Recently, a startup that builds an AI assistant specifically for sales representatives Sybill Good news! On Wednesday, the company announced that it had raised $1.3 billion in Series A funding led by Greycroft.FinancingSuccessfully raised $11 million.
The market for sales AI assistants is highly competitive, with many companies using generative AI and large language models to help salespeople handle mundane tasks such as filling out proposal requests and updating internal databases.
Source Note: The image is generated by AI, and the image is authorized by Midjourney
However, Sybill said its assistant is unique in that it can track and analyze large volumes of call logs and emails to provide contextual insights and summaries, rather than just meeting notes and transcriptions of one or two calls. The company also targeted salespeople rather than sales leaders, a strategy that helped it gain market share quickly.
Gorish Aggarwal, co-founder and CEO of Sybill, said in an interview: "If the AI output is inaccurate, people will quickly lose trust in the system." In order to provide more accurate sales-specific results, Sybill built an internal retrieval-augmented generation (RAG) pipeline based on the existing generative AI GPT model. Using its RAG model to analyze calls, emails, and messages between buyers and sellers, it considers more additional signals when outputting, thereby reducing the inaccuracy of predictions.
Sybill’s AI is dedicated to handling a lot of the repetitive, manual work involved in sales calls. It records sales conversations, provides call summaries, drafts follow-up emails based on the salesperson’s writing style, and provides context about the call. It also updates fields in customer relationship management systems (CRMs) like Salesforce and HubSpot, automatically summarizing information about budgets, buyers, competition, the buying process, and more, and delivers all of this information to sales leaders.
Sybill faces competition from sales-focused tools like Gong and Chorus.ai, as well as transcription tools like Otter, Fireflies, Fathom, and Zoom. But Aggarwal believes the company has a key unique element: “Those products are more like tools than assistants, and we’re an assistant. An assistant is something you can delegate the entire task to, as opposed to a tool that just ingests some data and spits out insights. We’ve also built end-to-end workflows to solve use cases like call notes, CRM entry, and follow-up.”
Sybill was founded in 2020, and Aggarwal claims that the company grew from $100,000 to $1 million in annual recurring revenue (ARR) in 2023 in nine months, with much of that apparently driven by referrals. Nearly 60% to 70% of new customers and new revenue came either from direct referrals or from users who changed jobs and brought Sybill into their new company. The company already has over 500 paying customers (teams) in more than 30 countries, with the majority in the U.S., Canada, Australia, the U.K., and India.
The CEO said the slowdown in the tech sector has helped the company's business grow as companies try to cut costs and make processes more efficient.
The Series A funding brings the company’s total funding to $14.5 million since its founding in 2020. Existing investors Neotribe Ventures, Powerhouse Ventures, and Uncorrelated Ventures also participated in the round. The company did not disclose its valuation. The company will use the new funds to further develop its AI assistant and hire more employees. Currently, Sybill has 30 employees and plans to increase to about 40 by the end of this year.