SalesPredict, a company that helps sales teams find the best customers using predictive analytics, announced $4.1M in Series A funding today.
The chief funders in this deal are Yandex and KGC Capital.
SalesPredict CEO Yaron Zakai-Or says the two-year-old company was started by himself and Kira Radinsky, who is chief technology officer. The two had previously worked together for several years at Microsoft and wanted to start a company to help salespeople make better decisions about where to focus their time using data to drive their decisions.
The way the product works is by looking at successes and failures from past deals as a starting to point to teach the algorithm which deals are most likely to succeed, but it doesn’t stop there. They also throw in other data, looking at the open web and sites like Wikipedia and using Google and Yahoo APIs to gather information about people and companies. Finally, they look at public social profiles of people in companies and combine that with commercial lists and data they buy from Alexa and ZoomInfo.
“At the end of day, we have a comprehensive look at a firm’s demographics, as well as tons of data on each lead and account,” Zakai-Or said. He added, “We look at the data and figure the key factors that define success for [each] customer.”
Based on this information, SalesPredict gives the company a grade from A to D based on how likely the prospect will turn into a sale with A being the most likely and D the least. It then provides information on the best way to pitch the customer, what their likely pain points are, what vertical they are in and their most likely buying persona, and based on all this information give the sales person the tools to sell the right products to the most likely customer.
For now, the product works as a plug-in for Salesforce.com and is available in the Salesforce App Exchange. Zakai-Or says a version for Marketo is coming soon.
The Series A funding comes on the heels of $1M in seed capital they received last August. The company is based in Israel, but has already opened an office in San Francisco, and they hope to use the additional funds to build the business.
“The first goal is expand sales and marketing. We have done a lot in the last two years to mature the product and make it useful for our first customers. Now we can scale, and do a lot more in marketing and gaining benefits of market success,” Zakai-or told me.
And of course, SalesPredict has the benefit of providing its growing sales force with the use of its own product.
PHOTO CREDIT: (c) Can Stock Photo