Vymo, the company that helps sales professionals #DoMore when it comes to managing leads and maximizing opportunities, just got a little help of its own. The company announced this week that it successfully closed its Series B round, raising $18 million to grow its business in the U.S. and around the world.
The Series B was led by Emergence Capital and featured participation by existing investor Sequoia India, which led the company’s $5 million Series A in 2016. Vymo’s total equity now stands at $22 million.
“Just as Veeva changed the game for pharmaceutical sales reps, Vymo aims to enable financial sales reps with a platform tailor made for their needs,” Emergence Capital Partner Jake Saper wrote at the firm’s blog discussing the investment. “Vymo is mobile-first, geo-aware, and makes use of contextual data to make targeted suggestions to reps on next best actions like which client or prospect to prioritize.”
Saper praised Vymo as a company that can help sales teams navigate diverse client bases and challenging regulatory environments as they build quality, personal relationships with their customers. He highlighted the company’s partnerships with Allianz, AXA, and Generali, and the high number of registered users of Vymo’s technology – more than 75% – who log on to the platform and take action on a daily basis.
Founded in Bangalore, India, and currently based in New York City, Vymo made its Finovate debut last year at FinovateAsia, demonstrating its Personal Assistant for Sales. The technology boosts the effectiveness of sales professionals by leveraging AI to detect the sales professionals actions automatically, predict the next best steps for the sales rep to pursue, and coach the rep on how to achieve the best outcomes.
The intelligent assistant learns from the best performing sales reps in the organization, and has established a positive revenue impact of 3% to 10% in sales productivity metrics such as conversions, turnaround time, and sales activity per opportunity. More than 100,000 sales reps across 50+ companies and institutions use Vymo to make their sales efforts more productive.
Earlier this month Vymo was featured in Nikkei Asian Review, which took a look at the use of the company’s intelligent assistant by sales professionals in Japan. In May, the company announced a partnership with Microsoft that will help grow the market for Vymo’s intelligent personal assistant solution. Vymo picked up the FICCI (Federation of Indian Chambers of Commerce) Award for Innovation in Artificial Intelligence and Data Analytics in March, and began the year with a pair of partnership announcements, teaming up with Vietnam’s FE Credit in February and Zurich Topas Life in January.