Analyzed Sales Call Chorus.ai for $16 Million in Series A Financing
In general, the recognition of universal speech is more difficult than common speech recognition in the sales field. Even though today's speech recognition problems have been largely solved, many systems still cannot overcome the complexity of the language. Chorus.ai is focused on using common speech recognition in the sales field to provide solutions for sales teams through AI.
Chorus.ai company team
Recently, Chorus.ai won a $16 million Series A round of financing led by Redpoint and Emerence Capital Partners. Up to now, the company has raised a total of 22.3 million US dollars. In addition, Emergeence Capital Partners also led the company’s $6.3 million seed round financing obtained last October.
Founded in 2015, Chorus.ai is headquartered in San Francisco, California and currently employs 26 people. Like companies like Cogito and Deepgram, Chorus.ai is first and foremost a system that extracts key information from audio. However, unlike Cogito's direction for call center services, Chorus.ai set its development goals on sales. Based on this style of X.ai, Chorus joined the conference call function, which can record and transcribe content in real time like humans. The platform can mark important action items and conversation topics that appear in the call.
Roy Raanani, co-founder and CEO of Chorus.ai explained:
We have invested in algorithms that are specific to sales, but even simple keyword matching adds a lot of value.
Chorus's platform uses the SaaS model, which uses speech recognition, natural language processing, and artificial intelligence to transcribe and analyze the content of sales calls, while improving the sales representative’s performance through real-time feedback. The platform mainly serves two functions: because the platform can transcribe the phone, it can serve as a reference for sales representatives when following the project. Chorus can also increase the value of the company by sharing best practices and strategies for sales representatives.
In 4 months, Chorus.ai successfully completed the transition from seed round financing to A round of financing. The platform has established cooperation with Zoom, BlueJeans and WebEX and Salesforce, and also acquired customers such as Qualtrics and Marketo in the past. Mid-year analyzed more than 500,000 sales dialogues.
In the future, the Raanani team hopes to increase the investment in the real-time processing advantages of the Chorus platform. When sales representatives promote potential customers, they can use real-time content to facilitate transactions. Chorus can also display differentiated auxiliary information and success stories on the screen to provide sales representatives with winning strategies.
Chorus.ai is an example of an AI startup that has gained vitality through verticalization. Although Raanani is not willing to make any performance commitments, he believes that Chorus performs better than IBM's Watson in performing certain special tasks in the sales business.
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