People.ai Raises $60 Million for Advancement

StartUp City | Tuesday, May 28, 2019

FREMONT, CA: People.ai, an AI startup, has raised $60 million in funding, which will be used to augment the growth of automation technology and build partnerships with new channels over time. The company has built a platform to ingest the data that salespersons generate in the course of their work, and then process it to guide them in sourcing and closing more deals with bigger enterprises.

The company is also about to launch a new product, called “The Wire”, a databank of insights that salespersons can access to find leads, pick up tips on how to approach companies, and ultimately sell to them. The Wire, like other social networks, is a real-time feed to supply customer-facing teams with AI-driven intelligence, task prioritization, and one-click implementation. The insights are provided, based on the role, location, and via the channel in which the user is most likely to take the task.

The number of startups and technology giants that have been applying AI mechanics to the world of sales has been growing steadily and improving different facets of the process. Startups are using robotic process automation for commonplace work around data entry jobs. Deployment of predictive analysis tools and scanning of conversations for closing deals are performed through AI to recreate the sales process completely.

People.ai’s slant is not substituting salespersons but “supercharging” the teams by using AI to chow down on “high-value, low-volume activity.” The algorithm picks up all the “exhaust” from the background and uses it to generate cheat sheets for salespersons. With the algorithm’s assistance, salespersons can use the mined data while speaking to clients to help them secure deals, providing insights and other details. The same AI generated automation technology is now going to be augmented with The Wire, which takes some cues from social media platforms, providing a stream of relevant information to the viewer.

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