CHICAGO--(BUSINESS WIRE)--RepIQ, an AI-powered sales intelligence platform, announced today a Seed Round of $1.1M, including investments from Pritzker Group Venture Capital, Amicus Capital, Arba, Hyde Park Angels, Tao Huang (Former COO of Morningstar), Jeremie Bacon (CEO of Synap) and Kadir Rathnavelu (Amazon Executive).
Last month, over 2,000 users accessed RepIQ’s private beta. RepIQ’s growth comes at a time when sales leaders are increasingly demanding more intelligent sales technology. Research by InsideSales.com correlates investments in sales acceleration technology with shorter sales cycles, higher close rates, and increased revenue. The market for sales acceleration technology is growing and currently exceeds $34B.
The average salesperson wastes 50% of sales time on unproductive prospecting and 68% of companies struggle to generate high-quality leads. RepIQ alleviates these challenges with a lead discovery database which includes data points on millions of companies and verified contact information for leads.
“The RepIQ team is solving a hard problem that almost all sales teams face. I’m excited to see them bring the product to market and expect to see major innovations in the coming years from this team.” Eddie Leshin, HPA Member and RepIQ Board Member.
RepIQ processes nearly 2,300 data points per second, allowing users to pinpoint thousands of high-quality leads. Data is processed in near real-time so salespeople can leverage accurate insights to enrich their sales process.
“I've worked on solving various problems at Amazon and the one thing that continues to be difficult is how to make data-driven decisions effortless. That’s why I'm passionate about using my experience to improve the sales process. The RepIQ platform is built to scale and becomes more intelligent as we add more users and data.” Jonathan Suchland, Co-Founder & CTO of RepIQ.
Key features of RepIQ:
- Data insights on millions of companies and people
- Verified email addresses and phone numbers for prospects
- Email tracking and engagement analytics
Benefits to salespeople:
- Discover who you should be selling to
- Stop wasting time on leads who will never buy
- Increase average contract value and close rates by targeting the best prospects
“We’re helping sales teams by providing the sales intelligence that they need to focus their efforts, improve close rates and increase their average deal size.” Shawn Carpenter, Co-Founder & CEO, RepIQ.
Led by former Google executive Shawn Carpenter and former Amazon executive Jonathan Suchland, RepIQ is poised to be the leader in the sales intelligence technology industry. Formed in March, 2016, RepIQ helps salespeople discover the best customers for their business. RepIQ’s AI-powered database uses machine-learning to suggest the best prospects to sell to increase ACV, shorten the sales cycle, and generate higher revenues. For more information visit www.repiq.com.