Sales Intelligence Startup, PipeCandy, has raised US $1.1 million in seed round from IDG Ventures India, Axilor Ventures, Emergent Ventures and Indian Angel Network.
The raised capital by the PipeCandy will be deployed to expand the data science team as well as venture into other categories such as healthcare and commercial real estate.
Sales Intelligence Startup PipeCandy was founded in February 2015 by Shrikanth Jagannathan, Murali Vivekanandan and Ashwin Ramasamy in Chennai.
“We track about 50 million companies and 110 million decision makers, who are typically above manager level. We do a combination of crawling for our own information and we also have data partners which give us the commodity data, for instance email ids and phone numbers. We buy that data also. On top of that we have a data science team which runs industry specific data science model. We are a data insight company,” said Ramasamy.
PipeCandy has built analytical models that help sales reps apply industry specific attributes to narrow down to ‘exact fit’ targets and run outreach campaigns.
So, unlike traditional sales intelligence companies, with PipeCandy Sales Reps are able to target companies based on contexts that are very unique to specific industries and thereby dramatically increase their response rates.
Top Indian SaaS companies like Freshdesk, Chargebee, Zarget and US based ecommerce tech companies like Shyp, Agiliron are some of the notable customers of PipeCandy. Some of PipeCandy’s customers get close to a 20% response rate to outreach campaigns sent to prospects identified by PipeCandy’s analytical models.
“Artificial Intelligence and data science are rapidly maturing. The Pipecandy platform offers a great proposition for customers by applying these technologies to outbound prospecting. Globally this is a very under penetrated space with only about 3% of the companies adopting technology to reach out in a structured manner. This is the opportunity that IDG is very excited about.” – Ranjith Menon Executive Director , IDG Ventures India
“The Indian Angel Network is delighted to invest into PipeCandy. We like the clear & measurable ROI which PipeCandy adds to its customers – sharpening the Sales sword – with an intelligence driven model, clear vertical focus, which results in the exponential growth in the platform’s wisdom and value to its clients. We believe the diverse; international member base of the Indian Angel Network will add strength to PipeCandy in its pursuit of rapidly scaling its global business.” – Sanjay Jesrani, Indian Angel Network.
Other data analytics startups are Intelligence NODE, Indus Insights, Axtria, InnovAccer, Fractal Analytics, Impact Analytics, Trifacta, IndiQus, IQLECT, Tracxn, Altizon, Cloudera, Treasure Data, Mixpanel, among others.