Factors.ai, a business-to-business (B2B) analytics software firm, said on Tuesday that it has raised $3.6 million in a pre-Series A funding round, led by Stellaris Venture Partners.
The round also saw participation from existing investors Elevation Capital and Emergent Ventures. Angel investors such as Kris Rudeegraap of Sendoso, Sreedhar Peddineni of GTM Buddy, and Khadim Batti of Whatfix also participated in the round.
The startup plans to use the funds in expanding its Go-to-Market (GTM) teams and scaling up its offerings.
"We will be adding more account executives and customer success managers to the GTM teams and we also want to invest in our engineering teams and expand our technology base and data sources," Srikrishna Swaminathan, Co-founder of Factors.ai, told Moneycontrol.
Swaminathan founded Factors.ai in 2020 along with Aravind Murthy and Praveen Das. It offers software solutions that help B2B marketing teams of large enterprises, especially other SaaS firms to make sense of their diverse customer data and make better decisions and increase the ROI (Return on Investment) of each marketing events. It also offers account intelligence, analytics for individual accounts and the overall sales funnel, and revenue attribution.
The Factors.ai client list includes Courier.com, Chargbee, Clevertap, Plivo, and Traceable. "We have more than 100 customers subscribing to our products and we are also seeing strong momentum in the go-t0-markets," Swaminathan said.
With its offices in the US and in Bengaluru, Factors.ai raised around $2 million in seed funding, co-led by Elevation Partners and Emergent Ventures. The firm has so far raised $5.6 million.
"We have invested a lot in overall sales and marketing stack in the last three-four years, anything which is in the direct line of money, we see people want to continue to spend... Today, since the marketing spend has gone up, it is now important to know how much it is helping the firm and Factors tell you whether those spends are helping in the revenues," Alok Goyal, Partner at Stellaris Venture Partners, told Moneycontrol.
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