Highspot thinks its artificial intelligence models are making sales organizations much more efficient, and it has raised $15 million in new funding to go out and prove it at scale.
The Seattle-based startup recently closed a Series B round of funding, led by Shasta Ventures but Salesforce Ventures and initial investor Madrona Venture Group also kicked in some cash. Highspot has raised $24.6 million in funding to date.
The average sales person is drowning in a sea of internally-produced content that is supposed to help them pitch customers on their products or services, said Robert Wahbe, Highspot’s CEO. And for a lot of companies, it’s also difficult for large sales teams to share insights gleaned from deals that were closed or rejected, such as whether or not a particular piece of content actually resonated with a potential customer and led to a closed deal, he said.
Highspot’s product works with a wide variety of existing sales tools, such as Salesforce, and indexes an organization’s sales content. The company developed artificial intelligence models to predict which pieces of content will be most effective with certain types of customers, and also helps managers understand which content strategies aren’t paying off.
“We know the exact opportunity and customer you’re going after, we have modeled all the interactions in the system, and we know which customers like the one you’re talking to exist in the system,” Wahbe said in an interview. Dropbox, Concur/SAP, and Dun and Bradstreet are among the larger companies using Highspot’s product, and 90 percent of salespeople who have been given access to Highspot use it actively, he said.
The company plans to invest in hiring with the new funding round, with plans to expand engineering, marketing, and sales, Wahbe said.