[Funding alert] B2B SaaS startup Factors.AI raises $2M co-led by Elevation Partners, Emergent Ventures
US and Bengaluru-based B2B SaaS startup Factors.AI Monday said it raised $2 million in seed funding co-led by Elevation Partners and Emergent Ventures.
The round also saw participation from angel investors, including Naveen Tiwari, Abhay Singhal, Piyush Shah, Mohit Saxena, Amit Gupta (Founders, InMobi), Girish Mathrubootham (Founder, Freshworks), Krish Subramanian and Rajaraman Santhanam (Co-founders, Chargebee), and Ramakant Sharma (Founder, LivSpace).
The startup will use the funds to hire additional talent, Go To Market and continue establishing its leadership in product in this category.
Founded in March 2020 by Aravind Murthy, Praveen Das, and Srikrishna Swaminathan, Factors.AI mines customer data for insights through its proprietary AI engine, resulting in better campaign decisions and amplified ROI for marketing teams.
The startup helps marketing teams streamline their marketing activities, understand how these activities affect revenue and demand pipeline automatically and have real-time marketing and sales funnel visibility to plan better.
“Working with and having deep conversations with 70+ B2B marketers helped us understand the key problem areas, validating the pain points and challenges in using generic marketing analytics and BI tools. The feedback has helped us build the product roadmap and double down accordingly. Factors.AI has 30+ professionals working remotely and their vision is to create best in class, AI-powered, verticalized analytics products focused on B2B marketing,” said the founders.
“The launch comes after a successful early access programme with Chargebee, Plivo, DesignCafe, LivSpace, and YourStory, among other businesses, which switched to Factors.AI for their marketing analytics and attribution use cases,” they added.
Srikrishna and Praveen were part of the leadership team at InMobi, and Aravind is an ex-Google engineer and was previously at Freshworks. Their experiences at InMobi and Freshworks saw the key problem use case of showing revenue impact of marketing activities, and how B2B growth marketing and buyer behaviour are going through a tremendous shift. To address these problem use cases, they started up Factors.AI.
Factors.AI caters to the marketing operations and analytics community via SMAC, an invite-only Slack group having over 300+ marketing practitioners and leaders from companies like Freshworks, Chargebee, Hey Digital, etc. Members get access to resources and a forum to connect, engage, and grow through peer learning.
The private beta version of Factors.AI went live in April 2021 and the startup is currently working with 12 paying design partners and a strong pipeline. Early design partners include Chargebee, Plivo, Hiver, Slintel, DesignCafe, Yourstory, Livspace, AdPushup and Verloop.