Andreessen Horowitz Leads $50 Million Funding For AI Startup 11x
The deal, which also included Hubspot Ventures, values the startup at $320 million.
(Bloomberg) --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.
Founded in 2022, 11x makes AI bots that help salespeople with common tasks. Its first bot, Alice, can help with generating sales leads, doing research and coordinating customer outreach. The company’s newer bot, Jordan, is an AI sales representative that can handle calls with customers in 30 languages, 11x said.
The startup is competing in a crowded space, with multiple new companies aiming to make AI tools that take on the work of sales representatives. Larger players including Salesforce Inc. are also building AI bots for sales and customer service tasks.
The company says it has momentum, with $10.5 million in annual recurring revenue, and that it’s cash-flow positive. Customers include Brex, Handshake and Airwallex.
The startup’s “approach to sales automation with Alice and Jordan isn’t just about optimizing work flows,” said Joe Schmidt, a partner at Andreessen Horowitz. “It’s about creating a new model for how work gets done.”
TechCrunch previously reported some details of the funding round.
