Analytics firm Vymo raises $5 million from Sequoia India
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Mumbai: Vymo, a Bengaluru-based predictive sales analytics start-up, said it has raised $5 million in a series A round of fundraising from the venture capital firm Sequoia India.
The start-up will use this funding to deepen its research and development (R&D) initiatives and expand its presence in international markets in regions such as the Middle East and Asia Pacific.
Vymo counts financial institutions like Housing Development Finance Corp. Ltd, SBI Life and AXA among its over 25 clients.
Vymo helps organizations improve their sales performance by converting manual operations to rule-based algorithms.
“Sales tools typically add effort for the sales representative and give value to the sales manager. Vymo’s solution requires low or minimal data input and enables the sales representative to be more productive. Vymo uses data from 25,000-plus sales representatives to map out skills and provide real-time recommendations, helping its users choose their most efficient course of action,” said Yamini Bhat, co-founder and chief executive of Vymo, in a statement.
Vymo said that it can predict user behaviour and help sales representatives improve performance with minimal or no manual intervention. Its biggest customers have reported more than 25% improvement in their productivity after deployment of the solution, the statement said.
“We use signals and context like location, phone calls, calendar, source of lead, time of day and so on, to understand the most important actions the sales representatives need to take, and help them prioritize. We also learn from the actions they are taking and correlate them to their success,” said Venkat Malladi, co-founder and chief technology officer at Vymo.
Vymo’s data pipeline, scalable infrastructure and learning systems analyse millions of data points every day to deliver personalized intelligence to every sales representative, he added.
This is the start-up’s first round of fundraising.
Sequoia’s investment in Vymo follows a slew of investments by the storied venture capital firm in start-ups in the business-to-business space.
Earlier this month, customer support software maker Freshdesk Inc. raised $55 million in funding, in a round led by Sequoia, with participation from existing investor Accel Partners.
In September, Sequoia led a $51 million funding round for enterprise software-as-a-service (SaaS) company Druva Inc. New investors, Blue Cloud Ventures and Hercules Capital, along with existing investors including Japan-based NTT Finance, Nexus Venture Partners and Tenaya Capital also participated in the round.