AI startup Sybill secures USD $11 million to enhance B2B sales

AI startup Sybill has secured USD $11 million in a funding round aimed at advancing its AI-first assistant designed to assist B2B sales representatives. This assistant automates the extensive manual processes involved in converting leads into closed customers. The company has achieved USD $1 million in Annual Recurring Revenue (ARR) within nine months of its product launch.

Sybill, originally developed as a notetaking tool for Zoom calls, has evolved into an AI assistant that incorporates both conversational and behavioural AI to autonomously manage various tasks critical to B2B sales. These tasks often include writing call summaries, drafting follow-up emails, updating Customer Relationship Management (CRM) systems, summarising buyer intent, and sharing this information with Go-To-Market (GTM) and product teams for better visibility and forecasting.

The recent USD $11 million Series A funding round was led by Greycroft, with additional contributions from existing investors Neotribe Ventures, Powerhouse Ventures, and Uncorrelated Ventures. This round brings Sybill's total funding to USD $14.5 million.

"When a salesperson is spending most of their time in their CRM rather than talking to customers, you know that something needs to change," said Sybill CEO and co-founder, Gorish Aggarwal. "The benefits of AI have not fully percolated to B2B sales yet, and we are changing that. In 2024, AI isn't just for programmers and marketers—it's empowering sellers to focus on prospects, close deals faster, and achieve higher win rates."

Sybill's origins date back to before the popularity of models like ChatGPT. Gorish Aggarwal, a former Stanford lecturer, recognised the challenges B2B sellers faced, reminiscent of his own difficulties managing remote classes. Aggarwal collaborated with AI experts Nishit Asnani, Soumyarka Mondal, and Mehak Aggarwal from renowned research institutions like Stanford, UC San Diego, and Harvard. After two years of research, including interviews with 600 sales representatives, Sybill was launched as an extensive sales assistant platform in 2022.

The company's product takes a holistic, context-aware approach, analysing buyer interactions across the entire sales cycle rather than focusing solely on individual calls. This comprehensive analysis template is aimed at making deal summaries and auto-generated follow-up emails more accurate and exhaustive than those offered by competitors. The product's holistic nature has been well-received in the market, showing substantial growth and customer satisfaction.

In the past 18 months, Sybill has experienced a 15-fold increase in revenue, tripled its workforce, and now serves over 500 customers. The company claims that their AI assistant helps sales representatives save over two hours of manual work each day. Notably, over 60% of Sybill's new revenue comes from customer referrals.

"Sybill's AI software is transforming B2B sales by directly empowering sales reps and managers with tools that can dramatically enhance their productivity and effectiveness," said Mark Terbeek, Partner at Greycroft. "Unlike other sales technologies, Sybill's AI assistant provides tangible benefits to the sellers themselves, helping them close deals faster and more efficiently. Because sellers love using Sybill, we believe Sybill will become a foundational application for all go-to-market professionals."

Sri Peddu, Partner at Powerhouse Ventures, shared his optimism about the future of Sybill. "We are thrilled to double down on this accomplished founding team, namely Gorish, Nishit, Soumyarka, and Mehak. We feel Sybill will revolutionise the role of the sales representative."

With the fresh funding, Sybill aims to expand the functionalities of its AI assistant to further automate administrative tasks and provide deeper buyer insights.