Singapore-based AI sales assistant Saleswhale has raised $5.3 million in a Series A round led by Monk’s Hill Ventures, according to a release.
GREE Ventures, Wavemaker Partners, and Y Combinator also participated in the round. All the participating firms also invested in the seed round.
Saleswhale is an automated sales assistant that helps companies follow up with inbound & stale leads, engage them in a two-way conversation and qualify them before routing them to human sales representatives.
It was part of the YC 2016 Summer cohort, the seed startup accelerator and incubator of tech unicorns including Airbnb and Dropbox.
The startup will use the proceeds to expand its teams, particularly in engineering and sales & marketing. The investment will also be used to extend the Saleswhale offering to meet demands from its global enterprise customers.
“Marketing dollars are too often lost when leads are not effectively qualified or followed up on. Good and genuine leads fall through the cracks in the hand-off from marketing to sales. The Saleswhale AI Sales Assistant platform closes this gap, stems the leakage and leads to real top-line impact for enterprises,” said Kuo-Yi Lim, Co-Founder and Managing Partner of Monk’s Hill Ventures.
“This is not theoretical – Saleswhale’s customers are already enjoying real benefits. We believe the Saleswhale team is creating the category-defining solution and are pleased to be a partner in this journey,” he added. Following the investment, Kuo-Yi will also be joining the board of Saleswhale.
Current clients of Saleswhale include Randstad, General Assembly, and Unit4. In 2018 alone, Saleswhale AI Assistant generated close to $60 million in sales pipeline from qualified leads.
“We believe that AI assistants will become ubiquitous in the near future for global enterprises, as C-suites recognise that automation is essential to scaling. Chief Marketing Officers and Directors today need a scalable and cost-efficient solution that delivers a return on investment, bridges the sales-marketing gap, and supports sales teams in qualifying genuine buyers,” said Saleswhale CEO and co-founder Gabriel Lim.
In 2017, the AI startup closed a $1.2 million seed round led by GREE Ventures. Monk’s Hill Ventures and Wavemaker Partners also participated in the round.