INSUBCONTINENT EXCLUSIVE:
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
Today’s 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
As TechCrunch’s 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 it’s now comfortably into hundred-million territory, once you
add in this latest $35 million.Byrne says the company wasn’t even really looking for a new round, but when investors came knocking, he
“On the fundraise side, what’s really interesting is how this whole thing went down
We weren’t 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.What’s 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 that’s what every
At the same time, Byrne says that he’s 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 they’ve never had before to allow them to drive more revenue
And then we’re getting them out of ‘Excel hell.’ They’re no longer in these spreadsheets
They’re in Clari, and have more predictability in their forecasting,” he said.Clari was founded in 2012 and is headquartered in
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 product’s capabilities.
