US-based sales analytics technology developer Gong secured $200m in series D funding yesterday from investors including Salesforce Ventures, the corporate venturing arm of enterprise software producer Salesforce.
Hedge fund Coatue Management led the round, which was filled out by Index Ventures, Thrive Capital, Battery Ventures, NextWorld Capital, Norwest Venture Partners (NVP), Sequoia Capital and Wing Venture Capital. It valued the company at $2.2bn.
Gong has built a software platform that uses artificial intelligence technology to analyse a company’s interactions with customers through services including phone calls and emails. The product then extracts information that can help increase sales and reduce churn.
The series D funding will be used to meet demand for the company’s product, increase its market share and accelerate product development and recruitment. It said it has now raised $334m since it was founded in 2015.
Cisco Investments, the strategic investment arm of networking equipment manufacturer Cisco, took part in Gong’s $65m series C round in December 2019. Sequoia Capital led the round, which also featured NVP, Wing Venture Capital, NextWorld Capital, Battery Ventures and Shlomo Kramer.
The company had secured $40m in a February 2019 series B round led by Battery Ventures and backed by the rest of the series C participants.
NVP and Kramer supplied $6m in seed funding for Gong in 2016 and co-led a $20m series A round the following year that included Wing Venture Capital and NextWorld Capital. Cisco Investments added an undisclosed amount likely to be about $3m in 2018.
