Palo Alto, California-based company, Gong, provides revenue teams with a platform that captures and understands every customer interaction, then delivers insights at scale, empowering revenue teams to make decisions based on data instead of opinions.
With its patented platform, the Israeli company captures the full range of a company’s customer interactions, surfaces insights about markets, deals and employee skills, and recommends the next best steps to progress deals, ensure customer success, and win markets.
The software is able to document the company’s interactions with customers — whether via emails, phone calls, and other ways of communication — to provide a fuller picture of customer needs. AI-based technology then understands what is being said in these interactions and helps uncover patterns, preferences, and trends. The technology then recommends the next best steps for sales teams to move deals forward and ensure customer satisfaction, allowing for data-based decisions as opposed to those based on static reports, anecdotal evidence, and self-reported information.
“On a strategic level, we created a new market. A lot of our customers already tell us that it’s their most impactful system in play,” said CEO and Co-founder, Amit Bendov.
Over 2,000 innovative companies like LinkedIn, MuleSoft, Paychex, PayPal, Shopify, Slack, Sprout Social, Twilio, and Zillow currently use the company’s platform. The company says it has over 2,000 customers and employs over 550 workers worldwide. The firm’s technology has analyzed over half a billion customer interactions since its founding, the statement said.
This month, Gong announced it has raised $250 million in a Series E funding round. The new investment more than tripled its valuation to $7.2 billion and came less than a year after it became a unicorn in a $200-million round. The round was led by Franklin Templeton, with participation from existing investors Sequoia, Coatue, Tiger, Salesforce, and Thrive.
Despite the COVID-19 pandemic, Gong's annual recurring revenue more than doubled between the first quarter last year and the same period this year. In the current second quarter, its annual recurring revenue is on pace to triple.