Recently, Sybill, a startup dedicated to creating AI assistants for sales representatives, has announced exciting news! On Wednesday, the company revealed that it successfully raised $11 million in an A-round funding led by Greycroft.
Currently, the market for sales AI assistants is highly competitive, with numerous companies leveraging generative AI and large language models to assist sales personnel in handling tedious tasks such as filling out request for proposals and updating internal databases.
Image Source: Picture generated by AI, provided by Midjourney
However, Sybill claims that its assistant's uniqueness lies in its ability to track and analyze a vast amount of call logs and emails, providing context-based insights and summaries rather than just recording and transcribing one or two calls. The company has also targeted its services towards sales personnel rather than sales leaders, a strategy that has helped it quickly gain market traction.
Gorish Aggarwal, co-founder and CEO of Sybill, stated in an interview: "If the AI's output is inaccurate, people will quickly lose trust in the system." To provide more precise sales-specific results, Sybill built an internal Retrieval-Augmented Generation (RAG) pipeline on top of the existing generative AI GPT model. By using its RAG model to analyze calls, emails, and messages between buyers and sellers, and considering additional signals during output, it reduces the inaccuracies of predictions.
Sybill's AI is dedicated to handling a large amount of repetitive manual work in sales calls. It records sales conversations, provides call summaries, drafts follow-up emails based on the salesperson's writing style, and offers background information about the calls. It can also update fields in customer relationship management (CRM) systems like Salesforce and HubSpot, automatically summarizing information related to budget, buyer, competition, and purchase process, and providing all 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. However, Aggarwal believes that the company has a key unique element: "Those products are more like tools, not assistants, whereas we are creating assistants. An assistant is something you can delegate an entire task to, which is different from a tool that simply ingests data and spits out insights. We have also built end-to-end workflows to address use cases such as call notes, CRM entries, and follow-up actions."
Founded in 2020, Aggarwal mentioned that the company's annual recurring revenue (ARR) grew from $100,000 to $1 million in just nine months in 2023, with the majority of this growth driven by referrals. Nearly 60% to 70% of new customers and new revenue come either from direct referrals or from users who have changed jobs and brought Sybill to their new companies. The company currently has over 500 paid customers (teams) across more than 30 countries, with the majority coming from the United States, Canada, Australia, the UK, and India.
The CEO stated that the slowdown in the tech industry has actually helped the company's growth, as companies are trying to cut costs and improve process efficiency.
This A-round financing brings the total funding since the company's inception in 2020 to $14.5 million. Existing investors Neotribe Ventures, Powerhouse Ventures, and Uncorrelated Ventures also participated in this round. The company did not disclose its valuation. It plans to 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 the year.
Key Points:
- 😃 Sybill raised $11 million in the A-round funding, bringing the total funding to $14.5 million.
- 👍 Its AI assistant can track and analyze extensive call logs and emails, focusing on serving sales personnel unlike competitors.
- 📈 The company has seen rapid business growth, with over 500 paid customers and plans to expand its workforce.