfiltered reality of the business world, rather than opinions.
Ryan Biggs from Franklin Templeton also explained how technologies that focus on optimizing customer satisfaction and productivity gained more popularity than ever in the last year, especially since the business world began operating predominantly on a remote model for work. In his opinion, once businesses get a taste of the revenue intelligence services offered by Gong, they will not be able to deny its value.
Biggs went on to state that the product is now nothing short of a fundamental requirement for those professionals who seek to drive sales that are influenced by the needs of the customers.