Revenue intelligence platform Gong raised $200 million in a Series D round on Wednesday. The latest round, led by Coatue, brings the San Francisco-based company’s valuation to $2.2 billion.
According to the company, Gong’s software automatically captures the full range of a company’s interactions with customers via emails, web conference calls and phone calls to reduce the risk of obtaining incomplete sales data. Gong uses its patented AI technology to uncover patterns and trends within sales conversations that could ultimately help companies reduce churn and increase market share.
“With global sales teams switching to remote work and field sales teams grounded for the foreseeable future, we are seeing substantial demand for Gong’s solution even in a challenging business environment,” Amit Bendov, co-founder and CEO of Gong, said in a statement.
Gong will use the additional capital to invest in its product, engineering and go-to market teams. Last year, Gong doubled the size of its workforce, and the company intends to add on nearly 150 available positions in 2020, including jobs in AI, engineering and data science, Bendov told VentureBeat.
Over 64,000 sales and support professionals use the platform, including teams at PayPal, Shopify, Pinterest and Zenefits. The company recently launched a new deal intelligence module that provides sales professionals with pipeline visibility and alerts on deals that may require intervention.
“Deal Intelligence is fantastic. It provides me with a very easy resource to get accurate and data-driven insights, and, more importantly, it serves as a second layer for me to ensure that every one of my reps’ forecasting is indeed accurate, based on the data,” Kara Martin, mid-market sales manager at Zenefits, said in a statement.
Bendov told Forbes that he hopes the company will reach IPO status within the next two-and-a-half to three years.
Additional investors Index Ventures, Salesforce Ventures and Thrive Capital participated in the round, among others. According to the company, Gong has raised $334 million in venture capital to date.
