Sunday, July 14, 2024
HomeStart UpAI startup OrbitShift raises $7M in funding 

AI startup OrbitShift raises $7M in funding 

OrbitShift, an AI sales intelligence startup founded in 2022, has secured $7 million in funding. Surge led this seed round and the scale-up program of Peak XV Partners and Stellaris Venture Partners.

The fresh funds will fuel OrbitShift’s growth in two key areas. First, the company plans to expand its US customer base. Second, they will invest in their technology and product teams to develop new offerings. This will broaden their product portfolio and cater to wider needs.

“We are privileged with the confidence shown by Stellaris Venture Partners, Peak XV and other angel investors. We are at an interesting juncture where we have seen phenomenal traction over the last 18 months, with some of the leaders in the industry being our clients,” said co-founder and chief executive Saurabh Mishra.

OrbitShift is a one-stop platform designed to streamline the sales process for tech and IT services companies. It supports various stages, including pre-sales, sales operations, and marketing. The platform utilizes advanced technology like purpose-built models and large language models (LLMs) to deliver the best results. Notably, OrbitShift primarily targets large enterprises with users across the US, EU, and APAC regions.

OrbitShift’s recent funding round is their second time securing investment. In 2023, they received $1.5 million in pre-seed funding from Stellaris Venture Partners and other angel investors. With this new funding, OrbitShift’s total capital increased to $8.5 million.

“The OrbitShift team is targeting some of the largest businesses in the world, and there is no doubt that AI can make a massive impact on them and, therefore, on their customers,” said Alok Goyal, partner at Stellaris Venture Partners. 

“But, you need to meet a bar for accuracy which is very high, and building a product and the underlying technology stack for that is, therefore, non-trivial and costs money… We are fortunate and thankful that they (Orbitshift) agreed to work with us, and we are very excited about their journey”. 

OrbitShift offers a subscription service to its clients. The cost is determined by two main factors: the length of the subscription (deal duration) and how many users and accounts are involved.

In addition to the cost savings, OrbitShift boasts impressive results for its enterprise customers. They claim the platform can slash research and sales planning time by 40-50%. This translates to faster client outreach, better quality responses, and efficient meeting content creation. Ultimately, this leads to increased productivity and stronger client relationships, all on a larger scale.

“We believe that pretty much every enterprise process that we know of will be rethought or will be reimagined and therefore, we are massive believers of a lot of new great enterprise application startups being created,” Goyal added. 

Peak XV Partners’ startup accelerator program, Surge, recently announced its ninth cohort. This group includes exciting new deeptech manufacturing and AI companies, such as Ethereal Machines, ZeroK, Australia-based Relevance AI, and Singapore-based Pix.ai.

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