Gong is an Israeli company which uses artificial intelligence to transform revenue teams. Gong has raised $250 million in a Series E funding round led by Franklin Templeton. This brings the company’s total funding to $584 million, leaving Gong with a $7.25 Billion Valuation.
The new funding comes after Gong raised another $200 million just last August.
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Founded in 2015 by CEO Amit Bendov and Chief Product Officer Eilon Reshef, Gong states that it enables revenue teams to realize their fullest potential by unveiling their customer reality. The patented Gong Revenue Intelligence Platform “captures and understands every customer interaction, then delivers insights at scale, empowering revenue teams to make decisions based on data instead of opinions.” Over 2,000 innovative companies like LinkedIn, MuleSoft, Paychex, PayPal, Shopify, Slack, Sprout Social, Twilio, and Zillow use Gong to power their customer reality.
“With Gong, customers experience improved win rates, increased deal sizes, and accelerated employee ramp-times.”
Gong explains that today business leaders use static reports, anecdotal evidence and self-reported information to see what is happening in their business but lack understanding of why certain outcomes are achieved and how to adapt accordingly. Gong boasts that its Revenue Intelligence Platform 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. This enables customer-facing professionals to make proactive decisions informed by unfiltered business reality instead of opinions.
According to Gartner, “By 2025, 60% of B2B sales organizations will transition from experience- and intuition-based selling to data-driven selling, merging their sales process, sales applications, sales data and sales analytics into a single operational practice.” Additionally, it is stated, “By 2025, 80% of B2B sales interactions between suppliers and buyers will occur in digital channels.” As a result, traditional sales approaches will be less reliable and innovative sales leaders will transform their approach by investing in virtual and hybrid selling capabilities. Gong is central to this transformation, providing revenue leaders with data-driven insights that increase revenue, reduce churn, and drive increased productivity.
Huge congrats to our longtime friends and partners @Gong_io on another successful financing. Of course the real story is the incredible substance of this company and team. Way to go @banditmove @ledergor and all the amazing Gongsters making it happenhttps://t.co/iTwKrUcB5l
— Peter Wagner (@peter_wagner) June 3, 2021
“Just as we predicted in 2015 when Gong began leveraging AI to understand the needs of customers, we experienced massive growth in the past year, proving revenue intelligence is a game changer for companies” said CEO Amit Bendov. “As professionals across the globe were forced to connect with customers remotely for the first time, they became even more reliant on data and insights to win the hearts and minds of their customers. Gong was no longer a luxury, but a necessity, and it’s become clear that our product, which makes recommendations based on reality, has the potential to change the way we all do business.”
“Technologies aimed at optimizing productivity and customer satisfaction became more important than ever in the past year as the business world transitioned to a predominantly remote work model,” said Ryan Biggs at Franklin Templeton. “Once businesses experience Gong’s revenue intelligence, its value is undeniable. We believe this product has become a fundamental requirement for professionals looking to drive sales based on the true needs of customers.”