By its very nature, sales are one of the most social faces of a business, so it’s no surprise that tools are being created for sales teams that are tapping into some of the most interesting dynamics in the social networking world. , and that startups that are doing this most successfully are making a killing.
In the latest example, a startup based out of Canada—called Introhive—has built an AI engine that helps companies (and especially anyone in their organization who is selling someone) build better “relationship graphs”. Receives large amounts of data to and from individual applications. “For target organizations – is announcing $100 million in funding.
Growth equity firm PSG is leading the round, in which The Business Development Bank of Canada (BDC), Evergreen Capital and Maven Capital Partners are also participating.
The company isn’t disclosing valuations, but CEO and co-founder Jody Glidden told me the company is doing well. It has raised about $150 million so far and has been doubling revenue over the past several years with the platform being used by large enterprises – PwC, Colliers International, Wilson Sonsini Goodrich & Rosati, Plante Moran and Clark Nexsen. Typical deployments range between 10,000 and 100,000 seats—that’s not just people with “sales” in their job titles using Introhive—and customer retention is currently 95%.
The idea for Introhive came to venture startup founders: They identify something that doesn’t quite work out as they’d like, and then start a new company to fix it. During Glidden’s time, he and Stewart were at Walchley RIM (BlackBerry’s old parent), which had acquired their previous startup called Chalk Media.
Although he had just joined a much larger company (it was 2008, and BlackBerry was still far from being completely killed off by Google and Apple) Glidden said he was surprised to find that potential information. How hard was it to tap the vast amount of information. sales leads.
“We realized there were a lot of problems with the sales people at RIM not being able to hit their revenue numbers,” he recalled, and so he started asking himself some questions. “Are they bringing in the right lead data? Are they as intelligent as they can be?” It took them a few years to get down to a way to articulate the problem — four, of course — and perhaps the rise of Facebook and its focus on “social graphs.” There was a need to “unlock the relationship graph”, Glidden said.
And Introhive was the company he created in 2012 to address that. Not only does the company provide a way to better leverage CRM-related data to find the best targets for particular products or services, but it also provides analytics to the team to measure how people are doing, and Also helps predict “winability” over time.
But it wasn’t instant: It took years to build its AI platform, Glidden said, with a lot of trial and error to make sure the data Introhive put in was combined with other information to get productive. was structured correctly to match with.
“We ran into a big problem in the first years because there were too many potential systems to tap into, for some information, domestic or otherwise. We effectively spent a lot of time building our own version of Mulesoft to fix this, “He said with a laugh. “But since this is also something we use for our customers, we hired hundreds of engineers to build this base layer to understand it.”
As a result, it took four to five years for Introhive to make its first sale, and almost the entire company was gone in the process, he recalled. “It took a long time to get that engine running because if you’re automating data that’s 35% wrong, you won’t keep your customers.”
Of course, today the machine is more thoroughly oiled, and is on a roll to bring more functions to the data trove that it has built.
There’s something about the service that reminds me of LinkedIn or ZoomInfo – which you might use at your work, or when googling someone online for some reason (hey – why am I not asking here) – something A type of data base/organ chart of people associated with a business to provide. But to be very clear, the data that Introhive creates for a customer stays with that customer, and doesn’t go anywhere else.
Glidden says it has no plans to build any sort of “freemium” version of the service, or one that it could tap into as SaaS, but rather on helping large enterprises make better sense of their data. Inform the broader concept of sales to focus on and how it can be better.
This in itself raises an interesting point about the introhive and business in general. When you consider a company like PwC, there are many people who may hold a job title specifically with the word “sales,” but as many people whose jobs are based on closed deals, consultants, and partners, for example. For those who don’t, but can easily benefit from better visibility of the “relationship graph” of people buying a product in the business they’re working with, or want to work with . For many organizations, sales are not just about salespeople.
And for that reason, you can speculate that an interesting aspect of Introhive is whether it can evolve these tools over time to deal with other parts of an organization and how it works. Similar to social media’s social graphs, which map how people can relate to one another, relationship graphs in the workplace potentially resonate well beyond signing a deal. Business intelligence and marketing automation are already in the mix for the company.
Introhive is at the forefront of helping grow sales and customers through its visionary, AI-powered revenue acceleration platform built for companies of all sizes and complexity. It improves business operations across multiple departments by helping teams reduce time on manual input and generate more revenue, build more relationships, and easily identify what the average rep is doing, not what the average rep is doing. are doing. PSG’s Managing Director, Rick Essex. “The team’s skills and highly capital-efficient model set the company on a clear path for growth, and we are proud to partner with them on this journey.”