US-based sales intelligence platform developer Gong.io has received $40m in series B funding from investors including Cisco Investments, networking equipment producer Cisco’s corporate venturing unit.
Investment firm Battery Ventures led the round, which also featured Norwest Venture Partners, Wing Venture Capital, NextWorld Capital and private investor Shlomo Kramer. Dharmesh Thakker, a general partner at Battery Ventures, is joining Gong’s board of directors.
Gong has created artificial intelligence-equipped software that records and transcribes phone, text and video conversations, and isolates the most important information to help businesses coach their sales teams to make better decisions and increase sales.
Existing backers Norwest and Kramer co-led Gong’s last round, a $20m series A in July 2017 that included Wing Venture Capital and NextWorld Capital, before Cisco Investments added an undisclosed sum in April 2018. The company has now raised $68m altogether, it said.
Amit Bendov, co-founder and chief executive of Gong, said: “We have achieved success because we’re able to add much-needed intelligence missing from existing [customer relationship management] systems.
“We will use the funding to invest heavily in engineering to fulfil our long-term product vision as well as expand support, sales and marketing.”