11x Secures $50 Million in Series B Funding to Revolutionize Sales with AI-Powered Digital Workers
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On Tue, 12 Nov, 12:03 AM UTC
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[1]
Andreessen Horowitz Leads $50 Million Funding for AI Startup 11x
Artificial intelligence-powered sales startup 11x has raised $50 million in a new funding round led by Andreessen Horowitz, the company plans to announce Monday, the latest significant financing for a young AI company. The deal, which also included Hubspot Ventures, values the startup at $320 million. It closely follows another financing led by Benchmark, announced in September, that brought in $24 million for 11x. The company's total funding is now $76 million.
[2]
11x Raises a $50 Million Series B Led by Andreessen Horowitz to Accelerate the Era of Digital Workers
SAN FRANCISCO, Nov. 11, 2024 (GLOBE NEWSWIRE) -- 11x, the leader in AI-powered digital workers for revenue teams, today announced the closing of a $50 million Series B funding round led by Andreessen Horowitz. The investment accelerates 11x's digital workers further into the era of AI agents. "11x's approach to sales automation with Alice and Jordan isn't just about optimizing workflows. It's about creating a new model for how work gets done," said Joe Schmidt, Partner at Andreessen Horowitz. "We're proud to support 11x as they reshape what's possible in sales." The End of Software Sales teams are buried under an avalanche of tools, with over half now aiming to reduce their tech stacks according to Salesforce's latest State of Sales report. Only 30% of sales reps' time is spent selling, with 70% lost to non-selling tasks like data entry and system management. 11x addresses this imbalance with digital workers that autonomously handle the workflows of traditional revenue teams. Digital Workers, Not Software The company's first two digital workers have demonstrated remarkable results: Alice, the world's first AI SDR, manages campaigns, sources leads, and personalizes outreach, driving response rates 3x higher than traditional SDRs.Jordan, a 24/7 multilingual phone rep, handles calls in over 30 languages, delivering up to 10x faster lead response times. Now 11x has doubled down on delivering truly autonomous outcomes for customers by developing an entirely new version of Alice using the latest agentic AI research: Alice 2.0. Alice 2.0 is fully autonomous, leverages first-party data, and learns from every interaction to improve over time. Strategic Growth and Future Plans Following a significant team expansion in the US after their Series A this September, 11x has acquired Opkit, an AI startup focused on developing healthcare solutions. Opkit co-founders Sherwood Callaway and Justin Ko will lead development on Alice 2.0 with product leader Keith Fearon, joining forces with 11x CTO Prabhav Jain. In the next year, 11x plans to launch multiple new AI agents while driving aggressive revenue growth and key hiring initiatives in San Francisco. "We're seeking bold innovators ready to shape the future of AI," explained CEO and Founder Hasan Sukkar. "Each new digital worker will replace the work of 11 full-time employees, managing an even broader range of GTM tasks from lead management to pipeline analytics." About 11x 11x is redefining work by replacing software with autonomous digital workers that automate Go-to-Market (GTM) workflows, helping organizations increase efficiency and cut costs. 11x specializes in automating roles across GTM teams, including Sales, Marketing, and Revenue Operations. The company is backed by Andreessen Horowitz, Benchmark, Quiet Capital, SV Angel, Abstract Ventures, Lux Capital, Operator Partners, Visionaries, Activant, 20VC, 20Growth, 20Sales, and industry pioneers such as Amjad Masad (CEO of Replit), Aaron Levie (CEO of Box), and Suhail Doshi (Founder of Playground). Media Contacts: Keith Fearon - Head of Growth & Alice Product @ 11x Email: keith@11x.ai Photos accompanying this announcement are available at https://www.globenewswire.com/NewsRoom/AttachmentNg/524ca0ec-5198-4406-a2f9-9cee8f3a1403 https://www.globenewswire.com/NewsRoom/AttachmentNg/be6218c4-8782-4215-b4a9-8865a5e7e543 Market News and Data brought to you by Benzinga APIs
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AI startup 11x raises $50 million in Series B funding led by Andreessen Horowitz, valuing the company at $320 million. The investment aims to accelerate the development of AI-powered digital workers for sales automation.
11x Secures Significant Funding for AI-Powered Sales Revolution
11x, a startup specializing in AI-powered digital workers for revenue teams, has successfully closed a $50 million Series B funding round led by Andreessen Horowitz. This latest investment values the company at $320 million and brings its total funding to $76 million [1][2].
The Promise of Digital Workers
11x is pioneering a new approach to sales automation with its AI-powered digital workers, Alice and Jordan. These digital workers are designed to handle the workflows traditionally managed by human sales teams:
- Alice, an AI Sales Development Representative (SDR), manages campaigns, sources leads, and personalizes outreach, resulting in response rates three times higher than traditional SDRs.
- Jordan, a multilingual phone representative, handles calls in over 30 languages, delivering up to 10 times faster lead response times [2].
The company is now developing Alice 2.0, a fully autonomous version that leverages first-party data and learns from every interaction to improve over time.
Addressing Sales Team Challenges
11x's technology aims to solve critical issues facing sales teams. According to Salesforce's latest State of Sales report, over half of sales teams are looking to reduce their tech stacks, and only 30% of sales reps' time is spent on actual selling activities [2]. By automating non-selling tasks, 11x's digital workers promise to dramatically increase efficiency and reduce costs.
Strategic Growth and Expansion
Following their Series A funding in September, 11x has been aggressively expanding its team in the US. The company has also acquired Opkit, an AI startup focused on healthcare solutions. Opkit's co-founders will lead the development of Alice 2.0 alongside 11x's CTO [2].
Future Plans and Industry Impact
11x has ambitious plans for the coming year:
- Launch multiple new AI agents
- Drive aggressive revenue growth
- Initiate key hiring in San Francisco
CEO and Founder Hasan Sukkar stated, "We're seeking bold innovators ready to shape the future of AI. Each new digital worker will replace the work of 11 full-time employees, managing an even broader range of GTM tasks from lead management to pipeline analytics" [2].
Investor Confidence and Market Potential
The substantial investment from Andreessen Horowitz and other notable backers underscores the potential of 11x's technology. Joe Schmidt, Partner at Andreessen Horowitz, commented, "11x's approach to sales automation with Alice and Jordan isn't just about optimizing workflows. It's about creating a new model for how work gets done" [2].
As 11x continues to develop its AI-powered digital workforce, it stands poised to potentially reshape the landscape of sales and marketing operations, offering a glimpse into a future where AI agents handle an increasing share of business processes.
Reference
[1]
11x Secures $24 Million in Series A Funding to Revolutionize Digital Work with AI
11x, an AI startup focused on creating digital employees, has raised $24 million in Series A funding led by Benchmark. The company aims to transform the future of work by developing AI-powered digital workers.
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