Sunnyvale-based Clari raised $60 million more this week to build out its sales analytics and forecasting tool.
The company, founded in 2012, has now raised comfortably over $100 million across several rounds. The firm’s latest infusion, a Series D led by Sapphire Ventures at a valuation of around $500 million, comes around a year and a half after the company’s comparatively-diminutive Series C. That $35 million round was led by Tenaya Capital.
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Clari’s funding history is quite interesting. The company raised twice in 2014, once in a round led by Sequoia, and again in a round led by Bain Capital Ventures. Clari’s investor list, therefore, is somewhat impressive.
The sales analytics and forecasting space is not without rivals. InsightSquared, for example, is a Boston-based company that has raised $50 million so far that competes in the niche. The company, which also last raised a Series D, however, has taken aboard smaller amounts of capital; while Clari’s Series D totaled $60 million, InsightSquared’s own was a smaller $23 million.
There are other companies that make related and competing products, of course. You could toss Aviso into the mix as well. Based in Redwood City and founded in 2012, the same year as Clari, Aviso has raised $31 million for what it calls “AI-powered guided selling.” Clari claims that its product can “[h]arness automation and AI to build a stronger pipeline, shorten sales cycles, improve forecast accuracy and grow revenue.” And, InsightSquared states that its technology will “optimize your revenue operations and achieve predictable growth with [its] AI-powered revenue intelligence software.”
The density of bets in the space isn’t surprising. Sales teams have software budgets, and every company which employs salespeople (read: most of them) is looking for any way to hit or beat their respective quotas. Tools that can provide either company-level clarity regarding sales team performance, or empower the frontline workers on the phone, have at least a shot at success.
If there is room for one, two, or more players I don’t think is clear yet. But today the venture class is more than willing to pour money into sales tooling.
Illustration: Li-Anne Dias.