Gong, a platform leveraging artificial intelligence for sales teams, raised $250 million in a funding round that tripled its valuation to $7.25 billion, the company said on Thursday.
Gong raises $250m at $7.2b valuation
The business intelligence for salespeople company has achieved the highest ever valuation for an Israeli startup in a financing round.
Israeli business intelligence for salespeople company Gong has completed a $250 million Series E financing round led by Franklin Templeton and with the participation of existing investors including Coatue, Salesforce Ventures, Sequoia, Thrive Capital, and Tiger Global.
This brings to $584 million the total raised by Gong, which raised $200 million last August at a company valuation of $2.2 billion. Over the past 10 months, Gong s valuation has more than tripled to $7.2 billion, which as far as is known is the highest valuation ever achieved by an Israeli startup in a financing round.
Gong triples valuation to $7 2B after vacating HQ in S F for Palo Alto postal address bizjournals.com - get the latest breaking news, showbiz & celebrity photos, sport news & rumours, viral videos and top stories from bizjournals.com Daily Mail and Mail on Sunday newspapers.
Reporting by Helen Popkin, Aayushi Pratap and Nina Wolpow
The Covid-19 pandemic was devastating for many industries, but it only accelerated the use of artificial intelligence across the U.S. economy. Amid the crisis, companies scrambled to create new services for remote workers and students, beef up online shopping and dining options, make customer call centers more efficient and speed development of important new drugs.
Even as applications of machine learning and perception platforms become commonplace, a thick layer of hype and fuzzy jargon clings to AI-enabled software.That makes it tough to identify the most compelling companies in the spaceâespecially those finding new ways to use AI that create value by making humans more efficient, not redundant.