applicateai: ApplicateAI in talks with venture capital funds to raise $ 30 million

Sales Opportunities and Business-to-Business (B2B) platform ApplicateAI for conversations with venture capital funds to raise $ 30 million Serie A round, after raising $ 2 million in a pre-Serie A round from angel investors led by Sandeep Singhal, senior adviser at Nexus Venture Partners.

The company will use the capital to strengthen its technology and business development team to quickly track growth and scale up in international markets.

“We are in advanced talks to raise $ 30 million from institutional investors to drive our next growth phase coming from our overseas expansion plans,” said Ranjeet Kumar, founder and CEO, ApplicateAI. “We are aiming for a valuation of $ 120 million,” Kumar added.

In the pre-Series A round, other angel investors such as Javed Tapia, MD, Clover Infotech (former founding CEO and CEO of Red Hat); Deb Deep Sengupta, former President and CEO, SAP India and South Asia; Suhail Sameer, VD, BharatPe; Rishi Vasudev, founder, GOAT Brand Labs and Prashant Kumar, founder, Entropia, also participated.

The company was founded in 2014 as a sales technology supplier and led to an integrated AI-driven sales platform in 2017.

It has 275,000 users in more than 16 countries including Spain, Belgium, Italy and Mexico.

STARTUP ROCKSTARS 2021

Log in to see our list of the most promising starters in 2021



Its product, AI Supervisor, monitors, assists and coaches salespeople and channel partners at the same time.

“The company has been profitable since the last three years with positive cash flows and reserves,” says Kumar. “Our current revenue level is $ 3 million and growing 100% year on year. We expect a $ 6 million trend over the next 12 months, he added.

Kumar founded the company together with A Madhusudan, who is its technical manager.

The company counts brands such as ITC, MARS (Global), SHELL (Global), Perfetti, Merico, Reckitt (ASEAN) and others as customers.

“After reaching our targeted milestones with revenue, cash flow and global traction, we are raising capital to support our plan for rapid global upscaling,” said Kumar.

According to Kumar, the market for AI-based platforms for sales and e-B2B for consumer goods is expected to be more than $ 17 billion by 2027.

“The best consumer goods companies invest behind sales functions, AI and e-B2B, almost two to four times more than regular sales automation. We expect that this space will grow manifold in the future, he says.

.

Leave a Reply

x