11x.ai Raises $50M Series B: The Future of AI Sales Reps is Here!

11x.ai Secures Significant Funding

11x.ai, a startup specializing in AI-powered sales development bots, has successfully raised approximately $50 million in a Series B funding round led by Andreessen Horowitz. This funding round values the company at around $350 million.

Previous Funding and Growth

This latest investment follows 11x.ai's earlier $24 million Series A round, which was led by Benchmark and included participation from investors like 20VC, Project A, Lux Capital, and SV Angel. Notably, during the Series A, the company was valued at $90 million.

Impressive Revenue Metrics

According to Hasan Sukkar, founder and CEO of 11x.ai, the company is nearing $10 million in annual recurring revenue (ARR). This valuation places the startup at roughly 35 times ARR, a more conservative multiple compared to other AI firms with similar revenues.

Competitive Landscape

While 11x.ai's Series B funding places it ahead of competitors in terms of valuation, industry experts caution that it is still too early to determine if the company has a significant lead over rivals. The startup is among many emerging companies focused on developing AI sales development representatives (SDRs), including Reggie.ai, AiSDR, and Artisan. Established players like Salesforce are also venturing into this space with autonomous sales agents.

Innovative AI Solutions

11x.ai currently offers two AI bots: Alice, an AI SDR for lead generation and outreach, and Jordan, an AI phone sales representative fluent in over 30 languages, capable of managing both inbound and outbound conversations. The company, backed by its new funding, may expand its offerings to include bots for talent acquisition and human resources beyond sales.

Investor Sentiment

Despite some investor skepticism regarding the differentiation of AI SDR startups, the confidence shown in 11x.ai's Series B indicates a willingness among VCs to invest in this burgeoning sector.