PipeCandy, an intelligent sales prospecting platform launched by the end of 2016 by alumni of Google, Cisco, Johns Hopkins and IIT, has raised $1.1 million in seed round.
PipeCandy uses data science techniques to discover the right prospects for B2B sales representatives and helps them segment the prospects based on nuances that are very specific or their respective industries. For example, a ‘Point of Sale’ software company can discover retailers that have omni-channel presence and filter them based on the number of SKUs (stock keeping units) they sell.
The funding was led by some of the well-known institutional and angel investors, including IDG ventures, Axilor Ventures (promoted by the founders of Infosys), Emergent Ventures, Indian Angel Network and a few more illustrious startup founders.
PipeCandy is currently tracking over 100 million decision makers across 40 million companies globally. Specifically, for businesses targeting Retail, Ecommerce, Mobile and SaaS verticals, PipeCandy has built analytical models that help sales reps apply industry specific attributes to narrow down to ‘exact fit’ targets and run outreach campaigns.
So, unlike traditional sales intelligence companies, with PipeCandy Sales Reps are able to target companies based on contexts that are very unique to specific industries and thereby dramatically increase their response rates.
Top Indian SaaS companies like Freshdesk, Chargebee, Zarget and US based ecommerce tech companies like Shyp, Agiliron are some of the notable customers of PipeCandy. Some of PipeCandy’s customers get close to a 20% response rate to outreach campaigns sent to prospects identified by PipeCandy’s analytical models.
PipeCandy plans to use the funding to deeply verticalize its analytical models and to build tools that make sales reps follow best practices effortlessly.
“Artificial Intelligence and data science are rapidly maturing. The Pipecandy platform offers a great proposition for customers by applying these technologies to outbound prospecting. Globally this is a very under penetrated space with only about 3% of the companies adopting technology to reach out in a structured manner. This is the opportunity that IDG is very excited about.” – Ranjith Menon Executive Director , IDG Ventures India
“The Indian Angel Network is delighted to invest into PipeCandy. We like the clear & measurable ROI which PipeCandy adds to its customers – sharpening the Sales sword – with an intelligence driven model, clear vertical focus, which results in the exponential growth in the platform’s wisdom and value to its clients. We believe the diverse; international member base of the Indian Angel Network will add strength to PipeCandy in its pursuit of rapidly scaling its global business.” – Sanjay Jesrani, Indian Angel Network