Clari uses AI to help companies find key information like the customers most likely to convert, the state of orders in the sales process or the next big sources of revenue.
As its revenue management system continues to flourish, the company announced a $60 million Series D investment today.Sapphire Ventures led the round with help from newcomer Madrona Venture Group and existing investors Sequoia Capital, Bain Capital Ventures and Tenaya Capital.
Todays investment brings the total raised to $135 million, according to the company.The valuation, which CEO and co-founder Andy Byrne pegged at around a half a billion, appears to be a hefty raise from what the company was likely valued at in 2018 after its $35 million Series C.
As TechCrunchs Ingrid Lunden wrote at the time:For some context, Clari, according to Pitchbook, had a relatively modest post-money valuation of $83.5 million in its last round in 2014, so my guess is that its now comfortably into hundred-million territory, once you add in this latest $35 million.Byrne says the company wasnt even really looking for a new round, but when investors came knocking, he couldnt refuse.
On the fundraise side, whats really interesting is how this whole thing went down.
We werent out looking, but we had a massive amount of interest from a lot of firms.
We decided to engage, and we got it done in less than three weeks, which the board was kind of blown away by, Byrne told TechCrunch.Whats motivating these companies to invest is that Clari is helping to define this revenue operations category, and has attracted companies like Okta, Zoom and Qualtrics as customers.
What they are providing is this AI-fueled way to see where the best sales opportunities are to drive revenue, and thats what every company is looking for.
At the same time, Byrne says that hes moving companies away from a spreadsheet-driven record keeping system, enabling them to see all of the data in one place.Clari is allowing a rep to really understand where they should spend time, automating a lot of things for them to close deals faster, while giving managers new insights theyve never had before to allow them to drive more revenue.
And then were getting them out of Excel hell.
Theyre no longer in these spreadsheets.
Theyre in Clari, and have more predictability in their forecasting, he said.Clari was founded in 2012 and is headquartered in Sunnyvale, Calif.
It has more than 300 customers and just passed the 200 employee mark, a number that should increase as the company uses this money to begin to accelerate growth and expand the products capabilities.