CaliberMind, which analyzes company revenue using AI, lands $8 million

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In business, revenue analysis consists of surveying all of the revenue generated by a company’s activities in order to identify its strengths and weaknesses. Revenue analysis can reveal which products and services are selling well or poorly in the context of historical sales, for example, and highlight areas where revenue can be increased with the least investment.

It has been suggested that AI could help support revenue analysis by finding patterns in data that humans might miss. In a recent article, analysts from the Boston Consulting Group (BCG) argued that AI can “improve forecast accuracy” and “[enable] real-time decisions” to – among other tasks – “improve throughput, develop products and deliver services in the most resource-optimal way possible”. But in a 2020 survey, BCG found that while nearly 90% of executives agree that AI represents an opportunity to increase revenue, only 18% have decided to use it for this purpose.

Oren Zamir and Raviv Turner, the co-founders of CaliberMind, argue that the low adoption of AI for revenue generation can be partly blamed on organizations’ lack of resources. It’s difficult to ingest the volume of data sent to revenue teams and translate it into actionable insights, they say, which is why some companies are turning to platforms like CaliberMind for prebuilt solutions.

CaliberMind today announced it has raised $8 million in a Series A round co-led by IAG Capital Partners and Lavrock Ventures with participation from Bombora CEO Eric Matlick and the Denver Angels. The company says it will focus the funding on growing its engineering team, product development and go-to-market efforts in the areas of marketing, sales and customer success.

AI-based revenue analysis

Of course, Zamir and Turner have a horse in the running. The two co-founded Denver, Colorado-based CaliberMind in 2016 with the goal of tapping into the nascent AI revenue analytics market. But they may be right that some companies are struggling to apply AI to the task of revenue analysis. According to McKinsey’s 2021 Global AI Survey, AI revenue benefits have remained flat or even declined since 2020.

Prior to CaliberMind, Zamir was a senior software engineer at Dell EMC, where he led user interface design. Turner was a mentor at Techstars and CEO of NYKB, a Manhattan-based interior design firm using graphics software.

CaliberMind integrates with and aggregates different sources of revenue-driven data, including web, advertising, and customer relationship management (CRM) data. It looks at an organization’s customers and attempts to tie them to actions and intent, possibly redirecting the analysis to CRM systems or marketing automation platforms for campaign targeting.

“CaliberMind integrates with…key data sources, then does the hard work of assembling all that raw information into a cohesive story about [a] company,” Westerkamp told VentureBeat via email. “CaliberMind leverages machine learning and deep analytics to help revenue operations teams gain important insights into what activities and tactics work best. Augmented with comprehensive workflow and automation tools, CaliberMind is a central platform for them.

CaliberMind normalizes, de-duplicates and unifies data, even automatically converting leads into contacts. According to CEO Eric Westerkamp, ​​CaliberMind can show which campaigns and sales channels perform best for organizations, showing which people and accounts are trending at each stage of the buyer’s journey.

“One of the biggest challenges businesses…organizations face in leveraging machine learning is the ability to create accurate and actionable insights. Marketers in particular struggle with the number of sources of data and frequency of platform changes,” Westerkamp continued. “CaliberMind solves this problem by automating all training, installation, and configuration — all data engineering work — while empowering marketers to focus on information and action.”

Data analysis

While AI can be useful in revenue analysis, not all organizations are convinced that even managed platforms like CaliberMind can deliver on their promise. This is especially true in industries like healthcare, for example, where the data analyzed is of a more sensitive nature. A study by Change Healthcare found that 60% of healthcare organizations are concerned about whether AI for revenue lifecycle management – ​​i.e. managing the process by which payments circulate – will provide a return on investment. Deloitte reports that 56% of healthcare companies are slowing adoption of AI technologies due to emerging risks.

General skepticism around AI doesn’t seem to have slowed CaliberMind’s momentum. CaliberMind reached over 50 customers this year. Revenues increased 200% year over year.

“Our customer base is largely made up of business-to-business (B2B) technology providers, with over 300 active users across approximately 50 customers. CaliberMind customers include well-known brands like NetApp, many Fortune 100 companies, and many of the fastest growing technology companies like InvoiceCloud and Zelis,” Westerkamp said. “B2B marketing and sales movements are changing completely due to two major factors. The first is that most buyers are going digital first, relying on digital channels for up to 90% of their information. The second is the huge shift in marketing from using third-party data to first-party data.These two drivers mean that every B2B marketing organization will need to have a centralized solution to help them manage and leverage their first-party data.”

To date, CaliberMind, which has 25 employees, has raised over $14 million in venture capital.

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Barbara M. Stokes