Klue, an AI-powered competitive activation platform, has raised $ 62 million in Series B funding led by Tiger Global, with participation from Salesforce Ventures. The Vancouver-based company combines intelligence gathering capabilities with a modern approach to content distribution aimed at providing users with the information needed to generate revenue and business impact.
The platform automatically collects competitive data from public and private external sources such as news and competitor webpage changes, as well as data from internal teams through integrations with platforms such as Slack, Highspot and Salesforce. Klue aims to enable product marketers and competitive intelligence teams to increase their coverage of competitors.
“Our platform makes it easy to update competitive content, keeps the organization informed of market changes, and allows sellers to access real-time information to improve the performance of competitive transactions,” Jason told TechCrunch. Smith, CEO and co-founder of Klue. .
Smith explained that Klue plans to use this latest round of funding to invest heavily in product development. The company will double its AI capabilities to facilitate information generation to unlock opportunities to expand its user base through the development of new markets. Klue also plans to invest in the product experience for its end users to create a seamless connection between revenue teams and their access to competitive information. He notes that the financing will also fuel its expansion into new verticals.
Klue’s Series B funding follows its $ 15 million Series A round announced in September 2020. The round was led by Craft Ventures with participation from HWVP, existing investors OMERS Ventures, Rhino Ventures and BDC Ventures , as well as several angel investors.
In terms of growth, Klue has seen its client base increase by 3 times since its previous funding round. The company has served nearly 400 corporate clients and more than 110,000 users since its launch in 2017.
“Our vision is that every department of every company has a relevant, personalized and continuously updated look at the world of its competitors. This system will be machine and human driven, automatically pulling raw information from your coworkers, internal systems and the web and turning it into organized and actionable information, ”said Smith.
When it comes to future plans, Klue plans to find ways to reduce the burden of information gathering and automate information. The company wants to introduce deeper integrations with business tools like Slack, Salesforce, Gong, Highspot, and Gainsights. Klue also plans to launch multi-user, collaborative and security features in the future. These features will allow users of all departments to work independently and collectively within the same system.
The company also envisions a future where Klue will support small businesses with a lighter self-service product. It is also seen supporting B2C companies, such as retail and CPG companies, concerned with competitiveness in price, positioning, packaging and distribution.
“We are really seeing Klue become the standard operating system for companies to see and know about every move of their competitors,” Smith said.