Growbots uses machine learning to provide sales teams with the right leads to kickstart their outbound sales process. The service, which argues that its product can save each member of a sales team a few days of work every month, today announced that it has raised a $2.5 million funding round from Buran VC, Lighter Capital and a number of angel investors. This brings the company’s total funding to $4.2 million.
Growbots’ service look at a company’s own CRM data to learn about its customers, extract data about them and adjusts its target lists accordingly. “Growbots’ AI algorithms will generate tailored contact lists for your team in minutes, run all of your outreach campaigns, optimize team/individual results, and manage their inboxes, so each person can focus entirely on talking to potential customers,” the company’s CEO and co-founder Greg Pietruszynski told us.
To do this, the company has amassed a list of about 200 million potential sales targets from a number of different sources. The service also uses machine learning to analyze millions of websites every day to extract new information about people and businesses. Pietruszynski notes that the company is highly selective about where it gets its data from. “We don’t purchase contact information from anywhere, as any ready to use lists are low qualify — very outdated,” he told us.
Once results roll in, Growbots will continually update its algorithms based on the responses it sees and optimize the next campaign based on this data. The company argues that its customers are seeing an average of 40 percent more positive responses after using its service for a month. Instead of spending days building contact lists, Growbots promises better results in only a few minutes.
As for the campaign automation part of the service, Growbot notes that it gives sales teams the ability to personalize emails automatically (and to craft them manually, too, if they choose to do so). Among other things, the service also automatically sends follow-up emails and reschedules emails when it gets out-of-office messages from prospects.
Growbots is currently seeing 10 percent growth month over month and Pietruszynski says his company hit a $4 million annual run rate after 16 months of selling its product. The company now has 500 customers, most of which are in the U.S., though the service is available globally. Some of its current customers include Betterment, Relatable and Highfive.
With offices in San Francisco and Cleveland, Growbots now has 20 people on its U.S. team and is hiring for another 26 positions.