RightBound Raises $12M to Drive Next Evolution of Sales Development
RightBound’s autonomous sales prospecting enables a fundamental change for B2B sales cycle
RightBound, the technology company that created the first autonomous sales prospecting engine, announced today that it has raised $12 million in funding, led by Innovation Endeavors with participation from IBI Tech Fund and Operator Collective. RightBound brings a new paradigm for B2B sales, addressing what has become an impossible complexity in the prospecting process, transforming manual routines – such as company research, prospect selection and multi-channel outreach – into a data-driven, AI-based autonomous process.
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“RightBound is the start of a whole new evolution and category of sales development,” said Aravind “Avi” Bharadwaj at Innovation Endeavors, who led the Series A round. “Other solutions in this space are more like guidance or workflow tools; RightBound actually drives the prospecting process for you. It takes the power of AI to a whole new level of optimization and results. It’s like the difference between a navigation system and an autonomous vehicle. RightBound has the potential to fuel the sales efforts of every B2B business, from traditional industries to high-growth startups.”
Today’s outbound sales teams are forced to invest significant time on repetitive prospecting routines – including account research, list building, and outreach orchestration – instead of focusing on 1:1 interactions with relevant prospects. RightBound automatically completes the manual account research on the rep’s behalf, conducts personalized outreach to prospects across multiple channels, and connects teams with relevant, engaged buyers. With continuous optimization per every target account and individual prospect, RightBound helps to increase their average conversions from target account to qualified meeting from the industry standard of 0.5% – 1% to 1.9%, a notable improvement. Within 1-4 months of implementing RightBound, customers see between 100% and 300% ROI in terms of deals closed from leads sourced and engaged by the RightBound machine.
During the months of widespread work-from-home during the COVID-19 pandemic, sales development reps have discovered that most common practices for engaging prospects no longer apply. Office phones became obsolete, traditional work hours shifted and sending gifts to their office is no longer an option. Since RightBound is constantly learning their prospects’ behavior, and adjusts the playbook on the fly, it was a game changer for many sales development representative (SDR) teams and enabled them to recover and grow their performance during these times.
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“RightBound is bringing a completely new approach to sales prospecting that provides autonomous optimization for outbound sales for the first time,” said Ran Oelgiesser, co-founder and CEO of RightBound. “No machine could or should replace humans in B2B sales conversations. But it’s time for sales teams to step up and benefit from AI to its full extent when it comes to automation and optimization of research, targeting and customized outreach – beyond what’s humanly possible.”
RightBound boosts the performance of sales teams in multiple ways. The RightBound machine connects with Salesforce, SalesLoft, Outreach.io and Hubspot. Sales teams still work on their prospects in those platforms, but they no longer do the heavy lifting and manual work, and instead can focus on building relationships with personalized effort for fewer, warmer, engaged prospects. Over time, the RightBound machine learns and gets better to continuously optimize its targeting and outreach.
Along with lead investor Innovation Endeavors, the financing round included new investments from Operator Collective, and additional investments from lead seed investor IBI Tech Fund, existing angel investors Zach Weinberg, Nat Turner, and Gil Shklarski.
Founded by Ran Oelgiesser and Rotem Dafni, RightBound currently has 20 full-time employees on the team and intends to double its headcount by 2022, hiring for new positions in the U.S. and Israel. With offices in Kirkland, Washington, Tel Aviv, Israel, and employees in Arizona, Massachusetts, Virginia and North Carolina, the company has been growing its revenues 100% per quarter for the past year.