Sybill, a startup dedicated to enhancing sales through its AI assistant, announced on Wednesday that it has successfully raised $11 million in a Series A funding round led by Greycroft.
The competition within the sales AI assistant market has intensified, with numerous companies utilizing generative AI and large language models to streamline essential tasks. These tasks often include filling out requests for proposals and updating internal databases, allowing sales representatives to focus on more strategic activities.
What distinguishes Sybill's AI assistant is its capability to analyze and track numerous call transcripts and emails. This feature enables the AI to deliver context-driven insights and comprehensive summaries rather than just basic meeting notes from one or two calls. The startup's strategy targets sales representatives instead of sales leadership, a choice that has significantly expedited its market presence.
“If the AI output isn't accurate, users quickly lose trust in the system,” noted co-founder and CEO Gorish Aggarwal in a recent interview.
Sybill has developed its own retrieval-augmented generation (RAG) pipeline on existing generative AI GPT models, which provides tailored outcomes specifically for sales. By assessing calls, emails, and messages exchanged between buyers and sellers, Sybill’s RAG framework ensures that comprehensive signals are incorporated into its analyses, reducing prediction inaccuracies according to Aggarwal.
Sybill’s AI takes on the repetitive, manual tasks associated with sales calls. It captures conversations, generates summaries, drafts follow-up emails in the salesperson's unique style, and offers contextual information about the discussions. Additionally, it automates updates in CRMs like Salesforce and HubSpot, systematically summarizes critical details such as budget, buyer, competition, and the buying process (using frameworks like BANT, MEDDICC, and SPICED), and shares pertinent information with sales leadership.
Sybill competes against specialized sales tools such as Gong and Chorus.ai, as well as transcription solutions like Otter, Fireflies, Fathom, and Zoom. However, Aggarwal believes his startup possesses a significant advantage: "These competitors are built as tools, whereas we are developing a genuine assistant. An assistant handles entire tasks, while tools merely process data and provide insights. We also create comprehensive workflows to address needs like call notetaking, CRM entries, and follow-ups."
Aggarwal met co-founder Nishit Asnani at Stanford University's graduate school. A year later, Soumyarka Mondal, the co-founder and CTO of Sybill—who has experience from Confluent, Morgan Stanley, and Salesforce—and Mehak Aggarwal, Gorish's sister with a background in AI development at Harvard and MIT, joined the team.
Founded in 2020, Sybill achieved remarkable growth, scaling its annual recurring revenue (ARR) from $100,000 to $1 million within just nine months in 2023, primarily driven by word-of-mouth referrals. Aggarwal reported that around 60% to 70% of new customer acquisitions and revenue has stemmed from direct referrals or users changing jobs and onboarding Sybill at their new companies.
With over 500 paying customers spanning more than 30 countries, Sybill's primary markets include the U.S., Canada, Australia, the U.K., and India. According to Aggarwal, the tech slowdown has fostered growth as companies seek cost-effective solutions to enhance their efficiency.
“Sybill enables sales representatives to save more than five hours each week while providing management with clear visibility into operations and enhancing overall sales process efficiency,” he stated.
With this Series A funding round, Sybill has raised a total of $14.5 million since its launch in 2020. Existing investors like Neotribe Ventures, Powerhouse Ventures, and Uncorrelated Ventures also participated in this round, although the startup has not revealed its valuation.
The new funding will be allocated to advancing the capabilities of its AI assistant and expanding its team from 30 to around 40 employees by year-end.
Ranking
