Sybill has raised $11 million to advance its AI assistant, aimed at reducing administrative tasks for salespeople and boosting their productivity
Sybill, a startup that has developed an AI assistant exclusively for sales representatives, announced on Wednesday that it had secured $11 million in a Series A round led by Greycroft.
The market for sales AI assistants has become increasingly saturated as companies have implemented generative AI and large language models to assist salespeople in automating mundane tasks such as updating internal databases and filing out requests for proposals.
Nevertheless, Sybill asserts that its assistant’s unique quality is its capacity to monitor and analyze numerous emails and call transcripts. This enables it to offer context-driven summaries and insights rather than limiting itself to meeting notes and transcripts of a few calls.
The startup also focuses on salespeople rather than sales leadership to expand its customer base. This strategy has enabled it to enter the market (further details below) rapidly.
“In an interview, Gorish Aggarwal, co-founder and CEO of Sybill, stated that individuals lose confidence in the system extremely rapidly if the AI output is inaccurate.”
Sybill announces that it has developed an in-house retrieval-augmented generation (RAG) pipeline built upon existing generative AI GPT models to provide sales-specific results.
The startup employs its RAG models to analyze calls, emails, and messages between the buyer and vendor to consider supplementary signals while generating output. Aggarwal stated that this analysis at the transaction level assists in reducing the inaccuracies in prediction.
Sybill’s AI is expected to handle most of the repetitive, manual tasks associated with sales interactions.
It will capture sales conversations, summarize the call, draft a follow-up email based on the salesperson’s writing style, and provide context about the call.
It can also update fields in CRMs such as Salesforce and HubSpot, automatically summarize the budget, buyer, competition, purchasing process, and other pertinent information (frameworks such as BANT, MEDDICC, and SPICED), and provide sales leadership with access to this information.
Sybill is competing with transcription tools such as Otter, Fireflies, Fathom, Zoom, and sales-specific tools like Chorus.ai and Gong.
However, Aggarwal believes that a critical component that distinguishes his venture is constructing these like tools, not like an assistant,” he stated.
“An assistant is an individual to whom you assign complete responsibilities, as opposed to a tool that processes data and generates insights.” Additionally, we develop end-to-end workflows to address use cases such as CRM entry, notetaking from conversations, and follow-ups.
Aggarwal disclosed to TechCrunch that he encountered his co-founder, Nishit Asnani, at Stanford University’s graduate school.
A year later, they were joined by Soumyarka Mondal, the co-founder and CTO of Sybill, who had previously worked at Confluent, Morgan Stanley, and Salesforce.
Mehak Aggarwal, Gorish’s sister, had previously worked as a research fellow and led AI development at Harvard University and MIT.
Word-of-mouth is effective
Aggarwal stated that Sybill, established in 2020, increased its annual revenue from $100,000 to $1 million in 2023 within nine months, with most of this growth attributed to referrals.
He informed TechCrunch that nearly 60% to 70% of its new customers and revenue are acquired through direct referrals or by users transitioning to a new company and incorporating Sybill into their new organization.
Aggarwal stated that the startup has already secured over 500 paying clients (teams). These customers are from the United States, Canada, Australia, the United Kingdom, and India, although they are distributed across more than 30 countries.
According to the CEO, the startup’s business expanded because companies sought to reduce costs and optimize their processes.
“Sybill enhances the efficiency of the sales process, provides management with a comprehensive understanding of the situation, and assists their seller in saving over five hours each week,” he stated.
Since its inception in 2020, the company has raised $14.5 million through the Series A round. The round was attended by existing investors Neotribe Ventures, Powerhouse Ventures, and Uncorrelated Ventures. The valuation of the venture was not disclosed.
The organization intends to allocate additional funds to expand its AI assistant and recruit additional personnel. Sybill currently employs 30 individuals and anticipates that this number will increase to approximately 40 by the year’s conclusion.