Raisinghani’s New AI Venture Nabs $5.5M in Seed Funding
IMPROVING SALES EFFICIENCY WITH AI
SiftHub, a newly established AI startup, founded by Manisha Raisinghani, the former CTO and co-founder of LogiNext, has recently secured $5.5 million in seed funding. The primary objective of this funding is to further develop the company’s AI assistant, which is designed to assist sales and presales teams in focusing more on building relationships and less on tedious tasks. The AI assistant is intended to streamline non-sales activities such as data entry into CRM systems, preparing requests for proposals (RFPs), researching customer information, and creating presentation decks.
GENERATIVE AI ASSISTANT TO ENHANCE PRODUCTIVITY
SiftHub's AI assistant is built upon open-source large language models (LLMs) and is supported by retrieval augmented generation (RAG) technology to minimize inaccuracies commonly encountered in generative AI. In addition, the company utilizes cross-encoders to ensure precise retrieval of information from knowledge bases. The company's commitment to providing accurate responses is exemplified by its implementation of a "smart search algorithm" to surface the most relevant and recent information.
IDENTIFYING THE NEED FOR SIFTHUB
Manisha Raisinghani identified the demand for a solution like SiftHub while advising a blockchain startup, Polygon Labs, on their enterprise go-to-market strategy in 2022. She recognized how onerous it was to gather information about Polygon, stored across multiple platforms, which prompted her to dive deeper into the challenges faced by sales and presales teams. By conversing with about 200 users and analyzing their feedback, Raisinghani acknowledged the indispensable role of presales teams and the critical need for solutions to save time for both sales and presales.
THE RISING TREND OF AI IN SALES OPERATIONS
The emergence of generative AI has led to a surge in AI startups targeting sales and presales operations. Notable companies, from industry giants to startups, have introduced AI-powered tools aimed at simplifying various sales-related tasks. Raisinghani believes that SiftHub sets itself apart by addressing the entirety of the sales response process and integrating deeper into customers’ business workflows.
GLOBAL HEADQUARTERS AND FUTURE PLANS
SiftHub, with its headquarters in the U.S. and an R&D team in Mumbai, India, plans to utilize the funding to expand its workforce, enhance its product, and execute its go-to-market strategy. Additionally, the company is initially targeting mid-market and enterprise B2B companies within the revenue range of $50 million to $500 million. The AI assistant is currently available to a select group of users for early feedback, with a full launch anticipated later this year.
INVESTORS' SUPPORT AND FUTURE PROSPECTS
The seed funding was co-led by Matrix Partners India and Blume Ventures, with the participation of Neon Fund, executives, and founders from well-established companies. The investors express confidence in SiftHub's potential to revolutionize the sales and presales process through AI. Noteworthy quotes from Pranay Desai of Matrix Partners India and Sanjay Nath of Blume Ventures further endorse the promising future prospects of SiftHub.
Conclusion
In today's rapidly evolving business landscape, the role of AI in enhancing sales efficiency and enabling a more streamlined sales process holds substantial significance. SiftHub's innovative approach and focus on addressing the pain points of sales and presales teams position it as a noteworthy contender in the AI-driven sales solutions market. As the company gears up for its full launch, the industry will keenly watch how SiftHub's AI assistant transforms sales and presales operations for businesses.
By , New York Times Commentator and Current Affairs Analyst
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