Introhive is a platform for SaaS customer relationship management, which was announced to have raised $100 million in a funding round of Series C, which was led by PSG. The funding raises the company’s total to over $140 million and shall be used for the expansion of Introhive’s global market, sales, strategic accessions, and development of the company’s engineering and teams of marketing.
About 40% of the business-to-business sales make quality and quantity one of their biggest challenges. It has been predicted by Gartner that 60% of these sales organizations shall transform from selling based on experience and intuition to data-driven techniques. This will merge the process of sales, applications of sales, sales analytics, and data into one operational performance. There are high stakes with chances of catastrophic results from delayed and suboptimal leads. Studies claim there is usually a drop of ten times in lead qualification when the reps are seen waiting longer than 5 minutes for a response, and about a 400% decrease if the delay is around 10 minutes.
Introhive was founded in 2012. They provide a SaaS platform powered by artificial intelligence, designed to help companies in identifying customer data and relationships with customers, increasing the extracted revenue and productivity of the employees. They have a suite of solutions, including marketing automation, business intelligence technologies, CRM software, syncs and provides information regarding email and other systems of business. They score and map the qualities of each aspect throughout the business network using dashboards and digests.
According to the co-founder and CEO, Jody Glidden, the company is about to create a platform that uses AI and machine concepts to get mundane tasks of preoccupied professionals done in an automated procedure. They want to value unknown insights of their customers, which makes it apparent that it is challenging beyond any business or industry. She elaborated on how CRM can be a major investment, with the harsh truth of people not using the platform of customer management relationship effectively, and this can immensely hurt a business and its capacity to grow and compete in the market.
As per Salesforce’s report for 2019, salespeople spend only about 34% of their day selling products. The issue here is the disconnection between the needs of the enterprise for a CRM and the truth about how salespeople work. One of the biggest barriers to adopting CRM is the amount of required manual data entry, as per a recent survey. It is also estimated that sales professionals spend about two-thirds of working hours on tasks on an administration like software management.
It may be the reason behind the automation market of CRM having a worth of $96.5 billion by 2028, as per the research of Grand View. Other than Introhive, it surrounds platforms like Squelch, Dooly and Gong.
Introhive has processed over a trillion transactions, has over 60 million contacts and is related to more than 100,000 users.