End-to-end sales acceleration platform Cognism has raised $10m in Series B funding for its next-generation sales acceleration solution, bringing its total funding to just over $16.5m. The round was led by New York-based PeakSpan Capital.
Founded in 2016 by James Isilay (CEO), an expert in algorithmic technologies, natural language processing and machine learning, alongside Stjepan Buljat (CTO), Cognism has seen rapid growth since raising initial funding in 2017, with ARR growth of over 4x in 2018.
Cognism CEO James Isilay, said:
“This past year we have grown ARR by over 4x. These new funds from PeakSpan mark the beginning of an exciting expansion for Cognism, giving us the resources to expand globally. Having already won significant business remotely in Asia and North America, we will now open local offices to serve the demand.
“Having been granted our machine learning patent in December 2018 - the first of many more to come - Cognism is now building a portfolio of IP which will drive the next evolution of sales and marketing technology.”
Cognism is an end-to-end sales acceleration platform, using patented AI technology to provide businesses with a blend of real-time company, people and event data to streamline prospecting and enable B2B sales teams to find and deliver new revenue.
Pioneering a scientific approach to prospecting and lead generation, the company has created its own AI engine, Revenue AI, to provide a breakthrough in how data can be structured to facilitate lead generation. Further innovations in AI and machine learning are expected from the company soon.
Cognism will use the funds to open offices in North America (New York) and Asia (Singapore), and press its advantage in AI by expanding its machine learning team.
Matt Melymuka, Co-Founder and Partner at PeakSpan, added:
“Sales and marketing technology has been a core focus of ours for many years, arming us with a long-term perspective on the segment and a nuanced understanding of market trends and buyer dynamics that drive strategic value.”
“With such a proliferation of tools and technologies emerging across the marketing and sales landscape over the last decade, it’s no secret that go-to-market leaders today aren’t asking for more software tools – they’re demanding better outcomes.”
“Cognism’s pragmatic application of AI, which underpins the whole solution suite, is paving the way for a new category focused on turning disparate data points into coordinated insights to drive predictive and prescriptive lead generation and improve conversion across all engagements.”
For Cognism’s CEO, James Isilay, the opportunity for expansion in Asia is particularly interesting. The SaaS market is still relatively young here and Cognism has already acquired two blue-chip financial clients in the region through its partnership with Oliver Wyman, so investment here looks to be a promising tonic to the barriers to trade growth that are disrupting business in Europe and America.
Previous investors included Oliver Wyman, South Central Ventures, LCIF, and Newable Ventures Limited.